Sprint PCS said it expected full year revenue to grow 50% in 2001...

40% to $2.7- $2.8 billion. Sprint PCS projected average revenue per customer would be $60 or more next year. Earlier this year, Sprint PCS had revised its forecast for subscriber additions to 4.2 million in 2001, up from earlier 3.8 million, and forecast adding 3.6-3.7 million in 2002. Sprint said it expected 4th-quarter wireless customer turnover (churn) would reach 3% and for 2002 in upper 2% range, although over long term rate would be in mid-2% range. Sprint expects $600 million operating loss this year, but projects turnaround in 2002 to “substantial positive operating income.” Company said “year-over-year improvement is expected to exceed $1 billion.” Cash requirements for 2002 are forecast to hit $1.8 billion, company said, which it planned to meet by issuing additional debt and selling assets. “We have aggressive, but we believe attainable, growth and profitability objectives in 2002,” Sprint Chmn. William Esrey said. Sprint PCS now has 2 million wireless data users, he said. “We expect this growth will accelerate as we move to higher data speeds with the introduction of 3rd generation wireless technology in 2002.” Esrey said Sprint’s FON group saw slight decline this year in access lines in local telephone territories, lower-than-anticipated data growth, lower telecom equipment revenue. “The impact of the economy on FON Group performance this year is unquestionable.” Even so, there’s still “room to grow” in wireless, IP and data, he said. He said Sprint expected one-time write-down in 4th quarter as result of terminating ION services to business and consumer customers. Fourth quarter revenues are expected to be $4.1-$4.2 billion, 5%-6% below 4th quarter 2000. He predicted 2002 revenue in range of $16.8-$17.2 billion, compared with estimated 2001 revenue of $17-$17.1 billion.