SARASOTA, Fla.-Global Signal Inc., the nation’s third-largest tower company, declared a fourth-quarter dividend of 50 cents per share on its common stock.
The dividend payment underscores a significant financial improvement compared with the third-quarter when the company reported a net loss of $15.4 million, or 23 cents per share. The company attributed the loss to costs associated with integrating Sprint Nextel Corp.’s tower sites into its operations.
Global Signal acquired the Sprint Nextel towers in late May, paying $1.2 billion in cash for the exclusive rights to lease or operate 6,600 of Sprint Nextel’s towers for 32 years. GBI owns, leases or manages about 11,000 towers and other communications sites in the United States and Canada.
The company said the dividend is payable Jan. 19.
No other details of the company’s fourth-quarter results were disclosed.
News of the dividend payment didn’t seem to move the company’s stock on the New York Stock Exchange. Having opened Thursday at $43.75 per share, the stock was at $43.48 in late afternoon trading.
