Crown Castle International Reports Record First Quarter Results
Revenues for the first quarter of 2000 increased 125 percent to $124.2 million compared to $55.1 million during the first quarter of 1999. Tower cash flow for the first quarter increased 97 percent to $48.5 million, up from $24.7 million in last year's first quarter. First quarter earnings before interest, taxes, depreciation and amortization, or EBITDA, grew 150 percent to $51.1 million compared to $20.4 million in last year's first quarter. The Company added 1,118 tenants from acquisitions and 1,027 new tenants in the first quarter of 2000 compared to 3,266 tenants from acquisitions and 224 new tenants added in the first quarter of 1999.
"During the first quarter, we delivered strong operating results that reflect the continued strength of the demand for our towers, the commitment and dedication of our employees, and our unrivaled ability to effectively integrate significant numbers of towers into our operations," stated Ted B. Miller, Jr., Chairman and CEO of Crown Castle International. "We also announced the acquisition of Cable & Wireless Optus' entire network of towers in Australia, becoming the first and only independent tower company to have operations on three continents. Additionally, we completed a new $1.2 billion credit facility and announced several management changes and promotions that strategically position us to accelerate our leadership in the wireless infrastructure industry.
"We are very pleased with our strategic position within the industry and are focused on the task of maximizing the value of our assets to customers. We continue to seek new opportunities for capitalizing on the benefits of outsourcing shared infrastructure," concluded Mr. Miller.
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, more than 95 percent of the UK population and more than 92 percent of the Australian population. Pro forma for all closed and previously announced transactions, Crown Castle International owns, operates and manages over 11,000 wireless communication towers internationally. For more information on Crown Castle International, visit: www.crowncastle.com.
This press release contains forward-looking statements and information that are based on management's belief as well as assumptions made by and information currently available to management. 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. 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 Risk Factors sections of the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
W. Benjamin Moreland, CFO
Crown Castle International
713-570-3000
Ken Dennard, Easterly I.R.
kdennard@easterly.com
713-529-6600
Crown Castle International Corp.
Condensed Consolidated Statement of Operations And Other Financial Data
(in thousands, except per share data)
Three Months Ended |
||||
2000 |
1999 |
|||
Net revenues: |
||||
Site rental and broadcast transmission |
$93,741 |
$45,326 |
||
Network services and other |
30,503 |
9,783 |
||
Total net revenues |
124,244 |
55,109 |
||
Costs of operations: |
|
|
||
Site rental and broadcast transmission |
40,287 |
18,527 |
||
Network services and other |
15,901 |
6,982 |
||
Total costs of operations |
56,188 |
25,509 |
||
General and administrative |
14,853 |
8,304 |
||
Corporate development |
2,071 |
874 |
||
Restructuring charges |
- |
1,814 |
||
Non-cash compensation charges |
461 |
667 |
||
Depreciation and amortization |
45,122 |
19,656 |
||
Operating income (loss) |
5,549 |
(1,715) |
||
Interest and other income (expense) |
5,704 |
340 |
||
Interest expense and amortization of deferred financing costs |
(41,761 ) |
(11,286 ) |
||
Loss before income taxes, minority interests, extraordinary item and cumulative |
(30,508) |
(12,661) |
||
Provision for income taxes |
(11) |
(127) |
||
Minority interests |
(1,541 ) |
(685 ) |
||
Loss before extraordinary item and cumulative effect of change in accounting |
(32,060) |
(13,473) |
||
Extraordinary item: |
|
|
||
Loss on early extinguishment of debt | (1,495) |
- |
||
Cumulative effect of change in accounting principle for costs of start-up activities |
- |
(2,414 ) |
||
Net loss |
(33,555) |
(15,887) |
||
Dividends on preferred stock |
(11,493 ) |
(6,408 ) |
||
Net loss after deduction of dividends on preferred stock |
$(45,048 ) |
$(22,295 ) |
||
Per common share - basic and diluted: |
|
|
||
Loss before extraordinary item and cumulative effect of |
$(0.27) |
$(0.21) |
||
Extraordinary item |
(0.01) |
- |
||
Cumulative effect of change in accounting principle |
- |
(0.03 ) |
||
Net loss |
$(0.28 ) |
$(0.24 ) |
||
Common shares outstanding - basic and diluted |
158,566 |
94,732 |
||
EBITDA (before restructuring charges): |
||||
Site rental and broadcast transmission |
$48,528 |
$24,658 |
||
Network services and other |
2,604 |
(4,236 ) |
||
Total EBITDA |
$51,132 |
$20,422 |