Crown Castle losses narrow

Crown Castle International Corp. reported it increased site rental revenues and narrowed its net loss for the fourth quarter and full year 2005.
The results do not include data from Global Signal Inc., which became a subsidiary of the company earlier this year.
The company reported site rental revenue for the quarter of $186.7 million, up 20 percent from revenue of $155.4 million the previous year. Site rental revenue for the full year was $696.7 million, up nearly 17 percent from $597.1 million for 2005.
Net loss for the quarter was $6.3 million, a substantial improvement from net loss of $23.3 million for the same period in 2005. The loss included $4.7 million in losses related to retirement of debt. Net loss on the year was $41.9 million, including $5.8 million in losses from retirement of debt and $5.7 million of income from discontinued operations. That compares with net loss of $401.5 million for the full year 2005.
“We are pleased to complete 2006 with another quarter of strong results,” stated John Kelly, president and CEO of Crown Castle. “We grew recurring cash flow per share for the fourth quarter and full year 2006 by approximately 30 percent and 43 percent, respectively, which exceeds our long-term target of 20 percent to 25 percent annual growth in recurring cash flow per share.”
Crown Castle’s stock was down slightly on the news to $34.53 per share.