Crown Castle Q4 revenues tick up 13%

Crown Castle International Corp. reported fourth-quarter revenues up 13% to $443.5 million, and site rental revenue up 13% to $402.6 million during the period. For the year, the tower company posted adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $1 billion, up roughly 15% from EBITDA of $867 million in 2008.
“Our excellent fourth-quarter and full-year results are only a small part of what Crown Castle accomplished during the last 12 months,” said Ben Moreland, president and CEO. “We began the year with four clear goals: first, to refinance maturing debt obligations into a properly laddered structure without incurring equity dilution; second, to maximize leasing opportunities through superior execution for customers; third, to reduce risk through deleveraging; and fourth, to position Crown Castle to return to allocating investment capital in a way that maximizes long-term recurring cash flow per share. Through the tireless efforts of our employees, Crown Castle distinguished itself by achieving each of these goals and more in 2009.”
Net income attributable to stockholders stood at $18.1 million in the fourth quarter, including $21 million gained on interest rate swaps, compared to a net loss of $63.8 million in the year-ago quarter. The company reported a loss of $114.3 million for the year, including a loss of $93 million on interest rate swaps and $91 million on purchases and redemption of debt.
Looking ahead to 2010, the company said it expects to achieve site revenue rental of $403 million to $408 million for the first quarter, and between $1.645bbillion and $1.665 billion for the year, and adjusted EBITDA of between $267 million and $272 million in the first quarter and between $1.095 billion and $1.115 billion for the year.