CARY, N.C.-SpectraSite Inc. released solid second-quarter 2003 results, reflecting improved revenues and decreased losses.
The company said total revenues were $80.9 million, up from $73.2 million recorded in the second quarter of 2002. Site leasing revenues were up 15.8 percent from last year to $77.5 million, and broadcast services revenues were down nearly 50 percent to $3.4 million. Net loss was $7.6 million, or 32 cents per share, a vast improvement from a year-ago net loss of $126.1 million, or 82 cents per share.
Free cash flow, defined as net cash from operating activities less purchases of property and equipment, was $12.7 million compared with a free cash flow deficit of $40.8 million in the year-ago quarter. SpectraSite owned or operated 7,539 towers and in-building sites at the end of the quarter.
SpectraSite last week announced a two-for-one forward stock split, which will affect all stockholders as of Aug. 14 and will be effective Aug. 21. Shares of SpectraSite, which have been markedly higher than other tower stocks since the company emerged from bankruptcy early this year, were trading slightly up at $61 following the earnings news.
