UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2009
Crown Castle International
Corp.
(Exact name of registrant as
specified in its charter)
Delaware | 001-16441 | 76-0470458 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1220 Augusta Drive Suite 500 Houston, TX |
77057 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (713) 570-3000
(Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 — RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 24, 2009, the Company issued a press release disclosing its financial results for the fourth quarter and year ended 2008. The February 24 press release is furnished herewith as Exhibit 99.1 to this Form 8-K.
ITEM 9.01 — FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
As described in Item 2.02 of this Report, the following exhibit is furnished as part of this Current Report on Form 8-K:
Exhibit No.
|
Description | |
|
||
99.1
|
Press Release dated February 24, 2009 |
The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CROWN CASTLE INTERNATIONAL CORP. | ||
By: | /s/ E. Blake Hawk | |
Name: E. Blake Hawk Title: Executive Vice President and General Counsel |
Date: February 24, 2009
2
EXHIBIT INDEX
Exhibit No.
|
Description | |
|
||
99.1
|
Press Release dated February 24, 2009 |
3
Contacts: | Jay Brown, CFO | |||
Fiona McKone, VP Finance | ||||
Crown Castle International Corp. | ||||
713-570-3050 |
News Release continued: | Page 2 of 12 |
News Release continued: | Page 3 of 12 |
News Release continued: | Page 4 of 12 |
News Release continued: | Page 5 of 12 |
(in millions, except per share amounts) | First Quarter 2009 | Full Year 2009 | ||
Site rental revenues
|
$363 to $368 | $1,485 to $1,500 | ||
Site rental cost of operations
|
$111 to $116 | $465 to $475 | ||
Site rental gross margin
|
$250 to $255 | $1,015 to $1,030 | ||
Adjusted EBITDA
|
$232 to $237 | $925 to $945 | ||
Interest expense and amortization of
deferred financing costs(a)
|
$103 to $108 | $440 to $445 | ||
Sustaining capital expenditures
|
$8 to $10 | $25 to $30 | ||
Recurring cash flow
|
$119 to $124 | $455 to $475 | ||
Net income (loss) after deduction of
dividends on preferred stock
|
$(41) to $17 | $(146) to $(1) | ||
Net income (loss) per share(b)
|
$(0.14) to 0.06 | $(0.51) to $0.00 |
(a) | Inclusive of $10.8 million and $46.1 million, respectively, of non-cash expense. |
|
(b) | Represents net income (loss) per common share, based on 285.7 million shares
outstanding as of December 31, 2008. |
News Release continued: | Page 6 of 12 |
For the Three Months Ended | For the Twelve Months Ended | |||||||
(in thousands) | December 31, 2008 | December 31, 2008 | ||||||
Non-cash portion of site rental revenues
attributable to straight-line recognition
of revenues |
$ | 9,189 | $ | 40,281 | ||||
Non-cash portion of ground lease expense
attributable to straight-line recognition
of expenses |
(9,118 | ) | (38,171 | ) | ||||
Stock-based compensation expenses directly
related to tower operations |
(249 | ) | (935 | ) | ||||
Net amortization of below-market and
above-market leases |
154 | 589 | ||||||
Non-cash impact on site rental gross margin |
$ | (24 | ) | $ | 1,764 | |||
News Release continued: | Page 7 of 12 |
For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
(in thousands, except per share amounts) | 2008 | 2007 | 2008 | 2007 | |||||||||||||
Net income (loss) |
$ | (63,817 | ) | $ | (80,169 | ) | $ | (48,858 | ) | $ | (222,813 | ) | |||||
Adjustments to increase (decrease) net income (loss): |
|||||||||||||||||
Restructuring charges(a) |
| | | 3,191 | |||||||||||||
Asset write-down charges |
7,689 | 1,466 | 16,888 | 65,515 | |||||||||||||
Integration costs(a) |
| 6,752 | 2,504 | 25,418 | |||||||||||||
Depreciation, amortization and accretion |
130,799 | 132,347 | 526,442 | 539,904 | |||||||||||||
Interest expense and amortization of deferred
financing costs |
88,074 | 90,047 | 354,114 | 350,259 | |||||||||||||
Net gain (loss) on interest rate swaps |
40,292 | | 37,888 | | |||||||||||||
Impairment of available-for-sale securities |
32,151 | 75,623 | 55,869 | 75,623 | |||||||||||||
Interest and other income (expense) |
(474 | ) | (181 | ) | (2,143 | ) | (9,351 | ) | |||||||||
Benefit (provision) for income taxes |
(17,282 | ) | (24,334 | ) | (104,361 | ) | (94,039 | ) | |||||||||
Minority interests |
| | | (151 | ) | ||||||||||||
Stock-based compensation charges(b) |
7,953 | 7,674 | 28,767 | 25,087 | |||||||||||||
Adjusted EBITDA |
$ | 225,385 | $ | 209,225 | $ | 867,110 | $ | 758,643 | |||||||||
Less: Interest expense and amortization of deferred
financing costs |
88,074 | 90,047 | 354,114 | 350,259 | |||||||||||||
Less: Sustaining capital expenditures |
12,230 | 8,238 | 27,065 | 23,318 | |||||||||||||
Recurring cash flow |
$ | 125,081 | $ | 110,940 | $ | 485,931 | $ | 385,066 | |||||||||
Weighted average common shares outstanding basic
and diluted |
285,686 | 281,691 | 282,007 | 279,937 | |||||||||||||
Recurring cash flow per share |
$ | 0.44 | $ | 0.39 | $ | 1.72 | $ | 1.38 | |||||||||
(a) | Including stock-based compensation expense. |
|
(b) | Exclusive of charges included in integration costs and restructuring charges. |
Q1 2009 | Full Year 2009 | |||
(in millions) | Outlook | Outlook | ||
Net income (loss)
|
$(36) to $22 | $(125) to $20 | ||
Adjustments to increase (decrease) net income (loss): |
||||
Asset write-down charges
|
$2 to $5 | $8 to $20 | ||
Acquisitions costs
|
$ to $1 | $ to $3 | ||
Depreciation, amortization and accretion
|
$130 to $140 | $520 to $550 | ||
Interest and other income (expense)
|
$(3) to $ | $(12) to $ | ||
Net gain (loss) on interest rate swaps (a)
|
$(12) to $ | $(12) to $ | ||
Interest expense and amortization of deferred financing costs(b)
|
$103 to $108 | $440 to $445 | ||
Benefit (provision) for income taxes
|
$(11) to $5 | $(43) to $(3) | ||
Minority interests
|
| $(1) to $ | ||
Stock-based compensation charges
|
$6 to $9 | $25 to $35 | ||
Adjusted EBITDA
|
$232 to $237 | $925 to $945 | ||
Less: Interest expense and amortization of
deferred financing costs(b)
|
$103 to $108 | $440 to $445 | ||
Less: Sustaining capital expenditures
|
$8 to $10 | $25 to $30 | ||
Recurring cash flow
|
$119 to $124 | $455 to $475 | ||
(a) | Based on the interest rates and yield curves in effect as of February 19, 2009. |
|
(b) | Inclusive of $10.8 million and $46.1 million, respectively, of non-cash expense. |
News Release continued: | Page 8 of 12 |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||
(in thousands) | December 31, 2008 | December 31, 2007 | December 31, 2008 | December 31, 2007 | ||||||||||||
Capital Expenditures |
$ | 107,995 | $ | 108,747 | $ | 450,732 | $ | 300,005 | ||||||||
Less: Revenue enhancing on existing sites |
33,157 | 17,913 | 90,111 | 45,818 | ||||||||||||
Less: Land purchases |
36,842 | 35,016 | 201,255 | 133,032 | ||||||||||||
Less: New site acquisition and construction |
25,766 | 47,580 | 132,301 | 97,837 | ||||||||||||
Sustaining capital expenditures |
$ | 12,230 | $ | 8,238 | $ | 27,065 | $ | 23,318 | ||||||||
Q1 2009 | Full Year 2009 | |||||||
(in millions) | Outlook | Outlook | ||||||
Site rental revenues |
$ | 363 to $368 | $ | 1,485 to $1,500 | ||||
Less: Site rental cost of operations |
$ | 111 to $116 | $ | 465 to $475 | ||||
Site rental gross margin |
$250 to $255 | $1,015 to $1,030 | ||||||
| We have a substantial amount of indebtedness, the majority, if not all, of which we
anticipate refinancing or repaying within the next three years. In the event we do
not repay or refinance such indebtedness, we could face substantial liquidity issues
and might be required to issue equity securities or securities convertible into equity
securities, or sell some of our assets to meet our debt payment obligations. |
||
| Our substantial level of indebtedness could adversely affect our ability to react
to changes in our business, and the terms of our debt instruments limit our ability to
take a number of actions that our management might otherwise believe to be in our best
interests. In addition, if we fail to comply with our covenants, our debt could be
accelerated. |
||
| Our interest rate swaps are currently in a substantial liability position and will
need to be cash settled within the next three years, which could adversely affect our
financial condition. |
||
| Our business depends on the demand for wireless communications and towers, and we
may be adversely affected by any slowdown in such demand. |
News Release continued: | Page 9 of 12 |
| A substantial portion of our revenues is derived from a small number of customers,
and the loss, consolidation or financial instability of, or network sharing among, any
of our limited number of customers may materially decrease revenues. |
||
| Consolidation among our customers may result in duplicate or overlapping parts of
networks, which may result in a reduction of sites and have a negative effect on
revenues and cash flows. |
||
| Sales or issuances of a substantial number of shares of our common stock may
adversely affect the market price of our common stock. |
||
| A wireless communications industry slowdown may materially and adversely affect our
business (including reducing demand for our towers and network services) and the
business of our customers. |
||
| As a result of competition in our industry, including from some competitors with
significantly more resources or less debt than we have, we may find it more difficult
to achieve favorable rental rates on our towers. |
||
| New technologies may significantly reduce demand for our towers and negatively
impact our revenues. |
||
| New wireless technologies may not deploy or be adopted by customers as rapidly or
in the manner projected. |
||
| If we fail to retain rights to the land under our towers, our business may be
adversely affected. |
||
| If we are unable to raise capital in the future when needed, we may not be able to
fund future growth opportunities. |
||
| Our lease relating to our Spectrum has certain risk factors different from our core
tower business, including that the Spectrum lease may not be renewed or continued,
that the option to acquire the Spectrum may not be exercised, and that the Spectrum
may not be deployed, which may result in the revenues derived from the Spectrum being
less than those that may otherwise have been anticipated. |
||
| If we fail to comply with laws and regulations which regulate our business and
which may change at any time, we may be fined or even lose our right to conduct some
of our business. |
||
| Our network services business has historically experienced significant volatility
in demand, which reduces the predictability of our results. |
||
| If radio frequency emissions from wireless handsets or equipment on our towers are
demonstrated to cause negative health effects, potential future claims could adversely
affect our operations, costs and revenues. |
||
| Certain provisions of our certificate of incorporation, bylaws and operative
agreements and domestic and international competition laws may make it more difficult
for a third party to acquire control of us or for us to acquire control of a third
party, even if such a change in control would be beneficial to our stockholders. |
||
| We are exposed to counterparty risk through our interest rate swaps and a
counterparty default could adversely affect our financial condition. |
||
| We may be adversely affected by our exposure to changes in foreign currency
exchange rates relating to our operations in Australia. |
News Release continued: | Page 10 of 12 |
CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) (in thousands) |
December 31, | December 31, | |||||||
2008 | 2007 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 155,219 | $ | 75,245 | ||||
Restricted cash |
147,852 | 165,556 | ||||||
Receivables, net of allowance for doubtful accounts |
37,621 | 33,842 | ||||||
Deferred income tax assets |
28,331 | 113,492 | ||||||
Prepaid expenses, deferred site rental receivables and other current assets |
116,145 | 109,120 | ||||||
Total current assets |
485,168 | 497,255 | ||||||
Restricted cash |
5,000 | 5,000 | ||||||
Deferred site rental receivables |
144,474 | 127,388 | ||||||
Available-for-sale securities |
4,216 | 60,085 | ||||||
Property and equipment, net |
5,060,126 | 5,051,055 | ||||||
Goodwill |
1,983,950 | 1,970,501 | ||||||
Other intangible assets, net |
2,551,332 | 2,676,288 | ||||||
Deferred financing costs and other assets, net of accumulated amortization |
127,456 | 100,561 | ||||||
$ | 10,361,722 | $ | 10,488,133 | |||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 33,808 | $ | 37,366 | ||||
Deferred rental revenues and other accrued liabilities |
281,794 | 249,136 | ||||||
Interest rate swaps |
52,539 | 3,985 | ||||||
Short-term debt and current maturities of long-term debt |
466,217 | 81,500 | ||||||
Total current liabilities |
834,358 | 371,987 | ||||||
Long-term debt, less current maturities |
5,630,527 | 5,987,695 | ||||||
Deferred income tax liability |
40,446 | 281,259 | ||||||
Interest rate swaps |
488,632 | 61,356 | ||||||
Other liabilities |
337,168 | 305,127 | ||||||
Total liabilities |
7,331,131 | 7,007,424 | ||||||
Minority interests |
| | ||||||
Redeemable preferred stock |
314,726 | 313,798 | ||||||
Stockholders equity |
2,715,865 | 3,166,911 | ||||||
$ | 10,361,722 | $ | 10,488,133 | |||||
News Release continued: | Page 11 of 12 |
CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) AND OTHER FINANCIAL DATA (in thousands, except per share data) |
Three Months Ended | Years Ended | |||||||||||||||
December 31, | December, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Net revenues: |
||||||||||||||||
Site rental |
$ | 355,019 | $ | 337,543 | $ | 1,402,559 | $ | 1,286,468 | ||||||||
Network services and other |
37,003 | 37,620 | 123,945 | 99,018 | ||||||||||||
Total net revenues |
392,022 | 375,163 | 1,526,504 | 1,385,486 | ||||||||||||
Costs of operations (exclusive of depreciation, amortization and
accretion): |
||||||||||||||||
Site rental |
114,239 | 112,718 | 456,123 | 443,342 | ||||||||||||
Network services and other |
21,680 | 22,258 | 82,452 | 65,742 | ||||||||||||
Total costs of operations |
135,919 | 134,976 | 538,575 | 509,084 | ||||||||||||
General and administrative |
38,671 | 38,636 | 149,586 | 142,846 | ||||||||||||
Restructuring charges |
| | | 3,191 | ||||||||||||
Asset write-down charges |
7,689 | 1,466 | 16,888 | 65,515 | ||||||||||||
Integration costs |
| 6,752 | 2,504 | 25,418 | ||||||||||||
Depreciation, amortization and accretion |
130,799 | 132,347 | 526,442 | 539,904 | ||||||||||||
Operating income (loss) |
78,944 | 60,986 | 292,509 | 99,528 | ||||||||||||
Interest expense and amortization of deferred financing costs |
(88,074 | ) | (90,047 | ) | (354,114 | ) | (350,259 | ) | ||||||||
Net gain (loss) on interest rate swaps |
(40,292 | ) | | (37,888 | ) | | ||||||||||
Impairment of available-for-sale securities |
(32,151 | ) | (75,623 | ) | (55,869 | ) | (75,623 | ) | ||||||||
Interest and other income (expense) |
474 | 181 | 2,143 | 9,351 | ||||||||||||
Income (loss) from continuing operations before income taxes and
minority interests |
(81,099 | ) | (104,503 | ) | (153,219 | ) | (317,003 | ) | ||||||||
Benefit (provision) for income taxes |
17,282 | 24,334 | 104,361 | 94,039 | ||||||||||||
Minority interests |
| | | 151 | ||||||||||||
Net income (loss) |
(63,817 | ) | (80,169 | ) | (48,858 | ) | (222,813 | ) | ||||||||
Dividends on preferred stock |
(5,202 | ) | (5,201 | ) | (20,806 | ) | (20,805 | ) | ||||||||
Net income (loss) after deduction of dividends on preferred stock |
$ | (69,019 | ) | $ | (85,370 | ) | $ | (69,664 | ) | $ | (243,618 | ) | ||||
Net income (loss) per common share basic and diluted |
$ | (0.24 | ) | $ | (0.30 | ) | $ | (0.25 | ) | $ | (0.87 | ) | ||||
Weighted average common shares outstanding basic and diluted |
285,686 | 281,691 | 282,007 | 279,937 | ||||||||||||
Adjusted EBITDA |
$ | 225,385 | $ | 209,225 | $ | 867,110 | $ | 758,643 | ||||||||
Stock-based compensation expenses: |
||||||||||||||||
Site rental cost of operations |
$ | 249 | $ | 109 | $ | 935 | $ | 396 | ||||||||
Network services and other cost of operations |
281 | 98 | 870 | 371 | ||||||||||||
General and administrative |
7,423 | 7,467 | 26,962 | 24,320 | ||||||||||||
Restructuring charges |
| | | 2,377 | ||||||||||||
Integration costs |
| | | 790 | ||||||||||||
Total |
$ | 7,953 | $ | 7,674 | $ | 28,767 | $ | 28,254 | ||||||||
News Release continued: | Page 12 of 12 |
CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (in thousands) |
Twelve Months Ended | ||||||||
December 31, | ||||||||
2008 | 2007 | |||||||
Cash flows from operating activities: |
||||||||
Net income (loss) |
$ | (48,858 | ) | $ | (222,813 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating
activities: |
||||||||
Depreciation, amortization and accretion |
526,442 | 539,904 | ||||||
Amortization of deferred financing costs and other non-cash interest |
24,830 | 23,913 | ||||||
Stock-based compensation expense |
25,896 | 23,542 | ||||||
Asset write-down charges |
16,888 | 65,515 | ||||||
Deferred income tax (benefit) provision |
(113,557 | ) | (98,914 | ) | ||||
Income (expense) from forward-starting interest rate swaps |
34,111 | | ||||||
Impairment of available-for-sale securities |
55,869 | 75,623 | ||||||
Other adjustments, net |
(1,787 | ) | (1,331 | ) | ||||
Changes in assets and liabilities, excluding the effects of acquisitions: |
||||||||
Increase (decrease) in liabilities |
77,106 | 13,561 | ||||||
Decrease (increase) in assets |
(83,939 | ) | (68,645 | ) | ||||
Net cash provided by (used for) operating activities |
513,001 | 350,355 | ||||||
Cash flows from investing activities: |
||||||||
Proceeds from disposition of property and equipment |
1,855 | 3,664 | ||||||
Payments for acquisitions (net of cash acquired) of businesses |
(27,736 | ) | (494,352 | ) | ||||
Capital expenditures |
(450,732 | ) | (300,005 | ) | ||||
Other |
| (755 | ) | |||||
Net cash provided by (used for) investing activities |
(476,613 | ) | (791,448 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of long-term debt |
| 650,000 | ||||||
Proceeds from issuance of capital stock |
8,444 | 31,176 | ||||||
Principal payments on long-term debt |
(6,500 | ) | (4,875 | ) | ||||
Purchases and redemptions of long-term debt |
(282 | ) | | |||||
Purchases of capital stock |
(44,685 | ) | (729,811 | ) | ||||
Borrowings under revolving credit agreements |
94,400 | 75,000 | ||||||
Payments for financing costs |
(1,527 | ) | (9,108 | ) | ||||
Net decrease (increase) in restricted cash |
17,745 | (33,089 | ) | |||||
Dividends on preferred stock |
(19,878 | ) | (19,879 | ) | ||||
Return of capital to minority interest holders of CCAL |
| (37,196 | ) | |||||
Net cash provided by (used for) financing activities |
47,717 | (77,782 | ) | |||||
Effect of exchange rate changes on cash |
(4,131 | ) | 1,404 | |||||
Net increase (decrease) in cash and cash equivalents |
79,974 | (517,471 | ) | |||||
Cash and cash equivalents at beginning of period |
75,245 | 592,716 | ||||||
Cash and cash equivalents at end of period |
$ | 155,219 | $ | 75,245 | ||||
Supplemental disclosure of cash flow information: |
||||||||
Interest paid |
$ | 330,491 | $ | 324,605 | ||||
Income taxes paid |
6,582 | 4,218 |
Quarter Ended 3/31/08 | Quarter Ended 6/30/08 | Quarter Ended 9/30/08 | Quarter Ended 12/31/08 | |||||||||||||||||||||||||||||||||||||||||||||
CCUSA | CCAL | CCIC | CCUSA | CCAL | CCIC | CCUSA | CCAL | CCIC | CCUSA | CCAL | CCIC | |||||||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||||||||||||||||||
Site Rental |
$ | 323,748 | $ | 21,285 | $ | 345,033 | $ | 328,952 | $ | 19,571 | $ | 348,523 | $ | 332,715 | $ | 21,269 | $ | 353,984 | $ | 339,262 | $ | 15,757 | $ | 355,019 | ||||||||||||||||||||||||
Services |
23,834 | 1,754 | 25,588 | 27,016 | 3,974 | 30,990 | 27,972 | 2,392 | 30,364 | 34,570 | 2,433 | 37,003 | ||||||||||||||||||||||||||||||||||||
Total Revenues |
347,582 | 23,039 | 370,621 | 355,968 | 23,545 | 379,513 | 360,687 | 23,661 | 384,348 | 373,832 | 18,190 | 392,022 | ||||||||||||||||||||||||||||||||||||
Operating Expenses |
||||||||||||||||||||||||||||||||||||||||||||||||
Site Rental |
106,432 | 5,948 | 112,380 | 107,474 | 6,272 | 113,746 | 109,757 | 6,001 | 115,758 | 109,233 | 5,006 | 114,239 | ||||||||||||||||||||||||||||||||||||
Services |
17,359 | 1,052 | 18,411 | 20,320 | 1,500 | 21,820 | 18,878 | 1,663 | 20,541 | 20,803 | 877 | 21,680 | ||||||||||||||||||||||||||||||||||||
Total Operating Expenses |
123,791 | 7,000 | 130,791 | 127,794 | 7,772 | 135,566 | 128,635 | 7,664 | 136,299 | 130,036 | 5,883 | 135,919 | ||||||||||||||||||||||||||||||||||||
General & Administrative |
31,032 | 3,954 | 34,986 | 33,845 | 4,647 | 38,492 | 33,220 | 4,217 | 37,437 | 35,342 | 3,329 | 38,671 | ||||||||||||||||||||||||||||||||||||
Add: Stock-Based Compensation |
5,418 | 737 | 6,155 | 6,622 | 937 | 7,559 | 6,346 | 754 | 7,100 | 7,510 | 443 | 7,953 | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA |
$ | 198,177 | $ | 12,822 | $ | 210,999 | $ | 200,951 | $ | 12,063 | $ | 213,014 | $ | 205,178 | $ | 12,534 | $ | 217,712 | $ | 215,964 | $ | 9,421 | $ | 225,385 | ||||||||||||||||||||||||
Quarter Ended 3/31/08 | Quarter Ended 6/30/08 | Quarter Ended 9/30/08 | Quarter Ended 12/31/08 | |||||||||||||||||||||||||||||||||||||||||||||
CCUSA | CCAL | CCIC | CCUSA | CCAL | CCIC | CCUSA | CCAL | CCIC | CCUSA | CCAL | CCIC | |||||||||||||||||||||||||||||||||||||
Gross Margins: |
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Site Rental |
67 | % | 72 | % | 67 | % | 67 | % | 68 | % | 67 | % | 67 | % | 72 | % | 67 | % | 68 | % | 68 | % | 68 | % | ||||||||||||||||||||||||
Services |
27 | % | 40 | % | 28 | % | 25 | % | 62 | % | 30 | % | 33 | % | 30 | % | 32 | % | 40 | % | 64 | % | 41 | % | ||||||||||||||||||||||||
Adjusted EBITDA Margin |
57 | % | 56 | % | 57 | % | 56 | % | 51 | % | 56 | % | 57 | % | 53 | % | 57 | % | 58 | % | 52 | % | 57 | % |
Quarter Ended | ||||||||||||||||
3/31/2008 | 6/30/2008 | 9/30/2008 | 12/31/2008 | |||||||||||||
Net income (loss) |
$ | (13,173 | ) | $ | 60,339 | $ | (32,207 | ) | $ | (63,817 | ) | |||||
Adjustments to increase (decrease) net income (loss): |
||||||||||||||||
Asset write-down charges |
1,304 | 4,993 | 2,902 | 7,689 | ||||||||||||
Integration costs |
2,504 | | | | ||||||||||||
Depreciation, amortization and accretion |
132,033 | 131,896 | 131,714 | 130,799 | ||||||||||||
Interest and other income (expense) |
(2,310 | ) | (206 | ) | 847 | (474 | ) | |||||||||
Net gain (loss) on interest rate swaps |
| | (2,404 | ) | 40,292 | |||||||||||
Interest expense, amortization of deferred
financing costs |
89,145 | 88,757 | 88,138 | 88,074 | ||||||||||||
Impairment of available-for-sale securities |
| | 23,718 | 32,151 | ||||||||||||
Benefit (provision) for income taxes |
(4,659 | ) | (80,324 | ) | (2,096 | ) | (17,282 | ) | ||||||||
Stock-based compensation |
6,155 | 7,559 | 7,100 | 7,953 | ||||||||||||
Adjusted EBITDA |
$ | 210,999 | $ | 213,014 | $ | 217,712 | $ | 225,385 | ||||||||
Q4 07 | Q4 08 | % Change | ||||||||||
CCUSA |
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Site Rental Revenues |
$ | 316,750 | $ | 339,262 | 7 | % | ||||||
Ending Sites |
22,405 | 22,489 | 0 | % | ||||||||
CCAL |
||||||||||||
Site Rental Revenues |
$ | 20,793 | $ | 15,757 | -24 | % | ||||||
Ending Sites |
1,441 | 1,590 | 10 | % | ||||||||
TOTAL CCIC |
||||||||||||
Site Rental Revenues |
$ | 337,543 | $ | 355,019 | 5 | % | ||||||
Ending Sites |
23,846 | 24,079 | 1 | % | ||||||||
Ending Cash and Cash Equivalents |
$ | 75,245 | * | $ | 155,219 | * | ||||||
Debt |
||||||||||||
Bank Debt |
$ | 720,125 | $ | 808,025 | ||||||||
Securitized Debt & Other Notes |
$ | 5,349,070 | $ | 5,288,719 | ||||||||
Total Debt |
$ | 6,069,195 | $ | 6,096,744 | ||||||||
6 1/4% Convertible Preferred Stock |
$ | 313,798 | $ | 314,726 | ||||||||
Leverage Ratios |
||||||||||||
Net Debt / EBITDA |
7.2X | 6.6X | ||||||||||
Net Debt + Preferreds / EBITDA |
7.5X | 6.9X | ||||||||||
Last Quarter Annualized Adjusted EBITDA |
$ | 836,900 | $ | 901,540 |
* | Excludes Restricted Cash |