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Document Preview For Immediate Release |
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For Immediate Release |
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2003 |
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$33 |
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#338709 |
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[AMERICAN TOWER LOGO]
FOR IMMEDIATE RELEASE
ATC Contact: Anne Alter
Vice President of Finance, Investor Relations
Telephone: (617) 375-7500
AMERICAN TOWER CORPORATION REPORTS SECOND QUARTER RESULTS
| Same tower revenue and same tower cash flow growth of 12% and 19%, respectively |
| Adjusted EBITDA increased to $96.2 million and adjusted EBITDA margin improved to 54.0% |
| Free cash flow of $14.2 million |
| Income from operations of $3.8 million and net loss of $107.7 million |
Boston, Massachusetts July 24, 2003 American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended June 30, 2003.
For the three months ended June 30, 2003, rental and management segment revenues increased to $151.9 million from $132.0 million for the same period in 2002. Total revenues increased to $178.2 million for the three months ended June 30, 2003, from $165.8 million for the same period in 2002. Loss from continuing operations increased to $81.0 million, or $0.40 per share, for the three months ended June 30, 2003 from $67.7 million, or $0.35 per share, for the same period in 2002. Net loss increased to $107.7 million, or $0.53 per share, for the three months ended June 30, 2003 from $101.2 million, or $0.52 per share, for the same period in 2002. Loss from continuing operations and net loss for the three months ended June 30, 2003 include a non-cash charge of $35.8 million or $0.18 per share related to several convertible note exchanges.
Adjusted EBITDA (income (loss) from operations before depreciation and amortization and impairments and net loss (gain) on sale of long-lived assets plus interest income, TV Azteca, net) increased to $96.2 million for the three months ended June 30, 2003 from $72.9 million for the same period in 2002. Rental and management segment operating profit (rental and management revenue less rental and management operating expenses plus interest income, TV Azteca, net) increased to $101.2 million for the three months ended June 30, 2003 from $78.4 million for the same period in 2002. The Company generated free cash flow (adjusted EBITDA less interest expense and capital expenditures incurred, excluding acquisitions and divestitures) of $14.2 million for the three months ended June 30, 2003.
During the second quarter 2003, the Company also committed to sell its steel fabrication and tall tower construction service subsidiary, Kline Iron & Steel Co., Inc. As a result of its intention to sell Kline Iron & Steel Co. Inc. within the next twelve months, the Company has designated Kline Iron & Steel Co. Inc. as discontinued operations for the second quarter 2003, six months ended 2003 and for comparative periods shown for 2002, in accordance with generally accepted accounting principles. Accordingly, services revenue and services segment operating profit were reduced by $10.7 million and $0.2 million, respectively, for the second quarter 2003 and by $24.5 million and $2.0 million, respectively, for the same period in the prior year.
Steve Dodge, American Towers Chairman and Chief Executive Officer, stated, Solid organic revenue growth from towers of 12%, coupled with tight spending controls keyed strong margin expansion and significant gains in sequential quarterly adjusted EBITDA and free cash flow. We see these patterns continuing through this year and beyond.
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