HOUSTON—Crown Castle International Corp. said its net loss narrowed during the third quarter as revenues increased.
Site rental revenues increased 17.1 percent to $179 million from $152.8 million for the same period last year. Total net revenues were $200.9 million, up from $172.3 million for the same quarter last year. Analysts expected revenues of $198.3 million.
Net loss for the quarter was $15.6 million, an improvement from net loss of $25.5 million during last year’s third quarter. For the fourth quarter, Crown said it expects to report site rental revenues of $180 million to $182 million and net loss of between $10 million and $26 million. For the full year, the company expects site rental revenues of $690 million to $692 million and net loss of between $61 million and $82 million.
During the company’s earnings conference call, Crown’s president and chief executive, John Kelly, called 2006 a “very good year.” He also confirmed that, by the end of the year, the company’s Modeo L.L.C. subsidiary will launch its DVB-H mobile TV network in New York City. Kelly noted that if the New York launch goes well, the company won’t need to fund “on our own balance sheet” construction of the mobile TV network in other markets, as outside capital investors will likely be interested in financing further expansions of the network. Kelly also divulged that DVB-H handsets would soon be available to T-Mobile USA Inc. and Cingular Wireless L.L.C. subscribers for the New York City launch.
Wall Street seemed to like Crown’s earnings news, as the company’s stock traded up $1.49 at $34.50 per share following the announcement.
