Sprint Nextel To Give Forecast, Synergy Details In Sept"

NEW YORK -(Dow Jones)- Sprint Nextel Corp. (S) will give more details on its cost-reduction plans as well as its forecasts in early September, its chief financial officer said Tuesday.

Speaking at a press conference at the New York Stock Exchange, Paul Saleh said the company's management team will bring a cash distribution plan to the board "in the very near future." That includes the prospect of a higher dividend.

Executives from Sprint Nextel rang the opening bell Tuesday. Monday was the first day the company traded on the NYSE under its new symbol, S.

Chairman Tim Donahue said he was "more convinced than ever" that the trends that first drove the merger talks are stronger today.

Chief Executive Gary Forsee said the combined assets will allow the company to "hit the ground running." He added that the merged company will be more nimble than the traditional phone companies in offering data services.

Starting in September, the combined company will hit the market with an advertising blitz. Forsee said he expects to keep most of the Sprint stores open to stay competitive with Cingular Wireless.

-By Roger Cheng, Dow Jones Newswires; 201-938-2020

(END) Dow Jones Newswires"

Posted to the site on 16th August 2005