CARY, N.C.-SpectraSite Inc. recently released its fourth-quarter 2003 results, warning they are not necessarily comparable to the previous year’s results since the company was reorganized in early 2003.
The company said its total revenues were $81.6 million, compared with $74.9 million in the previous year’s fourth quarter. Operating income was $16.6 million, improved from an operating loss of $11.8 million in the year-ago quarter. Net loss was $13.6 million, or 29 cents per share, for the quarter, improved from $60.3 million, or 39 cents per share, in 2002. EBITDA (net income before depreciation, amortization and accretion, interest, income tax expense and discontinued operations) was $41.5 million, up from $32 million last year.
Net cash from operating activities, however, decreased to $29.5 million from $34.8 million in the previous year’s fourth quarter. Free cash flow also decreased to $18 million from $26 million last year.
At the end of the quarter, SpectraSite had $60.4 million cash on hand and held a $639.6 million long-term debt. The company currently owns or operates 7,577 towers and in-building sites. Shares of SpectraSite were trading at $37.56 Thursday. The company plans to hold a conference call to further discuss its fourth-quarter results on Feb. 26.
SpectraSite also recently announced it has priced a secondary offering of 9 million shares of common stock for $35 per share.
