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NII Holdings reports cuts in expenditures during restructuring

RESTON, Va.-NII Holdings Inc., which filed for Chapter 11 bankruptcy protection on May 24, 2002, announced its second quarter 2002 results, including $193.9 million in operating revenues and $37 million in operating cash flow.

The company said its capital expenditures were $34.8 million, down 50 percent from last quarter and 80 percent from the year-ago quarter. However, the company reported a net loss of $391.2 million for the six months ended June 30, 2002, which it attributes to non-operating expenses.

“Although we have recently undertaken a financial restructuring in the U.S., our operations in Mexico, Peru, Brazil and Argentina have continued to perform solidly on all key metrics each quarter during the past year, and more importantly we continue to meet and exceed our planned cash conservation targets,” said Steve Shindler, chief executive officer of NII.


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