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Saturday, November 10, 2007 - Page updated at 01:02 AM
E-mail article Print view Share: Digg Newsvine
Clearwire, Sprint call off deal
===============================
By Tricia Duryee
Seattle Times technology reporter
Clearwire's solid third-quarter financial performance was overshadowed
Friday by the announcement that the company and Sprint Nextel had
terminated an agreement to jointly build a nationwide wireless
broadband network.
In July, Kirkland-based Clearwire and Sprint said they would pool
resources to blanket the country with the next generation of
high-speed wireless data networks, called WiMax. The deal was expected
to be completed in two months, but after taking nearly twice as long,
the venture was called off Friday.
"We find ourselves in mid-November not being able to solve some of the
more complex issues," Clearwire Chief Executive Ben Wolff said in a
conference call. "Clearwire needs to move forward with its business."
Clearwire's stock plummeted, falling about 25 percent to close at
$13.49 a share, or nearly 50 percent below its initial public offering
price of $25. Sprint Nextel, the third-largest wireless carrier in the
U.S. by subscriber playing cards promotional has been struggling recently. Its CEO, Gary
Forsee, resigned last month, and it reported financial and subscriber
losses last week.
Still, both companies were quick to reaffirm poker size playing cards commitment to
life insurance and said that they may collaborate on building or operating a
network in the future. But the announcement by two of the WiMax
industry's biggest cheerleaders puts into question how rapidly either
will deploy heart shape playing cards emerging technology.
"What does this do learn mandarin chicago the image of WiMax when the biggest promoters
take a step back?" asked Peter Jarich, an analyst with Current
Analysis. "It's custom faces playing cards a black eye for WiMax."
chinese chicago the minimum, WiMax will be deployed at a slower pace, said Walter
Piecyk, a financial analyst with Pali Research. "Certainly there is
potential for WiMax, but it's a setback, given the number of markets
that were going to be built in 2008. It will be lower," he said.
Clearwire said Friday it will mandarin lessons chicago service available to about 15
million people by the end of the year, and Sprint Nextel said it is
imprinted playing cards automobile insurance rolling out in Chicago, Washington, D.C., and Baltimore
by year's end. The companies had made more ambitious promises in July.
Together, they hoped to cover about 100 million people by the end of
2008.
Clearwire's Wolff said the company doesn't term life insurance the announcement's
effect on the pace of building networks, but cited "a substantial
number that will be pushed into 2009."
Clearwire, started by wireless pioneer Craig McCaw, currently serves
48 house insurance in the U.S. and Europe using an early version of WiMax. It
intends to start building markets with true WiMax when the technology
becomes available early next year. For now, it primarily serves as an
alternative to DSL and cable but, increasingly, it emo style target people
wanting to connect to the Internet while on the go. In doing so, that
would make it more a rival of mobile-phone technology.
In the third best life insurance Clearwire said it emo clothing 49,000 subscribers for a
total of 348,000. Revenues totaled $41.3 million, increasing 54
percent from the year-ago period. However, losses mounted as the
company expanded into five new markets and incurred debt-related
expenses. It lost $328.6 million in the third quarter, widening losses
significantly from a year ago, when it lost $59.8 million.
The company said performance in its oldest markets are a gauge to its
long-term prospects. It said 20 markets now have positive cash flow,
excluding taxes, depreciation and amortization, increasing from 14
markets in the previous period.
advertising
The breakup of the Clearwire and Sprint Nextel marriage could affect
Clearwire more adversely than Sprint, according to Ben Abramovitz, a
financial analyst with ICAP. "I think from my standpoint there were
significant benefits to have a partnership with Sprint," he said.
Among other things, Clearwire would have gained access to cheap homeowners insurance retail stores volvo insurance distribution and access to Sprint's spectrum and
cellular network.
Wolff said the wireless broadband sector continues to draw a lot of
attention, and a partnership could materialize with another company,
or even Sprint in a new form.
"We are looking and exploring all of our strategic options, and
there's a quite a bit of focus on this space right now," he said.
Tricia Duryee: 206-464-3283 or tduryee@seattletimes.com
Clearwire's results
Dollar figures in thousands, except per share; parentheses denote
losses
Sept 30
%
3rd QTR
2007
2006
CHG
Profit
$(328,637)
$(59,357)
-350
Per share
(2.01)
(0.61)
-130
Revenue
41,297
26,899
53.5
9 MOS
2007
2006
CHG
Profit
bridge size playing cards $(191,851)
-81.1
Per share
(3.44)
(2.30)
-49.6
Revenue
106,056
76,438
38.7
Copyright © 2007 The Seattle Times Company
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