SpectraSite Reports First Quarter 2004 Results & Updates 2004 Guidance for Improved Financial Results.Business Editors/High-Tech Writers CARY, N.C.--(BUSINESS WIRE)--April 21, 2004 SpectraSite, Inc. (NYSE NYSE See: New York Stock Exchange : SSI (1) See server-side include and single-system image. (2) (Small-Scale Integration) Less than 100 transistors on a chip. See MSI, LSI, VLSI and ULSI. 1. (electronics) SSI - small scale integration. 2. ), one of the largest wireless tower operators 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. , today reported results for the quarter ended March 31, 2004, and updated its guidance for the remainder of the year. The Company has designated the periods prior to January January: see month. 31, 2003, as "Predecessor predecessor - parent Company" and the periods subsequent to January 31, 2003, as "Reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. Company." As a result of the implementation of fresh start accounting, the financial statements of the Reorganized Company are not comparable to the Predecessor Company's financial statements for prior periods. Total revenues for the first quarter of 2004 were $84.6 million, compared to revenues of $51.1 million for the two months ended March 31, 2003, and $25.6 million for the one month ended January 31, 2003. Revenues associated with the 545 towers sold to SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. on February February: see month. 10, 2003, were $0.4 million for the two months ended March 31, 2003, and $1.2 million for the one month ended January 31, 2003. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter of 2004 was $21.4 million, an increase from operating income of $9.1 million for the two months ended March 31, 2003, and an 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. of $3.2 million during the one month ended January 31, 2003. Operating income associated with the 545 towers sold to SBC on February 10, 2003, was $0.2 million for the two months ended March 31, 2003, and $0.7 million for the one month ended January 31, 2003. Other expense during the first quarter of 2004 was $1.6 million as compared to other expense of $1.2 million during the two months ended March 31, 2003, and other expense of $0.5 million during the one month ended January 31, 2003. Other expense items during the first quarter of 2004 primarily related to expenses associated with the public offering of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10.4 million shares of the Company's common stock. The Company's net income was $7.1 million for the first quarter of 2004 versus a net loss of $1.7 million during the two months ended March 31, 2003, and net income of $345.0 million during the one month ended January 31, 2003. The Company's net income during the one month ended January 31, 2003, consisted principally of a gain on the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt related to the Company's emergence from chapter 11 on February 10, 2003. The Company's basic net income per share was $0.15 during the first quarter of 2004 as compared to a basic net loss of $0.04 per share during the two months ended March 31, 2003, and basic net income per share of $2.24 during the one month ended January 31, 2003. The Company's diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share was $0.14 during the first quarter of 2004 as compared to a diluted net loss of $0.04 per share during the two months ended March 31, 2003, and diluted net income per share of $2.24 during the one month ended January 31, 2003. Adjusted 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 increased to $45.2 million during the first quarter of 2004 from $24.6 million during the two months ended March 31, 2003, and $12.2 million during the one month ended January 31, 2003. Other expense items in the amount of $1.6 million during the first quarter of 2004 and $1.2 million during the two months ended March 31, 2003, and $0.5 million during the one month ended January 31, 2003, are included in the Company's Adjusted EBITDA calculations. The Company's presentation of Adjusted EBITDA is based on recent regulations adopted by the Securities and Exchange Commission ("SEC") related to non-GAAP financial measures. The Company defines Adjusted EBITDA for the Reorganized Company as net income (loss) before depreciation, amortization and accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the , interest, income tax expense (benefit) and, if applicable, before discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and cumulative effect of change in accounting principle. For the Predecessor Company, Adjusted EBITDA also excludes gain on debt discharge To liberate or free; to terminate or extinguish. A discharge is the act or instrument by which a contract or agreement is ended. A mortgage is discharged if it has been carried out to the full extent originally contemplated or terminated prior to total execution. , reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. items, and write-offs of investments in and loans to affiliates. The Company uses a different definition of Adjusted EBITDA for the fiscal periods prior to its reorganization to enable investors to view the Company's operating performance on a consistent basis before the impact of the items discussed above on the Predecessor Company. Each of these historical items was incurred prior to, or in connection with, the Company's reorganization and is excluded from Adjusted EBITDA to reflect the results of the Company's core operations. Adjusted EBITDA may not be comparable to a similarly titled measure employed by other companies and is not a measure of performance calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in the United States. Net cash provided by operating activities increased to $27.8 million during the first quarter of 2004 as compared to net cash provided by operating activities of $11.9 million during the two months ended March 31, 2003, and net cash provided by operating activities of $5.9 million during the one month ended January 31, 2003. Purchases of property and equipment during the first quarter of 2004 were $6.3 million, as compared to $2.3 million for the two months ended March 31, 2003, and $2.7 million the one month ended January 31, 2003. Free cash flow, defined as net cash provided by operating activities less purchases of property and equipment, during the first quarter of 2004 was $21.5 million as compared to free cash flow of $9.7 million during the two months ended March 31, 2003, and $3.2 million during the one month ended January 31, 2003. Based on trailing twelve-month revenues on towers owned or operated as of March 31, 2003, and still owned or operated as of March 31, 2004, same tower revenue growth was 10.0%. The Company owned or operated 7,582 towers and in-building sites as of March 31, 2004. In describing the first quarter, Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and H. Clark, President 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. , stated, "The first quarter of 2004 represents the first quarter in which SpectraSite has operated solely as a site leasing and licensing company and I am extremely pleased with our results. On an annual and sequential One after the other in some consecutive order such as by name or number. basis, both revenues and Adjusted EBITDA increased significantly. Through focus, diligence Vigilant activity; attentiveness; or care, of which there are infinite shades, from the slightest momentary thought to the most vigilant anxiety. Attentive and persistent in doing a thing; steadily applied; active; sedulous; laborious; unremitting; untiring. and sheer Sheer and similar can mean:
Amendment to Credit Facility On February 9, 2004, SpectraSite Communications, Inc. ("Communications"), the Company's wholly-owned subsidiary, completed an amendment to its credit facility that reduced the interest rate on its term loan from, at Communications' option, Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Imperial Bank of Commerce's base rate plus 1.75% per annum Per annum Yearly. or the Eurodollar Eurodollar U.S. dollar that has been deposited outside the U.S., especially in Europe. Foreign banks holding Eurodollars are obligated to pay in U.S. dollars when the deposits are withdrawn. rate plus 3.00% per annum to Canadian Imperial Bank of Commerce's base rate plus 1.00% per annum or the Eurodollar rate plus 2.25% per annum. The amendment also provides that the interest rate margins will automatically be further reduced if Communications' credit ratings improve. As a result of this transaction, the Company expects to generate annual interest expense savings of approximately $1.9 million. Acquisitions Under the terms of an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. agreement with affiliates of SBC Communications Inc. ("SBC"), completed on November November: see month. 14, 2002, the Company agreed to lease or sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. up to 600 SBC towers between May, 2003, and August, 2004, subject to the towers meeting certain requirements. The agreement with SBC provides that the Company will lease or sublease no more than 100 towers per quarter beginning with the second quarter of 2003 and ending in the second quarter of 2004. In the event that the Company leases or subleases fewer than 100 SBC towers in any quarter, the final closing in the third quarter of 2004 may include additional SBC towers necessary to meet the 600 tower commitment. During the first quarter of 2004 the Company leased or subleased 6 SBC towers, for which it paid approximately $1.7 million in cash. As of March 31, 2004, the Company was committed to leasing or subleasing an additional 474 SBC towers during 2004. Updated 2004 Guidance The Company's 2004 outlook includes estimates and assumptions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's existing business without regard to possible additional tower acquisitions under the Company's contract with affiliates of SBC. Without giving effect to possible SBC tower acquisitions during 2004, the Company expects 2004 site leasing and licensing revenues will be between $342 million and $348 million, representing an increase from the Company's prior guidance of $336 million to $341 million. The Company has not changed its outlook for 2004 site operations costs excluding depreciation, amortization and accretion expenses In accounting, accretion expense is the expense created when updating the present value(PV) of a financial instrument. For example, if one originally recognizes the present value of a liability at $650, which has a future value (FV) of $1000, every year one must increase the . The Company expects these costs will be between $108 million and $111 million. The Company expects 2004 selling, general and administrative expenses will be between $48 million and $50 million representing a reduction from its prior guidance range of $48 million to $51 million. The Company's 2004 cash interest expense is expected to be approximately $35 million to $38 million, representing a reduction from the Company's prior guidance of $37 million to $41 million. During 2004, the Company expects to spend approximately $15 million to $20 million in capital expenditures related to tower upgrades, information technology purchases, and other general corporate requirements. The Company also expects to spend between $25 million to $30 million in discretionary capital expenditures related to its in-building initiative and the purchase of ground rights under certain towers. The Company's overall capital expenditure range of $40 million to $50 million represents an increase from its prior guidance range of $25 million to $40 million, primarily due to the 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 of additional capital expenditures to the Company's initiative to purchase ground rights under certain of its towers. At March 31, 2004, the Company had approximately $639 million of outstanding debt and approximately $84 million of cash on hand. Based on current assumptions, the Company does not expect to require borrowings from its $200 million unused revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility during 2004. Conference Call Information The Company is planning to host a conference call on Thursday Thursday: see week. April 22, 2004, at 11:00 a.m. Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time to discuss first quarter 2004 results. Dial in information is as follows: 800-261-6483, access code 6513879. A replay of the conference call will be available beginning two hours after the call has ended until April 29, 2004. The replay dial in information is as follows: (800) 642-1687, access code 6513879. Non-GAAP Financial Measures and Additional Information For a discussion of non-GAAP financial measures, including their usefulness to investors and material limitations, please see "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations - Non-GAAP Financial Measures" included in the Company's SEC filings. Additional information may be found in the Company's Form 10-Q Form 10-Q See 10-Q. report filed with the SEC or by accessing the Company's website at www.spectrasite.com.
Adjusted EBITDA.
Adjusted EBITDA was calculated as follows for the periods
presented:
Reorganized Reorganized Predecessor
Company Company Company
Three Months Two Months One Month
Ended Ended Ended
March 31, March 31, Jan. 31,
2004 2003 2003
--------------------------------------
(in thousands)
Net income (loss) $7,130 $(1,692) $344,970
Depreciation, amortization and
accretion expenses 25,416 16,652 15,930
Interest income (214) (217) (137)
Interest expense 9,616 9,261 4,721
Gain on debt discharge -- -- (1,034,764)
Income tax expense 2,806 578 5
Reorganization items:
Adjust accounts to fair value -- -- 644,688
Professional and other fees -- -- 23,894
Loss (income) from operations
of discontinued segment, net of
income tax expense 124 (14) 686
Loss on disposal of
discontinued segment 343 -- --
Cumulative effect of change in
accounting principle -- -- 12,236
--------------------------------------
Adjusted EBITDA $45,221 $24,568 $12,229
======================================
Free Cash Flow.
Free cash flow (deficit) was calculated as follows for the periods
presented:
Reorganized Reorganized Predecessor
Company Company Company
Three Months Two Months One Month
Ended Ended Ended
March 31, March 31, Jan. 31,
2004 2003 2003
---------------------------------------
(in thousands)
Net cash provided by
operating activities $27,840 $11,927 $5,892
Less: Purchases of property
and equipment (6,309) (2,255) (2,737)
---------------------------------------
Free cash flow (deficit) $21,531 $9,672 $3,155
=======================================
About SpectraSite, Inc. SpectraSite, Inc. (www.spectrasite.com), based in Cary, North Carolina Cary is the second largest municipality in Wake County, North Carolina and the third largest municipality in The Triangle (North Carolina) behind Raleigh and Durham. It is the seventh largest municipality in North Carolina. , is one of the largest wireless tower operators in the United States. At March 31, 2004, SpectraSite owned or operated approximately 10,000 revenue producing sites, including 7,582 towers and in-building sites primarily in the top 100 markets in the United States. SpectraSite's customers are leading 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. providers, including AT&T Wireless, Cingular, 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 , Sprint PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. , T-Mobile and Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This press release and oral statements made from time to time by representatives of the Company may contain "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 the Company's financial outlook, future expectations, financial and operating projections, plans and strategies and the trading markets for its securities. These forward-looking statements are subject to a number of risks and uncertainties. The Company wishes to caution readers that certain factors may impact the Company's actual results and could cause results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Such factors include, but are not limited to (i) the Company's substantial capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and debt, (ii) market conditions, (iii) the Company's dependence on demand for wireless communications and related infrastructure, (iv) competition in the communications tower industry, including the impact of technological developments, (v) consolidation in the wireless industry, (vi) future regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. actions, (vii) conditions in its operating areas and (viii) management's estimates and assumptions included in the Company's 2004 outlook. These and other important factors are described in more detail in the "Risk Factors" and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's SEC filings and public announcements. 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 .
SPECTRASITE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
At March 31, 2004 and December 31, 2003
Reorganized Reorganized
Company Company
March 31, Dec.31,
2004 2003
----------------------
(unaudited)
(dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $84,329 $60,410
Accounts receivable, net of allowance of
$6,918 and $7,849, respectively 9,067 7,880
Prepaid expenses and other 14,492 11,606
Assets held for sale -- 5,737
----------------------
Total current assets 107,888 85,633
Property and equipment, net 1,191,115 1,207,626
Customer contracts, net 177,551 179,359
Other assets 38,718 39,990
----------------------
Total assets $1,515,272 $1,512,608
======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $8,657 $11,482
Accrued and other expenses 81,010 83,825
Liabilities under SBC agreement 48,721 49,528
Liabilities held for sale -- 2,903
----------------------
Total current liabilities 138,388 147,738
----------------------
Long-term portion of credit facility 439,155 439,555
Senior notes 200,000 200,000
Other long-term liabilities 56,056 55,582
----------------------
Total long-term liabilities 695,211 695,137
----------------------
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000
shares authorized, 48,216,194 and
47,750,453 issued and outstanding
at March 31, 2004 and December 31, 2003,
respectively 482 478
Additional paid-in-capital 693,747 688,941
Accumulated deficit (12,556) (19,686)
----------------------
Total stockholders' equity 681,673 669,733
----------------------
Total liabilities and stockholders'
equity $1,515,272 $1,512,608
======================
SPECTRASITE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Reorganized Reorganized Predecessor
Company Company Company
Three Months Two Months One Month
Ended Ended Ended
March 31, March 31, Jan. 31,
2004 2003 2003
------------------------------------
(in thousands, except per share
amounts)
Revenues $84,590 $51,108 $25,626
Operating expenses:
Costs of operations, excluding
depreciation, amortization
and accretion expenses 25,743 17,080 8,901
Selling, general and
administrative expenses 12,042 8,231 4,003
Depreciation, amortization and
accretion expenses 25,416 16,652 15,930
------------------------------------
Total operating expenses 63,201 41,963 28,834
------------------------------------
Operating income (loss) 21,389 9,145 (3,208)
------------------------------------
Other income (expense):
Interest income 214 217 137
Interest expense (9,616) (9,261) (4,721)
Gain on debt discharge -- -- 1,034,764
Other income (expense) (1,584) (1,229) (493)
------------------------------------
Total other income
(expense) (10,986) (10,273) 1,029,687
------------------------------------
Income (loss) from continuing
operations before income taxes 10,403 (1,128) 1,026,479
Income tax expense 2,806 578 5
------------------------------------
Income (loss) from continuing
operations 7,597 (1,706) 1,026,474
Reorganization items:
Adjust accounts to fair value -- -- (644,688)
Professional and other fees -- -- (23,894)
------------------------------------
Total reorganization
items -- -- (668,582)
------------------------------------
Income (loss) before discontinued
operations 7,597 (1,706) 357,892
Discontinued operations:
Income (loss) from operations
of discontinued broadcast
services division, net of income
tax expense (124) 14 (686)
Loss on disposal of
discontinued broadcast
services division, net of
income tax expense (343) -- --
------------------------------------
Income (loss) before cumulative
effect of change in accounting
principle 7,130 (1,692) 357,206
Cumulative effect of change in
accounting principle (Note 4) -- -- (12,236)
------------------------------------
Net income (loss) $7,130 $(1,692) $344,970
====================================
Basic earnings per share:
Income (loss) from continuing
operations $0.16 $(0.04) $6.66
Reorganization items -- -- (4.34)
Discontinued operations (0.01) -- --
Cumulative effect of change in
accounting principle -- -- (0.08)
------------------------------------
Net income (loss) $0.15 $(0.04) $2.24
====================================
Diluted earnings per share:
Income (loss) from continuing
operations $0.15 $(0.04) $6.66
Reorganization items -- -- (4.34)
Discontinued operations (0.01) -- --
Cumulative effect of change in
accounting principle -- -- (0.08)
------------------------------------
Net income (loss) $0.14 $(0.04) $2.24
====================================
Weighted average common shares
outstanding (basic) 47,880 47,174 154,014
====================================
Weighted average common shares
outstanding (diluted) 52,368 47,174 154,014
====================================
SPECTRASITE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Reorganized Reorganized Predecessor
Company Company Company
Three Two One
Months Months Month
Ended Ended Ended
March 31, March 31, Jan. 31,
2004 2003 2003
--------------------------------------
(in thousands)
Operating activities
Net income (loss) $7,130 $(1,692) $344,970
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities:
Depreciation 20,866 13,889 15,609
Cumulative effect of change in
accounting principle -- -- 12,236
Amortization of intangible
assets 3,855 2,509 252
Amortization of debt issuance
costs 1,067 790 425
Amortization of asset retirement
obligation 695 429 214
Write-off of debt issuance costs 7 1,614 --
(Gain) loss on disposal of assets 175 1,203 (84)
Write-off of customer contracts 567 -- --
Loss on disposal of discontinued
operations 343 -- --
Deferred income taxes 2,469 -- --
Gain on debt discharge -- -- (1,034,764)
Adjust accounts to fair value -- -- 644,688
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable (687) 1,488 5,045
Costs and estimated earnings in
excess of billings, net -- (944) (272)
Inventories -- 184 (2)
Prepaid expenses and other (2,782) (1,003) (2,238)
Accounts payable (2,822) (6,170) 13,549
Other liabilities (3,043) (370) 6,264
------------------------------------
Net cash provided by
operating activities 27,840 11,927 5,892
------------------------------------
Investing activities
Purchases of property and equipment (6,309) (2,255) (2,737)
Acquisitions of towers (1,671) -- --
Disposal of discontinued operations,
net of cash sold (551) -- --
Proceeds from the sale of assets 714 81,128 --
------------------------------------
Net cash provided by (used in)
investing activities (7,817) 78,873 (2,737)
------------------------------------
Financing activities
Proceeds from issuance of common
stock 4,506 -- --
Repayments of debt and capital
leases (522) (76,128) (10,884)
Repayments of executive notes 304 -- --
Debt issuance costs (392) -- --
------------------------------------
Net cash provided by (used in)
financing activities 3,896 (76,128) (10,884)
------------------------------------
Net increase (decrease) in cash
and cash equivalents 23,919 14,672 (7,729)
Cash and cash equivalents at
beginning of period 60,410 73,232 80,961
------------------------------------
Cash and cash equivalents at end
of period $84,329 $87,904 $73,232
====================================
Supplemental disclosures of cash flow
information:
Cash paid for interest $5,202 $3,263 $4,265
Cash paid for income taxes 1,245 602 5
Supplemental disclosures of non-cash
investing
and financing activities:
Common stock issued for deposits $-- $-- $408
Tower acquisitions applied against
liability under SBC contract 639 -- --
Interest capitalized 155 -- --
Capital lease obligations incurred
(terminated) related to property
and equipment (95) 68 --
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