Sprint provides updated financial guidance for its FON Group and PCS Group
December 12, 2002
OVERLAND PARK, Kan. --At its annual investment community meeting today, Sprint (NYSE: FON, PCS) provided updated financial guidance for its FON Group and PCS Group. The company provided a detailed discussion on its financial expectations and strategic plans at the meeting in New York. Today’s presentations can be accessed through the Internet or via teleconference. Details on participation are available at www.sprint.com.
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. The 2002 cash flow estimates include results from Sprint’s directories publishing business. All other projections of operating results exclude results from the directories publishing business. All projections and comparisons exclude the effects of material one-time items.
Some highlights of the updated financial guidance include:
Sprint’s overall free cash flow estimate for 2002 has increased to $1 billion from the previous estimate of $500 million.
The fourth quarter EPS estimate for the FON Group has increased and estimated full-year 2002 capital spending has been reduced.
The estimate for PCS EBITDA for full-year 2002 has increased and expected capital expenditures for 2002 have also been lowered. Sprint reiterated its expectations for the PCS Group to be free cash flow breakeven in 2003 and to produce positive free cash flow in 2004.
Planned reductions of net debt over the next two years have increased significantly.
Sprint Corp. Sprint PCS
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