Crown Castle International Reports First Quarter Results
Revenues for the first quarter of 2002 increased to $220.6 million from $213.0 million for the first quarter of 2001. Earnings before interest, taxes, depreciation and amortization, or EBITDA*, for the first quarter increased 29 percent to $90.8 million, up from $70.4 million for the same period in 2001. Site rental and broadcast transmission revenue for the first quarter of 2002 increased 20 percent to $160.3 million, up from $134.0 million for the same period in 2001. Site rental and broadcast transmission EBITDA for the first quarter increased 35 percent to $90.7 million, up from $67.4 million in last year's first quarter. Net loss, after deduction of dividends on preferred stock (and restructuring and write-down charges of $44.4 million), was $123.5 million for the first quarter of 2002 as compared to a net loss of $87.6 million for the same period in 2001. First quarter loss per share was $0.56 compared to a loss per share of $0.41 in last year's first quarter.
During the first quarter, the Company developed 173 sites, 89 of which were developed under an agreement with British Telecom in the UK. Net of anchor tenants on newly-built towers, the Company added 1,265 new tenants during the first quarter, representing an annualized co-location rate of .33 tenants per tower on the 15,116 sites owned and managed at the beginning of the quarter. On a broadband equivalent (BBE) basis, the Company added 1,415 new tenants during the first quarter, representing an annualized BBE co-location rate of .37 tenants per tower. The BBE co-location rate was higher than the actual co-location rate due to UK leasing rates exceeding the BBE rate. Annual same tower revenue growth was 20 percent for the 13,467 towers owned and operated by the Company on March 31, 2001.
"Our diverse tower portfolio continues to deliver strong organic leasing performance," stated John P. Kelly, CEO of Crown Castle. "The continued leasing demand combined with our efforts to reduce operating and general and administrative expenses once again delivered strong growth in tower EBITDA and increasing tower EBITDA margins. In addition, the 3G leasing activity that is occurring in our UK business illustrates the benefit of our geographically diverse tower portfolio. While the US leasing experienced some slowing in the quarter, UK 3G activity drove significant demand for our services and space on our towers as our customers deploy 3G networks in anticipation of launches."
"We are pleased to end the first quarter with over $940 million in cash and liquid investments and approximately $545 million in availability under our existing senior credit facilities," stated W. Benjamin Moreland, CFO of Crown Castle. "We continue to foresee our business plan being fully funded out of existing cash without additional borrowings under our credit facilities through 2004, at which time we expect to achieve positive free cash flow after interest and capital expenditures. The keys to our expected achievement of free cash flow in 2004 are the continued execution of our core tower leasing business and the allocation of capital spending to value-enhancing activities that meet our internal return thresholds."
During the first quarter, the Company completed its previously disclosed review of open projects in construction in process. As a result of this review, the Company abandoned a portion of its construction in process related to new tower builds and recorded a related asset write-down charge of approximately $31.5 million. The Company also took restructuring charges in the UK and at the holding company for approximately $5.9 million of the approximately $7 million to $13 million total that the Company expects to incur for the full year 2002. In addition, the Company recorded a charge of approximately $7.0 million in other expense for the write-down of an investment in an unconsolidated affiliate.
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. This outlook reflects the previously announced impact of ITV Digital's pending liquidation in the UK.
OUTLOOK FOR Q2 2002
The Company expects second quarter 2002 site rental and broadcast transmission revenue to be between $161 million and $164 million, assuming that new tenants are added to existing towers at an annualized rate of between .35 tenants per tower and .45 tenants per tower during the quarter. The Company expects second quarter network services revenue to be between $50 million and $60 million. Due to the impact of ITV Digital's pending liquidation and lowered expectations for service revenue in the US, the Company expects second quarter EBITDA of between $85 million and $90 million.
The Company expects to build approximately 175 to 225 new towers during the second quarter. The Company expects total capital expenditures to be between $75 million and $125 million during the second quarter. The Company expects total interest expense, net of interest income, to be between $73 million and $83 million for the second quarter.
OUTLOOK FOR YEARS 2002-2004
The Company projects total EBITDA of between $369 million and $399 million for calendar year 2002, assuming that new tenants are added, on a consolidated basis, to existing towers at a rate of between .40 tenants per tower and .45 tenants per tower during the year. The Company expects total capital expenditures to be between $350 million and $450 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 except tower builds):
2002 2003 2004
Site Rental and Broadcast
Transmission Revenue $657 - 682 $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 86 - 96 83 - 92 88 - 97
EBITDA 369 - 399 480 - 530 595 - 655
Capital Expenditures*** 350 - 450 350 - 450 250 - 350
Interest Expense 280 - 310 280 - 315 330 - 370
Cash Interest Expense 180 - 200 195 - 220 295 - 325
US tower builds 250 - 350 450 - 550 450 - 550
UK tower builds 450 - 550 450 - 550 350 - 450
** Gross Profit is defined as Net Revenue less Cost of Operations
*** Capital Expenditures includes $71 million payments to BT in 2002 and
2003
CONFERENCE CALL DETAILS
Crown Castle has scheduled a conference call for Thursday, May 9, 2002 at 9:30 a.m. eastern time to discuss first quarter results and the Company's Outlook. Please dial 303-262-2141 and ask 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 May 16, 2002 and may be accessed by calling 303-590-3000 using pass code 463623. 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. If amortization of goodwill had not been recorded during the first quarter of 2001, the Company's net loss for that period would have been $52.3 million, or $0.34 per share.
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 but, based on preliminary results of those tests, does not believe that an impairment loss will be recorded upon adoption of SFAS 142.
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) 3G leasing activity in the UK, (iv) our liquidity and fully- funded status, (v) free cash flow, (vi) achieving activities that meet internal return thresholds, (vii) the amount of the UK restructuring charge, (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.
-- The continuation of the current economic and telecommunications
industry slowdown could materially and adversely affect our business
and the business of our customers.
-- We may be unable to manage our significant growth.
-- The loss or consolidation of any of our limited number of customers
could materially decrease revenues.
-- 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 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.
-- We anticipate significant capital expenditures and may need additional
financing which may not be available.
-- We generally lease or sublease the land under our towers and may not be
able to maintain these leases.
-- 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 are 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.
-- Disputes with customers and suppliers have recently increased.
-- Economic viability or acceptance of digital terrestrial broadcasting.
Should one or more of these risks materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those expected. More
information about potential factors which could affect the Company's financial
results is included in the Company's filings with the Securities and Exchange
Commission.
Crown Castle International Corp.
Condensed Consolidated Statement of Operations
And Other Financial Data
(in thousands, except per share data)
Three Months Ended March 31,
2002 2001
Net revenues:
Site rental and broadcast transmission $160,264 $134,042
Network services and other 60,353 78,911
Total net revenues 220,617 212,953
Costs of operations:
Site rental and broadcast transmission 62,066 57,739
Network services and other 43,725 55,456
Total costs of operations 105,791 113,195
General and administrative 21,788 25,895
Corporate development 2,239 3,453
Restructuring charges 5,852 ---
Asset write-down charges 31,941 ---
Non-cash general and administrative
compensation charges 1,314 1,395
Depreciation and amortization 71,715 74,091
Operating loss (20,023) (5,076)
Interest and other income (expense) (6,090) 3,092
Interest expense and amortization
of deferred financing costs (76,319) (66,655)
Loss before income taxes and
minority interests (102,432) (68,639)
Provision for income taxes (4,659) (60)
Minority interests 3,698 644
Net loss (103,393) (68,055)
Dividends on preferred stock (20,105) (19,505)
Net loss after deduction of dividends
on preferred stock $(123,498) $(87,560)
Loss per common share - basic and diluted $(0.56) $(0.41)
Common shares outstanding
- basic and diluted 219,420 211,195
EBITDA (before restructuring and
asset write-down charges):
Site rental and broadcast transmission $90,665 $67,388
Network services and other
(before corporate development expenses) 2,373 6,475
EBITDA before corporate development
expenses 93,038 73,863
Corporate development (2,239) (3,453)
Total EBITDA $90,799 $70,410
CROWN CASTLE INTERNATIONAL CORP.
Towers & Tenants Fact Sheet
Quarter Ended 6/30/01
US UK AUS Total
Sites:
Owned & Managed Sites 10,248 2,806 1,374 14,428
Rooftop Sites 115 51 --- 166
Total Sites 10,363 2,857 1,374 14,594
Site Activity:
Beginning Sites 10,076 2,675 716 13,467
Built 191 182 16 389
Acquired 90 --- 642 732
Managed Sites Added 6 --- --- 6
Ending Sites 10,363 2,857 1,374 14,594
Quarter Ended 9/30/01
US UK AUS Total
Sites:
Owned & Managed Sites 10,378 2,923 1,384 14,685
Rooftop Sites 115 51 --- 166
Total Sites 10,493 2,974 1,384 14,851
Site Activity:
Beginning Sites 10,363 2,857 1,374 14,594
Built 133 117 9 259
Acquired --- --- --- ---
Managed Sites Added (3) --- 1 (2)
Ending Sites 10,493 2,974 1,384 14,851
Quarter Ended 12/31/01
US UK AUS Total
Sites:
Owned & Managed Sites 10,523 3,036 1,391 14,950
Rooftop Sites 115 51 --- 166
Total Sites 10,638 3,087 1,391 15,116
Site Activity:
Beginning Sites 10,493 2,974 1,384 14,851
Built 147 113 7 267
Acquired --- --- --- ---
Managed Sites Added (2) --- --- (2)
Ending Sites 10,638 3,087 1,391 15,116
Quarter Ended 3/31/02
US UK AUS Total
Sites:
Owned & Managed Sites 10,554 3,125 1,402 15,081
Rooftop Sites 159 51 --- 210
Total Sites 10,713 3,176 1,402 15,291
Site Activity:
Beginning Sites 10,638 3,087 1,391 15,116
Built 75 --- 9 84
Acquired --- --- 2 2
Managed Sites Added --- 89 --- 89
Ending Sites 10,713 3,176 1,402 15,291
Quarter Ended 6/30/01
US UK AUS Total
Tenant Activity:
Beginning Tenants 20,993 5,820 1,551 28,364
Anchors on Builds 75 182 16 273
New 1,045 515 71 1,631
Metricom Tenants Lost --- --- --- ---
Acquired 130 459 1,054 1,643
Ending Tenants 22,243 6,976 2,692 31,911
Quarter Ended 9/30/01
US UK AUS Total
Tenant Activity:
Beginning Tenants 22,243 6,976 2,692 31,911
Anchors on Builds 75 117 9 201
New 1,030 359 78 1,467
Metricom Tenants Lost (96) --- --- (96)
Acquired --- 84 --- 84
Ending Tenants 23,252 7,536 2,779 33,567
Quarter Ended 12/31/01
US UK AUS Total
Tenant Activity:
Beginning Tenants 23,252 7,536 2,779 33,567
Anchors on Builds 58 113 7 178
New 1,049 397 74 1,520
Metricom Tenants Lost --- --- --- ---
Acquired --- 35 --- 35
Ending Tenants 24,359 8,081 2,860 35,300
Quarter Ended 3/31/02
US UK AUS Total
Tenant Activity:
Beginning Tenants 24,359 8,081 2,860 35,300
Anchors on Builds 31 89 9 129
New 870 310 85 1,265
Metricom Tenants Lost --- --- --- ---
Acquired --- --- 2 2
Ending Tenants 25,260 8,480 2,956 36,696
Quarter Ended 6/30/01
US UK AUS Total
Tenants per Site 2.1 2.4 2.0 2.2
New Tenants per Site 0.11 0.24 0.12 0.14
Annualized 0.44 0.98 0.48 0.55
Pure Co-Lo's per Site 0.10 0.19 0.10 0.12
Annualized 0.41 0.77 0.40 0.48
Quarter Ended 9/30/01
US UK AUS Total
Tenants per Site 2.2 2.5 2.0 2.3
New Tenants per Site 0.10 0.16 0.06 0.11
Annualized 0.38 0.64 0.25 0.42
Pure Co-Lo's per Site 0.09 0.13 0.06 0.09
Annualized 0.36 0.50 0.23 0.38
Quarter Ended 12/31/01
US UK AUS Total
Tenants per Site 2.3 2.6 2.1 2.3
New Tenants per Site 0.10 0.17 0.06 0.11
Annualized 0.42 0.66 0.23 0.45
Pure Co-Lo's per Site 0.10 0.13 0.05 0.10
Annualized 0.40 0.53 0.21 0.41
Quarter Ended 3/31/02
US UK AUS Total
Tenants per Site 2.4 2.7 2.1 2.4
New Tenants per Site 0.08 0.13 0.07 0.09
Annualized 0.34 0.50 0.27 0.36
Pure Co-Lo's per Site 0.08 0.10 0.06 0.08
Annualized 0.33 0.40 0.24 0.33
Quarter Ended 6/30/01
US UK AUS Total
Avg Monthly Lease Rate per New
Tenant
Local Currency 1,498 490 1,106 ---
US Dollars 1,498 686 608 ---
Assumed Broadband Rate, USD 1,500 650 1,000 ---
New Tenants 1,045 515 71 1,631
Broadband Equivalent New Tenants 1,044 544 43 1,630
BBE Co-Lo's per Site 0.10 0.20 0.06 0.12
Annualized 0.41 0.81 0.24 0.48
Quarter Ended 9/30/01
US UK AUS Total
Avg Monthly Lease Rate per New
Tenant
Local Currency 1,425 700 1,102 ---
US Dollars 1,425 980 606 ---
Assumed Broadband Rate, USD 1,500 650 1,000 ---
New Tenants 934 359 78 1,371
Broadband Equivalent New Tenants 887 541 47 1,476
BBE Co-Lo's per Site 0.09 0.19 0.03 0.10
Annualized 0.34 0.76 0.14 0.40
Quarter Ended 12/31/01
US UK AUS Total
Avg Monthly Lease Rate per New
Tenant
Local Currency 1,519 648 1,128 ---
US Dollars 1,519 920 564 ---
Assumed Broadband Rate, USD 1,500 650 1,000 ---
New Tenants 1,049 397 74 1,520
Broadband Equivalent New Tenants 1,062 562 42 1,666
BBE Co-Lo's per Site 0.10 0.19 0.03 0.11
Annualized 0.40 0.76 0.12 0.45
Quarter Ended 3/31/02
US UK AUS Total
Avg Monthly Lease Rate per New
Tenant
Local Currency 1,479 750 1,080 ---
US Dollars 1,479 1,070 558 ---
Assumed Broadband Rate, USD 1,500 650 1,000 ---
New Tenants 870 310 85 1,265
Broadband Equivalent New Tenants 858 510 47 1,415
BBE Co-Lo's per Site 0.08 0.17 0.03 0.09
Annualized 0.32 0.66 0.14 0.37
CROWN CASTLE INTERNATIONAL CORP.
Towers & Tenants Fact Sheet
Restricted and Non-Restricted Subsidiaries
Quarter Ended 6/30/01
Restricted Crown
Group Atlantic UK Total
Sites:
Owned & Managed Sites 9,625 1,997 2,806 14,428
Rooftop Sites 115 --- 51 166
Total Sites 9,740 1,997 2,857 14,594
Site Activity:
Beginning Sites 8,838 1,954 2,675 13,467
Built 164 43 182 389
Acquired 732 --- --- 732
Lost --- --- --- ---
Managed Sites Added 6 --- --- 6
Ending Sites 9,740 1,997 2,857 14,594
Quarter Ended 9/30/01
Restricted Crown
Group Atlantic UK Total
Sites:
Owned & Managed Sites 9,751 2,011 2,923 14,685
Rooftop Sites 115 --- 51 166
Total Sites 9,866 2,011 2,974 14,851
Site Activity:
Beginning Sites 9,740 1,997 2,857 14,594
Built 128 14 117 259
Acquired --- --- --- ---
Lost (3) --- --- (3)
Managed Sites Added --- --- --- ---
Ending Sites 9,865 2,011 2,974 14,850
Quarter Ended 12/31/01
Restricted Crown
Group Atlantic UK Total
Sites:
Owned & Managed Sites 9,903 2,011 3,036 14,950
Rooftop Sites 115 --- 51 166
Total Sites 10,018 2,011 3,087 15,116
Site Activity:
Beginning Sites 9,866 2,011 2,974 14,851
Built 154 --- 113 267
Acquired --- --- --- ---
Lost (2) --- --- (2)
Managed Sites Added --- --- --- ---
Ending Sites 10,018 2,011 3,087 15,116
Quarter Ended 3/31/02
Restricted Crown
Group Atlantic UK Total
Sites:
Owned & Managed Sites 9,942 2,014 3,125 15,081
Rooftop Sites 159 --- 51 210
Total Sites 10,101 2,014 3,176 15,291
Site Activity:
Beginning Sites 10,018 2,011 3,087 15,116
Built 80 4 --- 84
Acquired 2 --- --- 2
Lost 1 (1) --- ---
Managed Sites Added --- --- 89 89
Ending Sites 10,101 2,014 3,176 15,291
Quarter Ended 6/30/01
Restricted Crown
Group Atlantic UK Total
Tenant Activity:
Beginning Tenants 18,480 4,064 5,820 28,364
Anchors on Builds 48 43 182 273
New 967 149 515 1,631
Metricom Tenants Lost --- --- --- ---
Acquired 1,184 --- 459 1,643
Ending Tenants 20,679 4,256 6,976 31,911
Quarter Ended 9/30/01
Restricted Crown
Group Atlantic UK Total
Tenant Activity:
Beginning Tenants 20,679 4,256 6,976 31,911
Anchors on Builds 70 14 117 201
New 952 156 359 1,467
Metricom Tenants Lost (60) (36) --- (96)
Acquired --- --- 84 84
Ending Tenants 21,641 4,390 7,536 33,567
Quarter Ended 12/31/01
Restricted Crown
Group Atlantic UK Total
Tenant Activity:
Beginning Tenants 21,641 4,390 7,536 33,567
Anchors on Builds 65 --- 113 178
New 924 199 397 1,520
Metricom Tenants Lost --- --- --- ---
Acquired --- --- 35 35
Ending Tenants 22,630 4,589 8,081 35,300
Quarter Ended 3/31/02
Restricted Crown
Group Atlantic UK Total
Tenant Activity:
Beginning Tenants 22,630 4,589 8,081 35,300
Anchors on Builds 40 --- 89 129
New 816 139 310 1,265
Metricom Tenants Lost --- --- --- ---
Acquired 2 --- --- 2
Ending Tenants 23,488 4,728 8,480 36,696
Quarter Ended 6/30/01
Restricted Crown
Group Atlantic UK Total
Tenants per Site 2.1 2.1 2.4 2.2
New Tenants per Site 0.11 0.10 0.24 0.14
Annualized 0.45 0.38 0.98 0.55
Pure Co-Lo's per Site 0.11 0.08 0.19 0.12
Annualized 0.44 0.31 0.77 0.48
Quarter Ended 9/30/01
Restricted Crown
Group Atlantic UK Total
Tenants per Site 2.2 2.2 2.5 2.3
New Tenants per Site 0.10 0.07 0.16 0.11
Annualized 0.39 0.27 0.64 0.45
Pure Co-Lo's per Site 0.09 0.06 0.13 0.09
Annualized 0.37 0.24 0.50 0.38
Quarter Ended 12/31/01
Restricted Crown
Group Atlantic UK Total
Tenants per Site 2.3 2.3 2.6 2.3
New Tenants per Site 0.10 0.10 0.17 0.11
Annualized 0.39 0.40 0.66 0.45
Pure Co-Lo's per Site 0.09 0.10 0.13 0.10
Annualized 0.37 0.40 0.53 0.41
Quarter Ended 3/31/02
Restricted Crown
Group Atlantic UK Total
Tenants per Site 2.3 2.3 2.7 2.4
New Tenants per Site 0.08 0.07 0.13 0.09
Annualized 0.34 0.28 0.50 0.36
Pure Co-Lo's per Site 0.08 0.07 0.10 0.08
Annualized 0.33 0.28 0.40 0.33
CROWN CASTLE INTERNATIONAL CORP.
EBITDA Summary Fact Sheet
(in $ thousands)
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 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 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 03/31/02
US UK AUS CCIC
Revenues
Site Rental 101,796 53,455 5,013 160,264
Services 43,775 15,945 633 60,353
Total Revenues 145,571 69,400 5,646 220,617
Operating Expenses
Site Rental 35,115 24,717 2,234 62,066
Services 31,185 12,139 401 43,725
Total Operating Expenses 66,299 36,856 2,635 105,790
General & Administrative
Site Rental 4,884 1,388 1,261 7,533
Services 13,916 339 --- 14,255
Total General & Administrative 18,800 1,727 1,261 21,788
Operating Cash Flow
Site Rental 61,798 27,350 1,518 90,665
Services (1,326) 3,467 232 2,373
Total Pre-Overhead Cash Flow 60,472 30,817 1,750 93,038
Corporate Overhead 2,239 --- --- 2,239
EBITDA 58,233 30,817 1,750 90,799
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
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
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%
Quarter Ended 03/31/02
US UK AUS CCIC
Gross Margins:
Site Rental 66% 54% 55% 61%
Services 29% 24% 37% 28%
Operating Cash Flow Margins
Site Rental 61% 51% 30% 57%
Services -3% 22% 37% 4%
EBITDA Margin 40% 44% 31% 41%
CROWN CASTLE INTERNATIONAL CORP.
EBITDA Summary Fact Sheet
Restricted and Non-Restricted Subsidiaries
(in $ thousands)
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 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 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 03/31/02
Crown
Restricted UK Atlantic Other CCIC
Revenues
Site Rental 84,266 53,455 22,543 --- 160,264
Services 37,982 15,945 6,426 --- 60,353
Total Revenues 122,248 69,400 28,969 --- 220,617
Operating Expenses
Site Rental 28,530 24,717 8,819 --- 62,066
Services 28,037 12,139 3,549 --- 43,725
Total Operating Expenses 56,567 36,856 12,368 --- 105,790
General & Administrative
Site Rental 5,586 1,388 559 --- 7,533
Services 12,698 339 1,178 40 14,255
Total General & Administrative 18,284 1,727 1,737 40 21,788
Operating Cash Flow
Site Rental 50,150 27,350 13,165 --- 90,665
Services (2,753) 3,467 1,699 (40) 2,373
Total Pre-Overhead Cash Flow 47,397 30,817 14,864 (40) 93,038
Corporate Overhead 2,239 --- --- --- 2,239
EBITDA 45,158 30,817 14,864 (40) 90,799
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
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
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%
Quarter Ended 03/31/02
Crown
Restricted UK Atlantic Other CCIC
Gross Margins:
Site Rental 66% 54% 61% --- 61%
Services 26% 24% 45% --- 28%
Operating Cash Flow Margins
Site Rental 60% 51% 58% --- 57%
Services -7% 22% 26% --- 4%
EBITDA Margin 37% 44% 51% N/A 41%
Contacts: W. Benjamin Moreland, CFO
Jay Brown, VP Finance
Crown Castle International Corp.
713-570-3000
Ken Dennard / kdennard@easterly.com
Lisa Elliott / lisae@easterly.com
Easterly Investor Relations
713-529-6600
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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
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