HOUSTON-Crown Castle International Corp. increased revenues and decreased losses during the third quarter. In its earnings statement, released late Nov. 14, the company reported a net loss of $65.63 million, or 16 cents per share, on revenues of $227.42 million.
Last year, the company reported a third-quarter net loss of $110.33 million, or 60 cents per share, and revenues of $218.4 million.
Crown Castle also said it paid down $402 million in debt, including $50 million on its Crown Atlantic credit facility with funds from operations and that it terminated its build-to-suit commitments to Verizon Wireless Inc. and Cingular Wireless L.L.C., which eliminates requirements to build additional towers for the carriers.
“We are particularly pleased with the progress we have made during the quarter toward achieving recurring positive free cash flow through reductions in interest expense and capital spending,” said John Kelly, chief executive officer. “We continue to believe that our tower leasing model will deliver significant free cash flow, despite the uncertainty of the future leasing demand of U.S. wireless
