Subject: [NEXTEL-1] DJ Nextel -2: To Use Equity Method For NII Holdings In 4Q

From: Marcel <[email-masked]>
Date: Fri, 15 Nov 2002 18:27:59 -0500

DJ Nextel -2: To Use Equity Method For NII Holdings In 4Q

Dow Jones News Service ~ November 15, 2002 ~ 10:48 am EST

WASHINGTON (Dow Jones)--Nextel Communications Inc. (NXTL) expects to record a noncash
pretax gain exceeding $1 billion in the fourth quarter related to NII Holdings, the
company said in a document filed Friday with the Securities and Exchange Commission.

Nextel said the gain will consist of a $1.4 billion reversal of equity losses in excess of
its investment in NII Holdings.

The company classified the 2002 net operating results of NII Holdings as equity in losses
in its statement of operations as permitted under the accounting rules governing a midyear
change from consolidating a subsidiary to accounting for the investment using the equity
method.

The company said it stopped recognizing equity in losses of NII Holdings, effective in
May, as a result of NII's bankruptcy filing.

Based on its ownership interest as of Thursday, Nextel expects to account for its new
investment in NII Holdings using the equity method beginning in the fourth quarter, the
filing said.

The company said the change to the equity method will require it to record its
proportionate share of NII Holdings' results of operations.

Nextel, Reston, Va., is a digital wireless services provider.

-By Chad Clinton, Dow Jones Newswires; 202-628-9798; [email-masked]

(END) DOW JONES NEWS 11-15-02

10:48 AM

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