CARY, N.C.-SpectraSite Inc. late last week quietly reported its fourth quarter and year-end 2002 results.
Total revenues for the fourth quarter were $81.7 million, up from the previous year’s $72.2 million, with site leasing revenues up 17 percent to $74.9 million. Net loss for the quarter was $60.3 million, down substantially from the $162.7 million loss recorded during the fourth quarter of 2001. Capital expenditures were $8.8 million, also drastically down from $166.6 million spent in the same quarter 2001. Earnings before interest, taxes depreciation, and amortization was also down, at $34.5 million, and free cash flow was positive $12.5 million, compared with a deficit of $171.1 million last year.
For the year, revenues were $309.3 million, with site leasing revenues of $282.5 million. Net loss was $775 million, up from $654.8 million the previous year. Capital expenditures were $71.2 million and EBITDA was up at $122.3 million with a free cash flow deficit of $19.5 million.
For the year, same tower revenue growth was 18 percent and same tower cash flow increased 29 percent. SpectraSite said it owned or operated 8,036 towers at the end of 2002.
At the end of 2002, SpectraSite entered Chapter 11 bankruptcy restructuring, which it emerged from on Feb. 11. The company also sold off its network services division and will report that branch’s financial results separately as discontinued operations.
