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Sprint Continues to Shrink; Credit Terms Amended

November 7, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

“Sprint” is not something Sprint Nextel (S) has managed to do for a long time; maybe it needs to change the company’s name to “Splint.”

Certainly, they can use some first aid. The company this morning posted third-quarter revenue of $8.82 billion, a hair below the Street at $8.85 billion, and down 12 percent from a year earlier. The company posted adjusted EPS before amortization of zero cents, below the Street consensus of three cents. Wireless revenue was down 13 percent; total wireless customers fell 1.3 million in the quarter, including the loss of 1.1 million post-paid customers. The company’s adjusted OIBDA margin in the quarter tumbled to 23.4 percent, from 32.4 percent a year earlier. Wireless churn was 2.15 percent, up from 2.0 percent in the second quarter. On a GAAP basis, the company lost $326 million in the quarter, compared with a profit of $64 million in the year-ago period.

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