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|Crown Castle Reports Fourth Quarter and Full Year 2013 Results; Raises 2014 Outlook|
"We delivered excellent financial results throughout 2013, growing year-over-year AFFO per share by 40%, and solidified
CONSOLIDATED FINANCIAL RESULTS
Total revenue for the fourth quarter of 2013 increased 18% to
Adjusted Funds from Operations ("AFFO") increased 48% to
Net loss for the fourth quarter of 2013 was
Total revenue for the full year 2013 increased 24% to
Net income for full year 2013 was
AT&T TOWER TRANSACTION
FINANCING AND INVESTING ACTIVITIES
During the fourth quarter of 2013,
During the fourth quarter of 2013 and
During the fourth quarter of 2013,
"We had an excellent 2013 and are excited about the significant growth opportunities we see for 2014," stated
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 table is based on current expectations and assumptions and assumes a US dollar to Australian dollar exchange rate of
As previously disclosed,
The following table sets forth
(a) See the reconciliation of "Components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.
(b) Based on 333 million diluted shares outstanding as of
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.
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) demand for our sites and services, (ii) leasing activity, including the impact on our results and Outlook, (iii) the
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