Nextel Partners ( NXTP) left very little to the imagination when its CFO John Thompson released key first-quarter results at an April 12 Credit Suisse First Boston presentation. Those who stuck around for the finer points in its earnings report were rewarded with a 27-cent per share loss, besting analysts' predictions of a 31-cent loss, as gathered by Multex.com. Despite a 23% sequential increase in revenue to $63.1 million, the company fell short of Street revenue expectations of $68 million.

Back in April, Thompson stripped the small- and mid-sized wireless market carrier's first-quarter fortunes down to the flesh, revealing 61,600 new subscribers and average revenue per user of $70. The up-and-comer boasts 289,000 customers, and lost only 1.6% to customer churn in the first quarter, an improvement over the previous quarter. Additionally, the company showed off its $890 million in cash and credit lines to head off recent discussions about partner Nextel ( NXTL) and communication competitors' debt situations and ability to fund network construction.

Nextel management delved into new numbers to lay out a second quarter that will feature rapid hiring, leading to a wider EBITDA loss of $28 million in the second quarter (vs. the first quarter's $22.9 million EBITDA loss). For the year, the young company plans to grow service revenue -- a number that excludes money made on equipment -- by 260%.

Nextel Partners is exerting a lot of energy in the buildout department, and plans to spend $362 million in 2001. Stripping down to its last number, the company plans to be cash flow positive in 2004.