American Tower Corporation Reports Strong First Quarter Results.Business/Technology Editors BOSTON--(BUSINESS WIRE)--May 9, 2000 American Tower Corporation Formed in 1995, American Tower Corporation is a publicly held company (NYSE: AMT) that is a leading owner and operator of wireless and broadcast communications sites in North America. Today American Tower owns and operates over 30,000 sites in the United States, Mexico and Brazil. (the "Company") (NYSE NYSE See: New York Stock Exchange : AMT See vPro. ) today reported significant increases in revenues and "EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become " (operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. before depreciation and amortization plus TV Azteca TV Azteca is the second largest Mexican television network. It was established in 1968 as the state-owned Instituto Mexicano de la Televisión ("Imevisión"), and was privatized under its current name in 1993. Its flagship program is the newscast Hechos. . S.A. de C.V. ("TV Azteca") transaction net interest income) for the quarter ended March 31, 2000 as compared to the same period in the prior year. For the three months ended March 31, 2000, revenues increased to $115.5 million from $42.4 million for the three months ended March 31, 1999. EBITDA (inclusive of inclusive of prep. Taking into consideration or account; including. $2.3 million of net interest income related to the Company's transaction with TV Azteca) increased to $33.7 million for the three months ended March 31, 2000 from $15.4 million for the same period in 1999. Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Dodge, American Tower's Chairman and Chief Executive Officer, stated, "We're pleased with our new tower construction efforts which added over 300 newly built towers this quarter and are pacing ahead of plan. We're also pleased with the accelerating revenue growth on our wireless towers. We expect these trends to continue, and we anticipate increases in the contribution from services and teleports as we move through the year." American Tower will host a conference call on Tuesday, May 9, 2000 at 2:00 p.m. (Eastern) to discuss quarterly results. The call will be hosted by Joe Winn, Chief Financial Officer, who will be joined by Steve Dodge, Chief Executive Officer. The dial-in numbers are US and Canada: 800-288-8968, international: 612-288-0340, no access codes required. A replay of the call will be available after the call until 11:59 p.m. (Eastern) Tuesday, May 16, 2000. The replay dial-in numbers are US and Canada: 800-475-6701, and international: 320-365-3844, access code 514958. American Tower will also sponsor a live simulcast and replay of the call on its web site www.americantower.com. American Tower is the leading independent owner operator and developer of broadcast and wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. sites in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Giving effect to pending transactions, American Tower operates over 10,600 sites in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Mexico and Canada, including approximately 300 broadcast tower sites. Of the 10,600 sites, approximately 9,400 are owned or leased towers and over 1,200 are managed and lease/sublease sites. Based in Boston, American Tower has regional hub offices in Boston, Atlanta, Chicago, Houston, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi . For more information about American Tower Corporation and ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered Teleports, please visit our web sites www.americantower.com and www.atcteleports.com. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " concerning future expectations, plans or strategies that involve a number of risks and uncertainties. The Company wishes to caution readers that certain factors may have affected the Company's actual results and could cause results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Such factors include, but are not limited to (i) substantial capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and leverage principally as a consequence of its ongoing acquisitions and construction activities, (ii) dependence on demand for wireless communications, use of satellites for internet data transmission, and implementation of digital television, (iii) the success of the Company's tower construction program and (iv) the successful operational integration of the Company's business acquisitions. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended
(In thousands, except per share data) March 31,
2000 1999
REVENUES:
Rental and management $ 53,707 $ 25,516
Services 38,152 10,826
Internet, voice, data and
video transmission 23,658 6,066
Total operating revenues 115,517 42,408
OPERATING EXPENSES:
Rental and management 28,492 11,577
Services 32,200 9,253
Internet, voice, data and video transmission 19,016 4,131
Depreciation and amortization 55,198 24,669
Development expense (B) 988 267
Corporate general and administrative expense 3,431 1,782
Total operating expenses 139,325 51,679
OPERATING LOSS (23,808) (9,271)
OTHER INCOME (EXPENSE):
Interest expense (32,150) (6,001)
Interest income and other, net 2,586 4,949
Interest income - TV Azteca, net of
$160 of interest 2,308
expense (related party)
Minority interest in net earnings
of subsidiaries (36) (3)
Total other expense (27,292) (1,055)
LOSS BEFORE BENEFIT FOR INCOME TAXES
AND EXTRAORDINARY LOSSES (51,100) (10,326)
INCOME TAX BENEFIT 13,440 826
LOSS BEFORE EXTRAORDINARY LOSSES (37,660) (9,500)
EXTRAORDINARY LOSSES ON EXTINGUISHMENT OF
DEBT, NET OF INCOME TAX BENEFIT OF $2,892 (4,338)
NET LOSS $ (41,998) $ (9,500)
BASIC AND DILUTED LOSS PER
COMMON SHARE AMOUNTS
Loss before extraordinary losses $ (0.24) $ (0.07)
Extraordinary losses (0.03)
NET LOSS $ (0.27) $ (0.07)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 156,515 131,269
OTHER OPERATING DATA
(In thousands)
EBITDA (A) $ 33,698 $ 15,398
SELECTED CONSOLIDATED BALANCE SHEET DATA March 31, December 31,
(In thousands) 2000 1999
(Unaudited) (Audited)
CASH AND CASH EQUIVALENTS $ 140,733 $ 25,212
TOTAL ASSETS 4,255,140 3,018,866
LONG-TERM DEBT, INCLUDING CURRENT PORTION 1,883,607 740,822
STOCKHOLDERS' EQUITY 2,176,423 2,145,083
LEGEND
(A)Defined as operating loss before depreciation and amortization plus
TV Azteca transaction net interest income of $2.3 million.
(B)Represents costs incurred in connection with acquisitions and
development of new business initiatives. Certain reclassifications
have been made to the 1999 amounts to conform with the 2000
presentation.
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