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|Crown Castle International Reports Third Quarter 2013 Results; and Announces Plan to Initiate Dividend|
"We are thrilled with the announcement of the
CONSOLIDATED FINANCIAL RESULTS
Total revenue for the third quarter of 2013 increased 21% to
Funds from Operations ("FFO") increased 23% to
Net income attributable to CCIC stockholders for the third quarter of 2013 was
AT&T TOWER TRANSACTION
As announced yesterday,
FINANCING AND INVESTING ACTIVITIES
During the third quarter of 2013,
Additionally, during the third quarter,
PLAN TO INITIATE DIVIDEND
"We are excited to announce our strong operating results, the
This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in
The following Outlook is based on current expectations and assumptions and assumes a US dollar to Australian dollar exchange rate of
The Outlook for fourth quarter and full year 2013 does not include any impact from the
As reflected in the following table,
With regard to 2014 Outlook,
Further, the 2014 Outlook assumes the contribution to 2014 AFFO from services gross margin to be lower by approximately
The following table sets forth
CONFERENCE CALL DETAILS
A telephonic replay of the conference call will be available from
Non-GAAP Financial Measures and Other Calculations
This press release includes presentations of Adjusted EBITDA, Funds from Operations and Adjusted Funds from Operations, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")). Each of the amounts included in the calculation of Adjusted EBITDA, FFO, and AFFO are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of FFO and AFFO.
Our measures of Adjusted EBITDA, FFO and AFFO may not be comparable to similarly titled measures of other companies, including other companies in the tower sector or those reported by REITs. FFO and AFFO presented are not necessarily indicative of the operating results that would have been achieved had we converted to a REIT, nor are they necessarily indicative of future financial position or operating results. Our FFO and AFFO may not be comparable to those reported in accordance with
Adjusted EBITDA, FFO and AFFO are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations.
Funds from Operations.
Adjusted Funds from Operations.
Sustaining capital expenditures.
The tables set forth below reconcile these non-GAAP financial measures to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.
Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures:
Adjusted EBITDA for the three months ended
Adjusted EBITDA for the quarter ending
FFO and AFFO for the quarter ending
FFO and AFFO for the year ending
FFO and AFFO for the three months ended
The components of interest expense and amortization of deferred financing costs for the three months ended
The components of interest expense and amortization of deferred financing costs for the quarter ending December 31, 2013 and the years ending
Debt balances and maturity dates as of
Sustaining capital expenditures for the three months ended
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements and information that are based on our management's current expectations. Such statements include, but are not limited to, plans, projections, Outlook and estimates regarding (i) the potential impact of the
Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing market conditions and the following:
Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the