Sprint records $1.9bn loss

Sprint reported a $1.91bn (£1.05bn) net loss for the third quarter, due to a previously announced re-evaluation of its long...

Sprint reported a $1.91bn (£1.05bn) net loss for the third quarter, due to a previously announced re-evaluation of its long distance network assets.

The company's third quarter financial statement included a $3.5bn impairment charge for long-distance assets. The company also reported a $1.2bn write-down of its Multichannel Multipoint Distribution Service (MMDS) spectrum. The company suspended deployment of its MMDS wireless cable broadband service in late 2001.

Not including those charges and other special items, Sprint reported adjusted operating income of $844m, up 6.4% from $793m posted during the quarter ending 30 September 2003.

Sprint's net operating revenues for the quarter rose 3.1% from the third quarter of 2003, from $6.71bn to $6.92bn. Sprint's wireless division posted particularly healthy numbers, with operating income rising nearly 49%  over the third quarter of 2003, from $303m to $451m.

Net operating revenues for the wireless division were $3.76bn, up 12.6% from the third quarter of 2003.

Grant Gross writes for IDG News Service

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