SPCS's 2nd quarterly results

Seems like Sprint is doing something right, per the following issued report,
per the following link - http://biz.yahoo.com/prnews/040721/cgw015_1.html

SPCS details listed are:

" -- Second quarter net subscriber additions include 505,000 direct,
299,000
from wholesale partners and 93,000 from affiliates. PCS also
acquired
91,000 subscribers from an affiliate during the quarter. This
acquisition is not reflected in either direct or affiliate additions.
At the end of the period, there were a total of 22.2 million
wireless
subscribers, consisting of 16.9 million direct, 3.0 million
affiliates
and 2.3 million wholesale.
-- Direct gross additions were 1.67 million in the quarter, a 14% year-
over-year increase.
-- Second quarter net operating revenues increased 17% compared to the
year-ago period and increased 5% sequentially.
-- Second quarter Adjusted Operating Income* was up 48% from the
year-ago
period and 53% sequentially.
-- Adjusted EBITDA* was $1.07 billion, an increase of 19% from the
second
quarter of 2003 and 15% from the first quarter of 2004.
-- Average monthly service revenue per user (ARPU)* was $62 in the
second
quarter and in the year-ago period, compared with $61 in the first
quarter of 2004.
-- During the quarter, average subscriber usage was over 16 hours per
month.
-- Churn was 2.3% this quarter compared to 2.4% a year ago, and 2.9% in
the first quarter of 2004.

At the end of the period, nearly 6.9 million subscribers were using Sprint
PCS data services, including five million Sprint PCS Vision(sm) subscribers.
For the full quarter, data contributed over 7% to overall ARPU*.

On the operational side, there was notable improvement in customer retention
in the second quarter as total churn declined by over 50 basis points
sequentially. The decrease was due to reductions in both voluntary and
involuntary turnover driven by improving satisfaction with network and
customer service performance, proactive credit and collection efforts, and a
growing percentage of customers under contract.
In the quarter, PCS continued to enhance network coverage and increase
capacity to meet growing demand. Capital spending totaled $667 million as
Sprint continues to prioritize investments in signal density and coverage in
competitive markets.

Total second quarter operating expenses increased 13% compared to the
year-ago period. The increases were primarily due to higher spending on
sales and distribution associated with higher gross additions, the addition
of new PCS stores, the initial costs associated with a new arrangement with
our customer service co-sourcing provider, and increased marketing costs
associated with the launch of the Sprint PCS Fair and Flexible Plan.

In the quarter, Sprint added to a growing roster of wholesale MVNO partners
by reaching new agreements with AT&T and others. Additionally, Qwest began
to transition its customers to the Sprint network."

End of inserted text ...

Now what was Phillipe saying in the last quarter of last year ... that SPCS
would be belly up by now?

Bob