American Tower Corporation Reports Strong Third Quarter Results.BOSTON--(BUSINESS WIRE)--Nov. 4, 1999-- 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 ("Earnings Before Interest, Taxes, Depreciation, and Amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. ") for the quarter and nine months ended September 30, 1999 as compared to the same periods in the prior year. For the three months ended September 30, 1999, revenues increased to $67.5 million from $30.5 million for the three months ended September 30, 1998. EBITDA increased to $24.8 million for the three months ended September 30, 1999 from $12.2 million for the same period in 1998 (exclusive of $0.2 million of tower separation expense related to the Company's separation from American Radio Systems Corporation). For the nine months ended September 30, 1999, revenues increased to $169.1 million from $71.5 million for the nine months ended September 30, 1998. EBITDA increased to $63.2 million for the nine months ended September 30, 1999 from $25.8 million (exclusive of $12.6 million of tower separation expense) for the same period in 1998. Steve Dodge, American Tower's Chairman and Chief Executive Officer stated, "Our wireless and broadcast tower groups continue to perform to an aggressive growth plan in terms of overall tower counts, tower rental revenues and TCF See Trenton Computer Festival. . Our tower services group experienced higher than expected revenue growth, though its margins were impacted in Q3 by the residual expenses of certain discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. associated with the Omni-America acquisition. In teleports, internet, voice and data ("IVD (Interactive VideoDisc) See interactive video. ") revenue has now grown to almost a third of overall teleport Verb 1. teleport - transport by dematerializing at one point and assembling at another science fiction - literary fantasy involving the imagined impact of science on society transport - move something or somebody around; usually over long distances revenue, and we continue to invest in the operational infrastructure necessary to position the organization to fully develop IVD related opportunities. We believe all of our operations are well positioned to enjoy strong gains in future periods, with growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. accelerating as we move through the Year 2000." American Tower will host a conference call on Thursday, November 4, 1999 at 11:00 a.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: 800-230-1059, international: 612-288-0318, no access codes required. A replay of the call will be available from 2:00 p.m. Eastern Thursday, November 4, 1999 until 11:59 p.m. Eastern Thursday, November 9, 1999. The replay dial-in numbers are US: 800-475-6701, and international: 320-365-3844, access code 475645. 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 approximately 9,800 towers 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. and Mexico, including approximately 8,700 owned or leased towers and approximately 1,100 managed and lease/sublease sites. Giving effect to pending transactions, American Tower's portfolio includes approximately 300 broadcast tower sites. Based in Boston, American Tower has a U.S. footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. of approximately 9,600 sites, with regional hub offices in Boston, Atlanta, Chicago, Houston, and 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 . Through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , 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, Inc., American Tower also owns and operates, giving effect to pending transactions, over 110 satellite antennas in various locations across the United States. For more information about American Tower Corporation and ATC 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 . -0-
American Tower Corporation
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
REVENUES:
Rental and management$ 37,768 $ 17,719 $ 94,640 $ 39,305
Services 22,710 6,572 54,948 18,848
Video, voice, data
and Internet
transmission 7,061 6,187 19,512 13,332
Total operating
revenues 67,539 30,478 169,100 71,485
OPERATING EXPENSES:
Rental and management 17,917 8,087 43,488 18,417
Services 17,110 4,677 41,795 15,412
Video, voice, data
and Internet
transmission 5,478 3,928 14,242 8,697
Depreciation and
amortization 35,111 17,243 92,919 32,998
Tower separation
expenses 159 12,616
Corporate general
and administrative
expenses 2,255 1,561 6,395 3,186
Total operating
expenses 77,871 35,655 198,839 91,326
OPERATING INCOME
(LOSS) (10,332) (5,177) (29,739) (19,841)
OTHER INCOME
(EXPENSE):
Interest expense (5,958) (7,121) (17,497) (17,023)
Interest income
and other, net 3,162 4,451 13,899 6,283
Minority interest
in net (earnings)
losses of
subsidiaries (158) (66) (79) (255)
Total other
expense (2,954) (2,736) (3,677) (10,995)
LOSS BEFORE BENEFIT
FOR INCOME TAXES AND
EXTRAORDINARY LOSSES (13,286) (7,913) (33,416) (30,836)
INCOME TAX BENEFIT 195 1,955 942 4,934
LOSS BEFORE
EXTRAORDINARY LOSSES (13,091) (5,958) (32,474) (25,902)
EXTRAORDINARY LOSS ON
EXTINGUISHMENT OF
DEBT, NET OF INCOME
TAX BENEFIT OF $921 (1,382)
EXTRAORDINARY LOSS ON
REDEMPTION OF
INTERIM PREFERRED
STOCK, NET OF INCOME
TAX BENEFIT OF $5,000 (7,510) (7,510)
NET LOSS $ (13,091) $ (13,468) $ (32,474) $ (34,794)
BASIC AND DILUTED
LOSS PER COMMON
SHARE AMOUNTS
Loss before
extraordinary
losses $ (0.08) $ (0.06) $ (0.22) $ (0.37)
Extraordinary
losses (0.07) (0.13)
NET LOSS $ (0.08) $ (0.13) $ (0.22) $ (0.50)
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES
OUTSTANDING 155,625 104,621 147,588 70,103
(B) (B)
OTHER OPERATING DATA
(In thousands)
EBITDA (A) $ 24,779 $ 12,225 $ 63,180 $ 25,773
SELECTED CONSOLIDATED BALANCE SHEET DATA Sept. 30, Dec. 31,
(In thousands) 1999 1998
(Unaudited) (Audited)
CASH AND CASH EQUIVALENTS $ 41,711 $ 186,175
TOTAL ASSETS 2,627,094 1,502,343
LONG-TERM DEBT, INCLUDING
CURRENT PORTION 378,641 281,129
STOCKHOLDERS' EQUITY 2,157,733 1,091,746
LEGEND
(A) Defined as operating income (loss) before depreciation and
amortization and tower separation expenses.
(B) 48,732 of shares outstanding upon the consummation of the ATC
Separation are assumed to be outstanding for all periods prior to June
4, 1998.
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