HOUSTON—Crown Castle International Corp. said its revenues for the fourth quarter ended Dec. 31 increased to $238.2 million, from $202 million for fourth-quarter 2000. The company’s revenues for the year also increased from $649.2 million in 2000, to $898.9 million for 2001.
Crown Castle’s net loss nearly doubled to $103 million, or 57 cents per share, for the quarter, compared with a loss of $59 million, or 40 cents per share, for the same time the previous year. Net loss for the year totaled $366.2 million, or $2.08 per share, compared with a net loss of $204.8 million, or $1.48 per share, for 2000.
“Given the current climate in the capital markets, we are pleased to end 2001 with just over $1 billion in cash and investments and approximately $600 million in availability under our existing senior credit facilities,” said Benjamin Moreland, chief financial officer of Crown Castle. “We foresee our business plan being fully funded out of cash on the balance sheet, by a healthy margin, through 2004, at which time we expect to achieve positive cash flow after interest and capital expenditures.”
During the fourth quarter, Crown Castle added 1,520 new tenants on the 14,851 sites owned and managed at the beginning of the quarter. The company expects to build between 225 and 275 new towers during the first quarter.
