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Thursday, October 22, 2009

NII Holdings Net Income Up 37%, Revenue Flat

By Barbara Kollmeyer

MarketWatch Pulse

MADRID -- Mobile communications provider NII Holdings on Thursday reported a 37% rise in net income to $117 million, or 69 cents per diluted share, against $84.4 million, or 50 cents, in the year-ago period. A survey of 8 analysts at FactSet Research was expecting earnings of 56 cents a share. Revenue at NII was $1.14 billion against $1.18 billion in the year-ago period. The company, which does much of its business in Latin America, said consolidated net income for the quarter included $45 million of foreign currency transaction gains on an annual basis. "Our third quarter financial and operational results reflected an improvement in gross subscriber additions and churn, driving strong subscriber growth and increased profitability during the quarter," said Steve Dussek, NII Holdings' chief executive officer. NII's average monthly service revenue per subscriber (ARPU) was $46 for the period, against $68 a year ago due to weaker local currencies, but up sequentially. It also reported churn of 1.93% for the quarter, an increase over 1.87% a year ago. The Company is maintaining its outlook for net subscriber additions, consolidated operating revenues, consolidated OIBDA, and capital expenditures for the year.

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