American Tower Corp. said it will restate its previously issued financial statements for periods ending on or prior to Sept. 30 last year. It will affect the three-year period ended Dec. 31, 2003, and the first three fiscal quarters of 2004. The review comes on the heels of a call from the Securities and Exchange Commission for a change in lease accounting. “The company will restate financial statements to correct the periods used to calculate depreciation expense and straight-line rent expense relating to certain of its tower assets and underlying ground leases,” said the tower operator.
SBA Communications Corp. has followed the same path, putting off the announcement of its quarterly results to review its ground-lease accounting method. The results will be released March 10. The company said the change will impact its previously issued statements for the first three fiscal quarters of 2004 and the fiscal years ended Dec. 31, 2003, and 2002, but it will not have any material impact on revenue and cash flow from operations. Crown Castle International Corp. and Global Signal made similar statements.
Trammell Crow Co.’s Wireless Solutions Group has teamed with Bank of America and Kampen and Greenwell Inc. to launch a wireless site program that will offer about 3,500 Bank of America banking centers nationwide for stealth wireless communications sites. The bank-owned properties offer existing flagpoles, light poles and trees for wireless sites. KGI will provide online marketing and application processing services for the sites. Trammell Crow’s WSG will manage the licensing process.
Infrastructure firm CCI Telecom Inc. has been awarded several contracts with major wireless carriers for cell-site construction. The contracts encompass 42 cell sites and have an aggregate value of $2.5 million.CCI Telecom said it also has received more than $400,000 in site acquisition and engineering service contracts in Texas, Colorado and New Mexico. CCI and Charys Holding Company Inc. are in the process of completing a merger, announced last month.
