Nextel posts record year

Nextel Communications Inc. reported Thursday record year-end results for 2002, including $8.7 billion in revenue, compared with $7 billion in 2001, and $1.7 billion in income available to shareholders, or a return of $1.78 per share, compared with a $2.9 billion loss in 2001, or a loss of $3.67 per share. For the fourth quarter, revenues increased from $1.9 billion in 2001 to $2.3 billion last year, with net income jumping from a loss of $1.8 billion in 2001, a loss of $2.25 per share, to a profit of $1.5 billion last year, a return of $1.38 per share. Nextel’s management also reported that the carrier posted $122 million in free cash flow for 2002, which was ahead of its previous guidance. The company said it grew revenues by 24 percent and signed up nearly 2 million new subscribers for wireless services. The carrier said it expects to post at least $500 million in free cash flow for 2003, earnings per share of at least 75 cents, less than $1.8 billion in capital expenditures and add at least 1.7 million customers.