SARASOTA, Fla.-Pinnacle Holdings Inc. reported revenues for the third quarter ended Sept. 30 of $46.5 million, just slightly more than the $45.3 million the company reported in revenues for the same period the previous year.
Pinnacle felt the impact of paging providers PNI and TSR Wireless filing for bankruptcy. As a result of these lost customers, Pinnacle reported a net loss of $315.4 million, or $6.51 per share, for the quarter, compared with a loss of $38.3 million, or 79 cents per share, for third-quarter 2000.
Pinnacle said as part of an effort to address near-term liquidity issues, it is making available for sale its investment in Pinnacle Towers Ltd., the company’s U.K. subsidiary, as well as certain land parcels. Pinnacle also is selling five colocation facilities.
