Crown Castle International Reports Record Third Quarter Results
For the three months ended September 30, 1999, revenues increased to $98.9 million from $28.9 million during the same period in 1998. Tower cash flow for the third quarter increased to $38.8 million from $10.8 million in last years third quarter. Third quarter earnings before interest, taxes, depreciation and amortization, or EBITDA, grew to $40.6 million, compared to $8.8 million in last years third quarter.
For the nine months ended September 30, 1999, revenues increased to $231.6 million from $52.3 million during the same period in 1998. Tower cash flow for the first nine months of 1999 increased to $96.4 million from $18.0 million in last years first nine months. Nine month EBITDA grew to $92.5 million, compared to $11.8 million in last years first nine months.
"We were pleased with our third quarter and nine month results," stated Ted B. Miller, Jr., Chairman and CEO of Crown Castle International. "Over the past few quarters, major wireless carriers in the US and UK such as GTE, Bell Atlantic, BellSouth, Powertel and One-2-One have outsourced their tower networks to Crown Castle. As such, we have been a significant participant in changing the complexion of and opportunity for wireless infrastructure deployment that will soon facilitate the advent of vastly increased wireless communications for businesses and individuals in both the US and UK. Wireless providers now have the opportunity to deploy their networks on towers which were not heretofore readily available to them and which are now in the hands of independent wireless infrastructure providers such as Crown Castle. Co-location availability on these outsourced tower networks enables rapid deployment and more efficient capital allocation for wireless carriers. The result is more robust coverage and network capacity to support increased subscriber demand through co-location.
"Looking forward, we will continue our integration of additional tower clusters and new tower builds, including the recently announced GTE joint venture for over 2,300 towers, which should continue to drive significant long-term master leasing agreements as demonstrated by the recent Nextel and Metricom lease agreements," concluded Mr. Miller.
Crown Castle International Corp. is a leading provider of communication sites and wireless network services and provides an array of related infrastructure and network support services to the wireless communications and radio and television broadcasting industries in the United States and United Kingdom. Pro forma for all closed and previously announced transactions, Crown Castle International owns, operates and manages approximately 10,000 wireless communication towers internationally. For more information on Crown Castle International, visit: www.crowncastle.com.
This press release contains various forward-looking statements and information that are based on managements belief as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.
Crown Castle International Corp.
Condensed Consolidated Statement of Operations And Other Financial Data
(in thousands, except per share data)
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
1999 |
1998 |
1999 |
1998 |
|||||
Net revenues: | ||||||||
Site rental and broadcast transmission | $ 75,632 | $ 18,008 | $ 183,135 | $ 28,456 | ||||
Network services and other | 23,295 | 10,886 | 48,428 | 23,805 | ||||
Total net revenues | 98,927 | 28,894 | 231,563 | 52,261 | ||||
Costs of operations: | ||||||||
Site rental and broadcast transmission | 32,934 | 5,980 | 78,018 | 8,398 | ||||
Network services and other | 11,712 | 7,079 | 26,869 | 14,234 | ||||
Total costs of operations | 44,646 | 13,059 | 104,887 | 22,632 | ||||
General and administrative | 12,534 | 6,254 | 30,076 | 15,022 | ||||
Corporate development | 1,194 | 816 | 4,134 | 2,838 | ||||
Restructuring charges | | | 1,814 | | ||||
Non-cash compensation charges | 501 | 11,361 | 1,672 | 11,361 | ||||
Depreciation and amortization | 39,850 | 9,410 | 89,369 | 17,105 | ||||
Operating income (loss) | 202 | (12,006) | (389) | (16,697) | ||||
|
| 1,530 | | 2,055 | ||||
Interest and other income (expense) | 7,923 | 923 | 12,802 | 2,293 | ||||
|
(34,506) | (7,554) | (72,348) | (17,581) | ||||
|
(26,381) | (17,107) | (59,935) | (29,930) | ||||
Provision for income taxes | (71) | (9) | (268) | (218) | ||||
Minority interests | (615) | (328) | (1,187) | (328) | ||||
|
(27,067) | (17,444) | (61,390) | (30,476) | ||||
|
| | (2,414) | | ||||
Net loss | (27,067) | (17,444) | (63,804) | (30,476) | ||||
|
(6,824) | (216) | (19,846) | (4,348) | ||||
|
$ (33,891) | $ (17,660) | $ (83,650) | $ (34,824) | ||||
Per common share basic and diluted: | ||||||||
|
$ (0.23) | $ (0.33) | $ (0.66) | $ (1.38) | ||||
|
| | (0.02) | | ||||
|
$ (0.23) | $ (0.33) | $ (0.68) | $ (1.38) | ||||
|
149,621 | 53,879 | 123,067 | 25,262 | ||||
EBITDA (before restructuring charges): | ||||||||
Site rental and broadcast transmission | $ 38,788 | $ 10,825 | $ 96,435 | $ 18,040 | ||||
Network services and other | 1,765 | (2,060) | (3,969) | (6,271) | ||||
Total EBITDA | $ 40,553 | $ 8,765 | $ 92,466 | $ 11,769 |