BOSTON-American Tower Corp.’s first quarter 2003 results released today reflected a continued focus on its core rental and management operations.
The company reported revenues of $177.2 million, down from the $186.6 million reported a year ago which American Tower said was due to its focus on rental and management operations and reduction of service operations. Net loss was $91.6 million or 47 cents per share, well up from the $634.4 million or $3.25 per share net loss for the first quarter 20002.
EBITDA increased to $89.7 million and the company for the second consecutive quarter reported positive free cash flow of $7 million.
Shares of American Tower were down slightly Wednesday morning, trading at $5.96. The stock experienced gains throughout the first quarter though and has been trading above $5 mark since early March. “Perhaps the most satisfying aspect of the quarter has been to see our investors making money once again,” said Chairman and Chief Executive Officer Steve Dodge.
