CARY, N.C.-SpectraSite Inc. late last week reported first quarter 2003 results reflecting increased site leasing revenues and net income.
Revenues were $81.4 million, up from $72.4 million for the first quarter of last year. Site leasing revenues were up 16.1 percent to $76.6 million, while broadcast services revenues were down to $4.8 million compared with last year’s $6.4 million.
Net income was $343.3 million compared with a net loss of $452.5 million in the year-ago quarter. The company pointed to its Feb. 10, 2003, emergence from Chapter 11 bankruptcy and subsequent extinguishment of debt for the huge increase in net income.
“Though there are still reasons to remain cautious in terms of our outlook, I am exceptionally pleased with our first quarter performance,” said Stephen Clark, SpectraSite’s president and chief executive officer.
Monday SpectraSite announced plans to offer $150 million of senior notes in a private offering, the proceeds of which it will use to repay part of outstanding term loans under its credit facility. Moody’s Investors Service reacted by raising its ratings on the $150 million senior notes, upgrading SpectraSite Communications’ secured bank credit facility ratings and raising the company’s senior implied rating. “The new rating reflects the improved financial profile of the enterprise upon its reorganization after seeking bankruptcy protection last year,” Moody’s said in a release.
Shares of SpectraSite were trading at $42 Tuesday morning. The company’s stock holds the highest value in the wireless tower sector.
