SAROSTA, Fla.-Like other major tower operators, Global Signal Inc. said it plans to release its fourth-quarter and year-end 2004 financial results March 10.
The decision followed a letter from the Securities and Exchange Commission calling for a change in lease accounting. It will affect only Global Signal’s non-cash balances, according to the company.
The company explained that it will not impact its future cash flow, borrowing facilities, the timing or amount of payments under related ground leases and the economic value of its tower assets.
“In the light of these recent developments, the company is working with its independent auditors to review its accounting for leases and related long-lived assets and believes that changes are required with respect to certain of its towers on leased land,” said the company.
Crown Castle and American Towers Corp. also have made similar news.
