CARY, N.C.-Tower company SpectraSite Inc. reported results for the fourth quarter and full year ended Dec. 31, 2004, and updated its 2005 outlook. In 2004, the company said it achieved record revenues and net cash provided by operating activities of $355.1 million and $141.1 million, respectively.
The company noted it has designated the periods prior to Jan. 31, 2003, as “predecessor company” and the periods subsequent to Jan. 31, 2003, as “reorganized company.” The company said as a result of the implementation of fresh-start accounting, the financial statements of the reorganized company are not comparable with the predecessor company’s financial statements for prior periods. In addition, the company has reviewed certain non-cash items relating to its lease-accounting practices as a result of new Securities and Exchange Commission requirements.
SpectraSite is only the second tower company to release financials following the SEC accounting changes.
Total revenues for the fourth quarter of 2004 were $91.1 million compared with $81.5 million for the fourth quarter of 2003, representing an increase of 11.8 percent. The company’s net loss was $1.6 million for the fourth quarter of 2004 vs. a net loss of $21.6 million during the fourth quarter of 2003.
Total revenues for 2004 were $355.1 million compared with $25.6 million for the one month ended Jan. 31, 2003, and $289.7 million for the 11 months ended Dec. 31, 2003.
The company is updating its outlook for 2005 interest expense to take into account a $300 million five-year interest-rate swap entered into Dec. 16, 2004, and the additional $100 million it borrowed Nov. 29, 2004, in conjunction with its $150 million accelerated stock buyback agreement. Taking into account these changes in the company’s capital structure, the company’s updated range for 2005 interest expense is $45 million to $50 million from its previous range of $35 million to $40 million.
