HOUSTON-Tower owner and operator Crown Castle International Corp.’s fourth-quarter 2002 results released late Wednesday reflected lower total revenues, but an increase in site rental and broadcast transmission revenues and an improved net loss.
The company reported total revenue of $228 million, down from $238.2 million reported for the year-ago quarter, but site rental and transmission revenue was $179.3 million, up 15 percent from the year-ago period. Net loss was at $4.2 million, or 2 cents per share, much improved from $123.3 million, or 57 cents per share, for the same period one-year ago.
Crown joined competitor American Tower Corp. in producing positive free cash flow in the quarter, ahead of analyst expectations. Crown reported $86.6 million in free cash flow, compared with a loss of $68.8 million last year. “We achieved a significant milestone by producing positive free cash flow for the fourth quarter,” said John Kelly, chief executive officer of Crown, adding that the company’s goals of organic growth, margin expansion, prudent capital allocations and revenue extensions helped to meet this end.
For the full year 2002, total revenue was $901.5 million, with site rental and transmission revenue at $677.8 million; net loss was $252.9 million, or $1.16 per share; capital expenditures were $277.3 million; and the company used $68.3 million in free cash flow.
Crown anticipates its year-end financials to continue to improve for 2003 and 2004, and expects to first achieve positive free cash flow for the year in 2004.
Shares of Crown were trading at $3.90 late Wednesday afternoon.
