Crown Castle International Reports Fourth Quarter and Year End Results
Revenues for the fourth quarter of 2001 increased 18 percent to $238.2 million from $202.0 million for the fourth quarter of 2000. Earnings before interest, taxes, depreciation and amortization, or EBITDA*, for the fourth quarter increased 29 percent to $89.2 million, up from $69.0 million for the same period in 2000. Site rental and broadcast transmission revenue for the fourth quarter of 2001 increased 24 percent to $155.9 million, up from $125.6 million for the same period in 2000. Site rental and broadcast transmission EBITDA for the fourth quarter increased 38 percent to $84.1 million, up from $61.0 million in last year's fourth quarter. Net loss, after deduction of dividends on preferred stock, was $123.3 million for the fourth quarter of 2001 as compared to a net loss of $78.9 million for the same period in 2000. Fourth quarter loss per share was $0.57 compared to a loss per share of $0.40 in last year's fourth quarter.
During the fourth quarter, the Company developed 267 sites, 113 of which were developed under an agreement with British Telecom in the UK. Net of anchor tenants on newly-built towers, the Company added 1,520 new tenants during the fourth quarter, representing an annualized co-location rate of .41 tenants per tower on the 14,851 sites owned and managed at the beginning of the quarter. On a broadband equivalent (BBE) basis, the Company added 1,666 new tenants during the fourth quarter, representing an annualized BBE co-location rate of .45 tenants per tower. The BBE co-location rate was higher than the actual co-location rate due to strong leasing demand from 3G tenants in the UK. Annual same tower revenue growth was 22 percent for the 12,918 towers owned and operated by the Company on December 31, 2000.
Revenues for 2001 increased 38 percent to $899.0 million from $649.2 million during 2000. EBITDA for 2001 grew 28 percent to $316.8 million compared to $247.1 million in 2000. Site rental and broadcast transmission revenue for 2001 increased 29 percent to $576.0 million, up from $446.0 million for the same period in 2000. Site rental and broadcast transmission EBITDA for 2001 increased 36 percent to $301.9 million from $221.2 million in 2000. Net loss, after deduction of dividends on preferred stock, was $445.2 million for 2001 as compared to a net loss of $264.3 million in 2000. Loss per share for 2001 was $2.08 compared to a loss per share of $1.48 in 2000.
"We are pleased with our continued organic leasing performance resulting in strong growth of our tower EBITDA during the fourth quarter," stated John P. Kelly, CEO of Crown Castle. "Continued demand for our tower sites from major wireless carriers in the US and the UK is the result of the wireless carriers' resolve to improve service quality and coverage and to reduce churn. As we look to the first quarter and year 2002, our committed focus on the core aspects of our business coupled with the strong prospect of future demand for cell sites will help us achieve continued margin expansion and EBITDA growth of between 20 percent and 30 percent per year."
"Given the current climate in the capital markets, we are pleased to end 2001 with just over $1 billion in cash and investments and approximately $600 million in availability under our existing senior credit facilities," stated W. Benjamin Moreland, CFO of Crown Castle. "We foresee our business plan being fully funded out of cash on the balance sheet, by a healthy margin, through 2004, at which time we expect to achieve positive free cash flow after interest and capital expenditures. Free cash flow in 2004 is expected to be achieved through the continued execution of the core tower leasing business and the allocation of capital spending to value-enhancing activities that meet our internal return thresholds. We are reissuing our previously provided guidance through 2004 with further reductions to expected capital expenditures."
OUTLOOK
The following statements are based on current expectations and assumptions and assume a US dollar to UK pound exchange rate of 1.42 dollars to 1.00 pound and a US dollar to Australian dollar exchange rate of 0.50 US dollars to 1.00 Australian dollar. The following Outlook sections contain 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 are set forth below and in the Company's filings with the Securities and Exchange Commission.
OUTLOOK FOR Q1 2002
The Company expects first quarter 2002 site rental and broadcast transmission revenue to be between $156 million and $160 million, assuming that new tenants are added to existing towers at an annualized rate of between .40 tenants per tower and .50 tenants per tower during the quarter. The Company expects first quarter network services revenue to be between $65 million and $75 million. The Company expects first quarter EBITDA of between $90 million and $94 million.
The Company expects to build approximately 225 to 275 new towers during the first quarter. The Company expects total capital expenditures to be between $225 million and $260 million during the first quarter including a $142 million payment representing the last required payment under our BT site access agreement. The Company expects total interest expense, net of interest income, to be between $70 million and $80 million for the first quarter.
OUTLOOK FOR YEAR 2002-2004
The Company projects total EBITDA of between $385 million and $415 million for calendar year 2002, assuming that new tenants are added to existing towers at a rate of between .40 tenants per tower and .50 tenants per tower during the year. The Company expects total capital expenditures to be between $475 million and $575 million during year 2002. The Company expects cash interest expense, net of cash interest income, to be between $180 million and $200 million during year 2002. The Company expects total interest expense, net of interest income, to be between $280 million and $310 million during year 2002. The following table sets forth the Company's current 2002 to 2004 guidance (dollars in millions):
2002 2003 2004
Site Rental and Broadcast
Transmission Revenue $685 - 710 $810 - 840 $950 - 1000
Tower Gross Profit ** 405 - 450 510 - 560 620 - 690
Service Gross Profit ** 50 - 60 60 - 70 65 - 75
Total G&A 79 - 88 83 - 92 88 - 97
EBITDA 385 - 415 480 - 530 595 - 655
Capital Expenditures *** 475 - 575 275 - 375 250 - 350
Interest Expense 280 - 310 280 - 315 330 - 370
Cash Interest Expense 180 - 200 195 - 220 295 - 325
US tower builds 450 - 550 450 - 550 450 - 550
UK tower builds 450 - 550 450 - 550 350 - 450
** Gross Profit is defined as Net Revenue less Cost of Operations
*** 2002 Capital Expenditures includes the $142 million payment to BT
CONFERENCE CALL DETAILS
Crown Castle has scheduled a conference call for Friday, March 1, 2002 at 9:30 a.m. eastern time to discuss fourth quarter and year end results and the Company's Outlook. Please dial 303-262-2175 and asking for the Crown Castle call at least 10 minutes prior to the start time. A telephonic replay of the conference call will be available through March 8, 2002 and may be accessed by calling 303-590-3000 using pass code 442118. An audio archive will also be available on the company's website at www.crowncastle.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Karen Roan at Easterly Investor Relations at 1-713-529-6600 or email karen@easterly.com .
Crown Castle International Corp. engineers, deploys, owns and operates technologically advanced shared wireless infrastructure, including extensive networks of towers and rooftops as well as analog and digital audio and television broadcast transmission systems. The Company offers near-universal broadcast coverage in the United Kingdom and significant wireless communications coverage to 68 of the top 100 United States markets, to more than 95 percent of the UK population and to more than 92 percent of the Australian population. Crown Castle owns, operates and manages over 15,000 wireless communication towers internationally. For more information on Crown Castle, visit: www.crowncastle.com .
* EBITDA is defined as operating income (loss) plus depreciation and amortization, non-cash general and administrative compensation charges, asset write-down charges and restructuring charges. EBITDA is presented as additional information because management believes it to be a useful indicator of our ability to meet debt service and capital expenditure requirements. It is not, however, intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with generally accepted accounting principles). Furthermore, our measure of EBITDA may not be comparable to similarly titled measures of other companies.
On January 1, 2002, the Company adopted new accounting and disclosure requirements in accordance with Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets ("SFAS 142"). The most significant provision of SFAS 142 is that goodwill and other intangible assets with indefinite useful lives will no longer be amortized, but rather will be tested for impairment on an annual basis. As a result, the Company's depreciation and amortization expense will decrease by approximately $62 million per year.
SFAS 142 requires that transitional impairment tests be performed at its adoption, and provides that resulting impairment losses for goodwill and other intangible assets with indefinite useful lives be reported as the effect of a change in accounting principle. The Company has not yet completed these initial impairment tests and, as such, has not yet determined whether any impairment loss will be recorded.
This press release contains forward-looking statements and information that are based on management's beliefs as well as assumptions made by and information currently available to management. Such forward-looking statements include, but are not limited to, expectations, projections and estimates regarding (i) organic leasing performance, (ii) demand for our tower sites, (iii) operating margins, (iv) EBITDA growth rates, (v) our liquidity and fully-funded status, (vi) free cash flow, (vii) achieving activities that meet internal return thresholds, (viii) currency exchange rates, (ix) revenues (including site rental revenue, broadcast transmission revenue, and network services revenue), (x) new tenant co-location rates, (xi) EBITDA, (xii) towers to be constructed, (xiii) capital expenditures, (xiv) interest expense (including cash interest expense), (xv) tower gross profit, (xvi) service gross profit, and (xvii) general and administrative expenses.
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, including, but not limited to the success or failure of our efforts to implement our business strategy and the following:
- Our substantial level of indebtedness could adversely affect our ability to react to changes in our business and limit our ability to use debt to fund future capital needs.
- If we are unable to service our indebtedness, our indebtedness may be accelerated.
- Our business depends on the demand for wireless communications, which may be lower or slower than anticipated.
- We may be unable to manage our significant growth.
- Restrictive covenants on our debt instruments may limit our ability to take actions that may be in our best interests.
- We operate in an increasingly competitive industry and many of our competitors have significantly more resources than we do.
- Technology changes may significantly reduce the demand for towers.
- 2.5G/3G and other technologies may not deploy or be adopted by customers as rapidly or in the manner projected.
- Carrier consolidation or reduced carrier expansion may significantly reduce the demand for towers and wireless communication sites.
- Network sharing and other agreements among our customers may act as alternatives to leasing sites from us.
- We may be unable to raise the significant capital required to fund our operations and make acquisitions.
- We may not be able to construct or acquire new towers at the pace and in the locations that we desire.
- Demand for our network services business is very volatile which causes our network services operating results to vary significantly for any particular period.
- Extensive regulations, which could change at any time, govern our business and industry, and we could fail to comply with these regulations.
- We could suffer from future claims if radio frequency emissions from equipment on our towers is demonstrated to cause negative health effects.
- Our international operations expose us to changes in foreign currency exchange rates.
- We are heavily dependent on our senior management.
CROWN CASTLE INTERNATIONAL CORP.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER FINANCIAL DATA
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000
Net revenues:
Site rental and broadcast
transmission $ 155,897 $ 125,621 $ 575,961 $ 446,039
Network services and
other 82,289 76,352 322,990 203,126
Total net revenues 238,186 201,973 898,951 649,165
Costs of operations:
Site rental and
broadcast transmission 62,598 55,191 238,748 194,424
Network services and other 59,237 49,275 228,485 120,176
Total costs of
operations 121,835 104,466 467,233 314,600
General and administrative 24,721 24,400 102,539 76,944
Corporate development 2,447 4,074 12,337 10,489
Restructuring charges 164 --- 19,416 ---
Asset write-down charges 8,912 --- 24,922 ---
Non-cash general and
administrative compensation
charges 1,388 1,508 6,112 3,127
Depreciation and
amortization 101,119 71,431 328,491 238,796
Operating income (loss) (22,400) (3,906) (62,099) 5,209
Interest and other income
(expense) 2,374 11,175 8,548 33,761
Interest expense and
amortization of deferred
financing costs (78,523) (67,307) (297,444) (241,294)
Loss before income taxes,
minority interests and
extraordinary item (98,549) (60,038) (350,995) (202,324)
Provision for income taxes (4,691) (83) (16,478) (246)
Minority interests 191 1,085 1,306 (721)
Loss before extraordinary
item (103,049) (59,036) (366,167) (203,291)
Extraordinary item -- loss
on early extinguishments
of debt --- --- --- (1,495)
Net loss (103,049) (59,036) (366,167) (204,786)
Dividends on preferred
stock (20,258) (19,898) (79,028) (59,469)
Net loss after deduction
of dividends on preferred
stock $(123,307) $(78,934) $(445,195) $(264,255)
Per common share -- basic
and diluted:
Loss before
extraordinary item $ (0.57) $ (0.40) $ (2.08) $ (1.47)
Extraordinary item --- --- --- (0.01)
Net loss $ (0.57) $ (0.40) $ (2.08) $ (1.48)
Common shares outstanding
-- basic and diluted 216,744 198,399 214,246 178,588
EBITDA (before restructuring
and asset write-down charges):
Site rental and broadcast
transmission $ 84,070 $ 60,983 $ 301,903 $ 221,237
Network services and
other (before corporate
development expenses
and provision for UK
bad debt reserve) 7,560 12,124 31,150 36,384
EBITDA before
corporate
development expenses
and provision for
UK bad debt reserve 91,630 73,107 333,053 257,621
Corporate development (2,447) (4,074) (12,337) (10,489)
Provision for UK bad
debt reserve --- --- (3,874) ---
Total EBITDA $ 89,183 $ 69,033 $ 316,842 $ 247,132
CROWN CASTLE INTERNATIONAL CORP.
Towers & Tenants Fact Sheet
Quarter Ended 3/31/01 Quarter Ended 6/30/01
US UK AUS Total US UK AUS Total
Sites:
Owned &
Managed
Sites 9,961 2,624 716 13,301 10,248 2,806 1,374 14,428
Rooftop
Sites 115 51 --- 166 115 51 --- 166
Total Sites 10,076 2,675 716 13,467 10,363 2,857 1,374 14,594
Site Activity:
Beginning
Sites 9,872 2,330 716 12,918 10,076 2,675 716 13,467
Built 204 345 --- 549 191 182 16 389
Acquired --- --- --- --- 90 --- 642 732
Lost --- --- --- --- --- --- --- ---
Managed
Sites
Added --- --- --- --- 6 --- --- 6
Ending Sites 10,076 2,675 716 13,467 10,363 2,857 1,374 14,594
Quarter Ended 9/30/01 Quarter Ended 12/31/01
US UK AUS Total US UK AUS Total
Sites:
Owned &
Managed
Sites 10,378 2,923 1,384 14,685 10,523 3,036 1,391 14,950
Rooftop
Sites 115 51 --- 166 115 51 --- 166
Total Sites 10,493 2,974 1,384 14,851 10,638 3,087 1,391 15,116
Site Activity:
Beginning
Sites 10,363 2,857 1,374 14,594 10,493 2,974 1,384 14,851
Built 133 117 9 259 147 113 7 267
Acquired --- --- --- --- --- --- --- ---
Lost --- --- --- --- --- --- --- ---
Managed
Sites
Added (3) --- 1 (2) (2) --- --- (2)
Ending Sites 10,493 2,974 1,384 14,851 10,638 3,087 1,391 15,116
Quarter Ended 3/31/01 Quarter Ended 6/30/01
US UK AUS Total US UK AUS Total
Tenant Activity:
Beginning
Tenants 19,877 5,194 1,412 26,483 20,993 5,820 1,551 28,364
Anchors on
Builds 67 345 --- 412 75 182 16 273
New 1,049 281 139 1,469 1,045 515 71 1,631
Metricom
Tenants
Lost --- --- --- --- --- --- --- ---
Acquired --- --- --- --- 130 459 1,054 1,643
Ending
Tenants 20,993 5,820 1,551 28,364 22,243 6,976 2,692 31,911
Quarter Ended 9/30/01 Quarter Ended 12/31/01
US UK AUS Total US UK AUS Total
Tenant Activity:
Beginning
Tenants 22,243 6,976 2,692 31,911 23,252 7,536 2,779 33,567
Anchors on
Builds 75 117 9 201 58 113 7 178
New 1,030 359 78 1,467 1,049 397 74 1,520
Metricom
Tenants
Lost (96) --- --- (96) --- --- --- ---
Acquired --- 84 --- 84 --- 35 --- 35
Ending
Tenants 23,252 7,536 2,779 33,567 24,359 8,081 2,860 35,300
Quarter Ended 3/31/01 Quarter Ended 6/30/01
US UK AUS Total US UK AUS Total
Tenants per
Site 2.1 2.2 2.2 2.1 2.1 2.4 2.0 2.2
New Tenants
per Site 0.11 0.23 0.19 0.14 0.11 0.24 0.12 0.14
Annualized 0.44 0.94 0.78 0.56 0.44 0.98 0.48 0.55
Pure Co-Lo's
per Site 0.11 0.12 0.19 0.11 0.10 0.19 0.10 0.12
Annualized 0.43 0.48 0.78 0.45 0.41 0.77 0.40 0.48
Quarter Ended 9/30/01 Quarter Ended 12/31/01
US UK AUS Total US UK AUS Total
Tenants per
Site 2.2 2.5 2.0 2.3 2.3 2.6 2.1 2.3
New Tenants
per Site 0.10 0.16 0.06 0.11 0.10 0.17 0.06 0.11
Annualized 0.38 0.64 0.25 0.42 0.42 0.66 0.23 0.45
Pure Co-Lo's
per Site 0.09 0.13 0.06 0.09 0.10 0.13 0.05 0.10
Annualized 0.36 0.50 0.23 0.38 0.40 0.53 0.21 0.41
Quarter Ended 3/31/01 Quarter Ended 6/30/01
US UK AUS Total US UK AUS Total
Avg Monthly
Lease Rate
per New
Tenant
Local
Currency 1,476 342 1,143 --- 1,498 490 1,106 ---
US Dollars 1,476 496 629 --- 1,498 686 608 ---
Assumed
Broadband
Rate, USD 1,500 650 1,000 --- 1,500 650 1,000 ---
New Tenants 1,049 281 139 1,469 1,045 515 71 1,631
Broadband
Equivalent
New Tenants 1,032 214 87 1,334 1,044 544 43 1,630
BBE Co-Lo's
per Site 0.10 0.09 0.12 0.10 0.10 0.20 0.06 0.12
Annualized 0.42 0.37 0.49 0.41 0.41 0.81 0.24 0.48
Quarter Ended 9/30/01 Quarter Ended 12/31/01
US UK AUS Total US UK AUS Total
Avg Monthly
Lease Rate
per New
Tenant
Local
Currency 1,425 700 1,102 --- 1,519 648 1,128 ---
US Dollars 1,425 980 606 --- 1,519 920 564 ---
Assumed
Broadband
Rate, USD 1,500 650 1,000 --- 1,500 650 1,000 ---
New Tenants 934 359 78 1,371 1,049 397 74 1,520
Broadband
Equivalent
New Tenants 887 541 47 1,476 1,062 562 42 1,666
BBE Co-Lo's
per Site 0.09 0.19 0.03 0.10 0.10 0.19 0.03 0.11
Annualized 0.34 0.76 0.14 0.40 0.40 0.76 0.12 0.45
CROWN CASTLE INTERNATIONAL CORP.
Towers & Tenants Fact Sheet
Restricted and Non-Restricted Subsidiaries
Quarter Ended 3/31/01 Quarter Ended 6/30/01
Re- Re-
strict- strict-
ed Crown ed Crown
Group Atlantic UK Total Group Atlantic UK Total
Sites:
Owned &
Managed
Sites 8,723 1,954 2,624 13,301 9,625 1,997 2,806 14,428
Rooftop
Sites 115 --- 51 166 115 --- 51 166
Total Sites 8,838 1,954 2,675 13,467 9,740 1,997 2,857 14,594
Site Activity:
Beginning
Sites 8,667 1,921 2,330 12,918 8,838 1,954 2,675 13,467
Built 171 33 345 549 164 43 182 389
Acquired --- --- --- --- 732 --- --- 732
Lost --- --- --- --- --- --- --- ---
Managed
Sites
Added --- --- --- --- 6 --- --- 6
Ending Sites 8,838 1,954 2,675 13,467 9,740 1,997 2,857 14,594
Quarter Ended 9/30/01 Quarter Ended 12/31/01
Re- Re-
strict- strict-
ed Crown ed Crown
Group Atlantic UK Total Group Atlantic UK Total
Sites:
Owned &
Managed
Sites 9,751 2,011 2,923 14,685 9,903 2,011 3,036 14,950
Rooftop
Sites 115 --- 51 166 115 --- 51 166
Total Sites 9,866 2,011 2,974 14,851 10,018 2,011 3,087 15,116
Site Activity:
Beginning
Sites 9,740 1,997 2,857 14,594 9,866 2,011 2,974 14,851
Built 128 14 117 259 154 --- 113 267
Acquired --- --- --- --- --- --- --- ---
Lost (3) --- --- (3) (2) --- --- (2)
Managed
Sites
Added --- --- --- --- --- --- --- ---
Ending Sites 9,865 2,011 2,974 14,850 10,018 2,011 3,087 15,116
Quarter Ended 3/31/01 Quarter Ended 6/30/01
Re- Re-
strict- strict-
ed Crown ed Crown
Group Atlantic UK Total Group Atlantic UK Total
Tenant Activity:
Beginning
Tenants 17,410 3,879 5,194 26,483 18,480 4,064 5,820 28,364
Anchors on
Builds 34 33 345 412 48 43 182 273
New 1,036 152 281 1,469 967 149 515 1,631
Metricom
Tenants
Lost --- --- --- --- --- --- --- ---
Acquired --- --- --- --- 1,184 --- 459 1,643
Ending
Tenants 18,480 4,064 5,820 28,364 20,679 4,256 6,976 31,911
Quarter Ended 9/30/01 Quarter Ended 12/31/01
Re- Re-
strict- strict-
ed Crown ed Crown
Group Atlantic UK Total Group Atlantic UK Total
Tenant Activity:
Beginning
Tenants 20,679 4,256 6,976 31,911 21,641 4,390 7,536 33,567
Anchors on
Builds 70 14 117 201 65 --- 113 178
New 952 156 359 1,467 924 199 397 1,520
Metricom
Tenants
Lost (60) (36) --- (96) --- --- --- --
Acquired --- --- 84 84 --- --- 35 35
Ending
Tenants 21,641 4,390 7,536 33,567 22,630 4,589 8,081 35,300
Quarter Ended 3/31/01 Quarter Ended 6/30/01
Re- Re-
strict- strict-
ed Crown ed Crown
Group Atlantic UK Total Group Atlantic UK Total
Tenants
per Site 2.1 2.1 2.2 2.1 2.1 2.1 2.4 2.2
New Tenants
per Site 0.12 0.09 0.23 0.14 0.11 0.10 0.24 0.14
Annualized 0.48 0.38 0.94 0.56 0.45 0.38 0.98 0.55
Pure Co-Lo's
per Site 0.12 0.08 0.12 0.11 0.11 0.08 0.19 0.12
Annualized 0.48 0.32 0.48 0.45 0.44 0.31 0.77 0.48
Quarter Ended 9/30/01 Quarter Ended 12/31/01
Re- Re-
strict- strict-
ed Crown ed Crown
Group Atlantic UK Total Group Atlantic UK Total
Tenants
per Site 2.2 2.2 2.5 2.3 2.3 2.3 2.6 2.3
New Tenants
per Site 0.10 0.07 0.16 0.11 0.10 0.10 0.17 0.11
Annualized 0.39 0.27 0.64 0.45 0.39 0.40 0.66 0.45
Pure Co-Lo's
per Site 0.09 0.06 0.13 0.09 0.09 0.10 0.13 0.10
Annualized 0.37 0.24 0.50 0.38 0.37 0.40 0.53 0.41
CROWN CASTLE INTERNATIONAL CORP.
EBITDA Summary Fact Sheet
(in $ thousands)
Quarter Ended 3/31/01
US UK AUS CCIC
Revenues
Site Rental 81,684 49,368 2,990 134,042
Services 69,135 9,776 --- 78,911
Total Revenues 150,819 59,144 2,990 212,953
Operating Expenses
Site Rental 33,600 23,044 1,095 57,739
Services 46,471 8,985 --- 55,456
Total Operating Expenses 80,071 32,029 1,095 113,195
General & Administrative
Site Rental 5,866 1,558 1,491 8,915
Services 16,835 145 --- 16,980
Total General &
Administrative 22,701 1,703 1,491 25,895
Operating Cash Flow
Site Rental 42,218 24,766 404 67,388
Services 5,829 646 --- 6,475
Total Pre-Overhead
Cash Flow 48,047 25,412 404 73,863
Corporate Overhead 3,405 48 --- 3,453
EBITDA 44,642 25,364 404 70,410
Quarter Ended 3/31/01
US UK AUS CCIC
Gross Margins:
Site Rental 59% 53% 63% 57%
Services 33% 8% 0% 30%
Operating Cash Flow Margins
Site Rental 52% 50% 14% 50%
Services 8% 7% 0% 8%
EBITDA Margin 30% 43% 14% 33%
Quarter Ended 6/30/01
US UK AUS CCIC
Revenues
Site Rental 84,635 50,694 4,471 139,800
Services 82,851 6,240 525 89,616
Total Revenues 167,486 56,934 4,996 229,416
Operating Expenses
Site Rental 32,240 25,494 1,821 59,555
Services 56,932 6,169 450 63,551
Total Operating Expenses 89,172 31,663 2,271 123,106
General & Administrative
Site Rental 6,195 1,661 1,735 9,591
Services 17,219 3,655 --- 20,874
Total General &
Administrative 23,414 5,316 1,735 30,465
Operating Cash Flow
Site Rental 46,200 23,539 915 70,654
Services 8,700 (3,584) 75 5,191
Total Pre-Overhead
Cash Flow 54,900 19,955 990 75,845
Corporate Overhead 3,758 --- --- 3,758
EBITDA 51,142 19,955 990 72,087
Quarter Ended 6/30/01
US UK AUS CCIC
Gross Margins:
Site Rental 62% 50% 59% 57%
Services 31% 1% 14% 29%
Operating Cash Flow Margins
Site Rental 55% 46% 20% 51%
Services 11% -57% 14% 6%
EBITDA Margin 31% 35% 20% 31%
Quarter Ended 9/30/01
US UK AUS CCIC
Revenues
Site Rental 89,646 52,013 4,563 146,222
Services 65,581 5,972 621 72,174
Total Revenues 155,227 57,985 5,184 218,396
Operating Expenses
Site Rental 34,008 23,045 1,803 58,856
Services 44,695 4,930 616 50,241
Total Operating Expenses 78,703 27,975 2,419 109,097
General & Administrative
Site Rental 4,664 1,447 1,464 7,575
Services 13,285 598 --- 13,883
Total General &
Administrative 17,949 2,045 1,464 21,458
Operating Cash Flow
Site Rental 50,974 27,521 1,296 79,791
Services 7,601 444 5 8,050
Total Pre-Overhead
Cash Flow 58,575 27,965 1,301 87,841
Corporate Overhead 2,679 --- --- 2,679
EBITDA 55,896 27,965 1,301 85,162
Quarter Ended 9/30/01
US UK AUS CCIC
Gross Margins:
Site Rental 62% 56% 60% 60%
Services 32% 17% 1% 30%
Operating Cash Flow Margins
Site Rental 57% 53% 28% 55%
Services 12% 7% 1% 11%
EBITDA Margin 36% 48% 25% 39%
Quarter Ended 12/31/01
US UK AUS CCIC
Revenues
Site Rental 96,132 53,448 6,317 155,897
Services 71,581 10,205 503 82,289
Total Revenues 167,713 63,653 6,820 238,186
Operating Expenses
Site Rental 35,203 24,950 2,445 62,598
Services 51,569 7,712 (44) 59,237
Total Operating Expenses 86,772 32,662 2,401 121,835
General & Administrative
Site Rental 5,497 2,167 1,565 9,229
Services 15,358 134 --- 15,492
Total General &
Administrative 20,855 2,301 1,565 24,721
Operating Cash Flow
Site Rental 55,432 26,331 2,307 84,070
Services 4,654 2,359 547 7,560
Total Pre-Overhead
Cash Flow 60,086 28,690 2,854 91,630
Corporate Overhead 2,447 --- --- 2,447
EBITDA 57,639 28,690 2,854 89,183
Quarter Ended 12/31/01
US UK AUS CCIC
Gross Margins:
Site Rental 63% 53% 61% 60%
Services 28% 24% 109% 28%
Operating Cash Flow Margins
Site Rental 58% 49% 37% 54%
Services 7% 23% 109% 9%
EBITDA Margin 34% 45% 42% 37%
CROWN CASTLE INTERNATIONAL CORP.
EBITDA Summary Fact Sheet
Restricted and Non-Restricted Subsidiaries
(in $ thousands)
Quarter Ended 3/31/01
Restricted UK Crown Atlantic CCIC
Revenues
Site Rental 65,166 49,368 19,508 134,042
Services 60,605 9,776 8,530 78,911
Total Revenues 125,771 59,144 28,038 212,953
Operating Expenses
Site Rental 26,448 23,044 8,247 57,739
Services 40,748 8,985 5,723 55,456
Total Operating
Expenses 67,196 32,029 13,970 113,195
General &
Administrative
Site Rental 6,620 1,558 737 8,915
Services 14,927 145 1,908 16,980
Total General &
Administrative 21,547 1,703 2,645 25,895
Operating Cash Flow
Site Rental 32,098 24,766 10,524 67,388
Services 4,930 646 899 6,475
Total Pre-Overhead
Cash Flow 37,028 25,412 11,423 73,863
Corporate Overhead 3,405 48 --- 3,453
EBITDA 33,623 25,364 11,423 70,410
Quarter Ended 3/31/01
Restricted UK Crown Atlantic CCIC
Gross Margins:
Site Rental 59% 53% 58% 57%
Services 33% 8% 33% 30%
Operating Cash Flow
Margins
Site Rental 49% 50% 54% 50%
Services 8% 7% 11% 8%
EBITDA Margin 27% 43% 41% 33%
Quarter Ended 6/30/01
Crown
Restricted UK Atlantic Other CCIC
Revenues
Site Rental 69,080 50,694 20,026 --- 139,800
Services 74,850 6,240 8,526 --- 89,616
Total Revenues 143,930 56,934 28,552 --- 229,416
Operating Expenses
Site Rental 26,114 25,494 7,947 --- 59,555
Services 52,263 6,169 5,119 --- 63,551
Total Operating
Expenses 78,377 31,663 13,066 --- 123,106
General &
Administrative
Site Rental 7,171 1,661 759 --- 9,591
Services 15,442 3,655 1,777 --- 20,874
Total General
& Administrative 22,613 5,316 2,536 --- 30,465
Operating Cash Flow
Site Rental 35,795 23,539 11,320 --- 70,654
Services 7,145 (3,584) 1,630 --- 5,191
Total Pre-Overhead
Cash Flow 42,940 19,955 12,950 --- 75,845
Corporate Overhead 2,917 --- --- 841 3,758
EBITDA 40,023 19,955 12,950 (841) 72,087
Quarter Ended 6/30/01
Crown
Restricted UK Atlantic Other CCIC
Gross Margins:
Site Rental 62% 50% 60% --- 57%
Services 30% 1% 40% --- 29%
Operating Cash Flow
Margins
Site Rental 52% 46% 57% --- 51%
Services 10% -57% 19% --- 6%
EBITDA Margin 28% 35% 45% N/A 31%
Quarter Ended 9/30/01
Crown
Restricted UK Atlantic Other CCIC
Revenues
Site Rental 73,451 52,013 20,758 --- 146,222
Services 57,691 5,972 8,511 --- 72,174
Total Revenues 131,142 57,985 29,269 --- 218,396
Operating Expenses
Site Rental 28,148 23,045 7,663 --- 58,856
Services 40,449 4,930 4,862 --- 50,241
Total Operating
Expenses 68,597 27,975 12,525 --- 109,097
General &
Administrative
Site Rental 5,611 1,447 517 --- 7,575
Services 12,276 598 1,009 --- 13,883
Total General
& Administrative 17,887 2,045 1,526 --- 21,458
Operating Cash Flow
Site Rental 39,692 27,521 12,578 --- 79,791
Services 4,966 444 2,640 --- 8,050
Total Pre-Overhead
Cash Flow 44,658 27,965 15,218 --- 87,841
Corporate Overhead 2,235 --- --- 444 2,679
EBITDA 42,423 27,965 15,218 (444) 85,162
Quarter Ended 9/30/01
Crown
Restricted UK Atlantic Other CCIC
Gross Margins:
Site Rental 62% 56% 63% --- 63%
Services 30% 17% 43% --- 30%
Operating Cash Flow
Margins
Site Rental 54% 53% 61% --- 55%
Services 9% 7% 31% --- 11%
EBITDA Margin 32% 48% 52% N/A 39%
Quarter Ended 12/31/01
Crown
Restricted UK Atlantic Other CCIC
Revenues
Site Rental 80,757 53,448 21,692 --- 155,897
Services 62,177 10,205 9,907 --- 82,289
Total Revenues 142,934 63,653 31,599 --- 238,186
Operating Expenses
Site Rental 29,557 24,950 8,091 --- 62,598
Services 44,978 7,712 6,547 --- 59,237
Total Operating
Expenses 74,535 32,662 14,638 --- 121,835
General &
Administrative
Site Rental 6,597 2,167 465 --- 9,229
Services 14,361 134 997 --- 15,492
Total General &
Administrative 20,958 2,301 1,462 --- 24,721
Operating Cash Flow
Site Rental 44,603 26,331 13,136 --- 84,070
Services 2,838 2,359 2,363 --- 7,560
Total Pre-Overhead
Cash Flow 47,441 28,690 15,499 --- 91,630
Corporate Overhead 1,945 --- --- 502 2,447
EBITDA 45,496 28,690 15,499 (502) 89,183
Quarter Ended 12/31/01
Crown
Restricted UK Atlantic Other CCIC
Gross Margins:
Site Rental 63% 53% 63% --- 60%
Services 28% 24% 34% --- 28%
Operating Cash Flow
Margins
Site Rental 55% 49% 61% --- 54%
Services 5% 23% 24% --- 9%
EBITDA Margin 32% 45% 49% N/A 37%
Contacts: W. Benjamin Moreland, CFO
Jay Brown, VP Finance
Crown Castle International
713-570-3000
Ken Dennard / kdennard@easterly.com
Lisa Elliott / lisae@easterly.com
Easterly Investor Relations
713-529-6600
SOURCE Crown Castle International Corp.
CONTACT: W. Benjamin Moreland, CFO, or Jay Brown, VP Finance, both of Crown Castle International Corp., +1-713-570-3000; or Ken Dennard, kdennard@easterly.com , or Lisa Elliott, lisae@easterly.com , both of Easterly Investor Relations, +1-713-529-6600, for Crown Castle International Corp. URL: http://www.crowncastle.com http://www.prnewswire.com
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