November 09, 2009
Sprint Nextel Announces Actions to Reduce Labor Costs by at Least $350 Million
The reduction impacts positions companywide, including those previously
announced this month in the Wholesale organization, as well as a
reduction in contractor and other outside labor. The company is taking
this action in a careful manner to ensure that there is no impact on the
improved customer experience that has been reflected in much higher
levels of satisfaction in customer surveys and in independent
The labor cost reductions are the latest action in the company’s efforts
to make its cost structure more competitive in the industry and to
remain financially secure in a challenging economic environment. At the
end of the third quarter 2009, the company had a balance of
This news release includes "forward-looking statements" within the meaning of the securities laws. The statements in this news release regarding the reduction in labor costs, business outlook, liquidity and expected performance, as well as other statements that are not historical facts, are forward-looking statements.
The words "estimate," "project," "forecast," "intend," "expect," "believe," "target," "providing guidance" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are estimates and projections reflecting management's judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. With respect to these forward-looking statements, management has made assumptions regarding, among other things, customer and network usage, customer growth and retention, pricing, operating costs, the timing of various events and the economic and regulatory environment.
Sprint Nextel believes these forward-looking statements are reasonable; however, you should not place undue reliance on forward-looking statements, which are based on current expectations and speak only as of the date of this release. Sprint Nextel is not obligated to publicly release any revisions to forward-looking statements to reflect events after the date of this release. Sprint Nextel provides a detailed discussion of risk factors in periodic SEC filings, including its annual report on Form 10-K for the year ended December 31, 2008 in Part I, Item 1A, and its subsequent Quarterly Reports on Form 10-Q in Part II, Item 1A.