Financial Statements Paper

1652 words - 7 pages

Sprint, founded in 1899 by Cleyson Brown, was first called Brown Telephone Company. This bold company managed to compete head to head with the Bell monopoly in the state of Kansas. By the 1970's Brown was considered the nations largest independently owned telephone provider. When competition for long distance service opened in the 1980's Sprint jumped at it full forced. By 1986 Sprint lead all us telecommunications companies by completing the first 100 percent digital fiber optic network. (Sprint, 2009)."In 1987, a visionary entrepreneur named Morgan O'Brien founded a company called Fleet Net. Renamed Nextel in 1993, the company rapidly established itself as a nationwide force in the burgeoning world of wireless communications."(Sprint, 2009). By 1995 Sprint was well on its way to becoming the leader in wireless communications by servicing all top 50 U.S. markets. By the year 2000 Nextel was connecting countries around the world. The combination of these two companies into a single enterprise allows the fusion of long traditions and distinct advantages in the telecommunication market. (Sprint, 2009).Sprint Nextel offers a comprehensive range of wireless and wire line communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel is widely recognized for developing, engineering and deploying innovative technologies, including two wireless networks serving nearly 49.3 million customers at the end of the fourth quarter 2008." (Sprint, 2009)Sprint Nextel has approximately 60,000 employees worldwide. The company is incorporated under the laws of Kansas. Its New York Stock Exchange symbol is "S". For 2009 KPMG LLP audits the company financial statement. Sprint Nextel headquarters are in Overland Park, Kansas. The acting CEO is Dan Hesse. (Sprint.com, 2009).The fourth quarter of 2008 financial statement Chief Financial Officer Bob Burst emphasized that Sprint Nextel for the fourth quarter has 536 million Free Cash Flow, and at the same time reducing debt by one billion dollars. The fourth quarter exited 3.7 billion dollars in cash and 5.1 billion dollars in liquidity. Burst announced that Sprint Nextel plans in restructuring plan that includes internal and external labor for 1.2 billion dollars savings, including a reduction in headcount internally of 8000 employees. Sprint Nextel posted Operating Income loss of 205 million dollars and a Net Income loss of 326 million of dollars. "In tough economic times, we're generating substantial cash and reducing costs to ensure we remain financially sound. We already have the cash on hand to be able to meet our debt service requirements at least through the end of 2010," said Dan Hesse, Sprint Nextel CEO.From research reported to MSN Money, we were able to observe that Sprint uses four types of financial statements. One would be the Income Statement which reports increase in the company's resources from the sale of goods or services and expenses which report...

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