Crown Castle International Reports Record Third Quarter Results.HOUSTON--(BUSINESS WIRE)--Nov. 10, 1999-- Crown Castle International Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TWRS TWRS Tank Waste Remediation System TWRS True Wave Reduced Slope ) today reported significant increases in revenues, tower cash flow 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 for the three months and nine months ended September September: see month. 30, 1999. For the three months ended September 30, 1999, revenues increased to $98.9 million from $28.9 million during the same period in 1998. Tower cash flow for the third quarter increased to $38.8 million from $10.8 million in last year's third quarter. Third quarter earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
For the nine months ended September 30, 1999, revenues increased to $231.6 million from $52.3 million during the same period in 1998. Tower cash flow for the first nine months of 1999 increased to $96.4 million from $18.0 million in last year's first nine months. Nine month EBITDA grew to $92.5 million, compared to $11.8 million in last year's first nine months. "We were pleased with our third quarter and nine month results," stated Ted B. Miller, Jr., Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Crown Castle International. "Over the past few quarters, major wireless carriers in the US and UK such as GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) , Bell Atlantic, BellSouth
Todd Anderson (Josh Hamilton) spends his days managing a customer call center for American Novelty Products in Seattle, until his job, their tower networks to Crown Castle. As such, we have been a significant participant Participant A party of a funding. It usually refers to the lowest rank or smallest level of funding. in changing the complexion complexion /com·plex·ion/ (kom-plek´shun) the color and appearance of the skin of the face. com·plex·ion n. The natural color, texture, and appearance of the skin, especially of the face. of and opportunity for wireless infrastructure deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. that will soon facilitate the advent of vastly increased 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. for businesses and individuals in both the US and UK. Wireless providers now have the opportunity to deploy their networks on towers which were not heretofore readily available to them and which are now in the hands of independent wireless infrastructure providers such as Crown Castle. Co-location Placing equipment owned by a customer or competitor in an organization's own facility. Telephone companies often allow co-location in order to provide the best interconnection between devices. availability on these outsourced tower networks enables rapid deployment and more efficient capital allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as for wireless carriers. The result is more robust coverage and network capacity to support increased subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. demand through co-location. "Looking forward, we will continue our integration of additional tower clusters and new tower builds, including the recently announced GTE joint venture for over 2,300 towers, which should continue to drive significant long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. master leasing agreements as demonstrated by the recent Nextel (Nextel Communications, Inc., Reston, VA, www.nextel.com) A wireless communications carrier founded in New Jersey in 1987 as Fleet Call, a two-way radio service. Throughout the late 1980s and 1990s, the company acquired a large number of SMR (Specialized Mobile Radio) operators and turned and Metricom lease agreements," concluded Mr. Miller. Crown Castle International Corp. is a leading provider of communication sites and wireless network services and provides an array of related infrastructure and network support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the wireless communications and radio and television broadcasting industries 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 United Kingdom. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma for all closed and previously announced transactions, Crown Castle International owns, operates and manages approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10,000 wireless communication towers internationally. For more information on Crown Castle International, visit: www.crowncastle.com. This press release contains various 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. 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 ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect Incorrect means to not be correct and may also refer to:
Crown Castle International Corp.
Condensed Consolidated Statement of Operations
And Other Financial Data
(in thousands, except per share data)
Three Months Ended
September 30,
---------------------------
1999 1998
------------ ------------
Net revenues:
Site rental and broadcast
transmission $ 75,632 $ 18,008
Network services and other 23,295 10,886
------------ ------------
Total net revenues 98,927 28,894
------------ ------------
Costs of operations:
Site rental and broadcast
transmission 32,934 5,980
Network services and other 11,712 7,079
------------ ------------
Total costs of operations 44,646 13,059
------------ ------------
General and administrative 12,534 6,254
Corporate development 1,194 816
Restructuring charges -- --
Non-cash compensation charges 501 11,361
Depreciation and amortization 39,850 9,410
------------ ------------
Operating income (loss) 202 (12,006)
Equity in earnings of unconsolidated
affiliate -- 1,530
Interest and other income (expense) 7,923 923
Interest expense and amortization
of deferred financing costs (34,506) (7,554)
------------ ------------
Loss before income taxes, minority
interests and cumulative effect
of change in accounting
principle (26,381) (17,107)
Provision for income taxes (71) (9)
Minority interests (615) (328)
------------ ------------
Loss before cumulative effect of change in
accounting principle (27,067) (17,444)
Cumulative effect of change in accounting
principle for costs of start-up
activities -- --
----------- -----------
Net loss (27,067) (17,444)
Dividends on preferred stock (6,824) (216)
------------ ------------
Net loss after deduction of dividends on
preferred stock $ (33,891) $ (17,660)
============ ============
Per common share - basic and diluted:
Loss before cumulative effect of
change in accounting principle $ (0.23) $ (0.33)
Cumulative effect of change in
accounting principle -- --
------------ ------------
Net loss $ (0.23) $ (0.33)
============ ============
Common shares outstanding - basic
and diluted 149,621 53,879
============ ============
EBITDA (before restructuring charges):
Site rental and broadcast
transmission $ 38,788 $ 10,825
Network services and other 1,765 (2,060)
------------ ------------
Total EBITDA $ 40,553 $ 8,765
============ ============
Nine Months Ended
September 30,
---------------------------
1999 1998
------------ ------------
Net revenues:
Site rental and broadcast
transmission $ 183,135 $ 28,456
Network services and other 48,428 23,805
------------ ------------
Total net revenues 231,563 52,261
------------ ------------
Costs of operations:
Site rental and broadcast
transmission 78,018 8,398
Network services and other 26,869 14,234
------------ ------------
Total costs of operations 104,887 22,632
------------ ------------
General and administrative 30,076 15,022
Corporate development 4,134 2,838
Restructuring charges 1,814 --
Non-cash compensation charges 1,672 11,361
Depreciation and amortization 89,369 17,105
------------ ------------
Operating income (loss) (389) (16,697)
Equity in earnings of unconsolidated
affiliate -- 2,055
Interest and other income (expense) 12,802 2,293
Interest expense and amortization
of deferred financing costs (72,348) (17,581)
------------ ------------
Loss before income taxes, minority
interests and cumulative effect
of change in accounting
principle (59,935) (29,930)
Provision for income taxes (268) (218)
Minority interests (1,187) (328)
------------ ------------
Loss before cumulative effect of change
in accounting principle (61,390) (30,476)
Cumulative effect of change in accounting
principle for costs of start-up
activities (2,414) --
----------- -----------
Net loss (63,804) (30,476)
Dividends on preferred stock (19,846) (4,348)
------------ ------------
Net loss after deduction of dividends
on preferred stock $ (83,650) $ (34,824)
============ ============
Per common share - basic and diluted:
Loss before cumulative effect of
change in accounting principle $ (0.66) $ (1.38)
Cumulative effect of change
in accounting principle (0.02) --
------------ ------------
Net loss $ (0.68) $ (1.38)
============ ============
Common shares outstanding - basic
and diluted 123,067 25,262
============ ============
EBITDA (before restructuring charges):
Site rental and broadcast
transmission $ 96,435 $ 18,040
Network services and other (3,969) (6,271)
------------ ------------
Total EBITDA $ 92,466 $ 11,769
============ ============
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