HOUSTON-Crown Castle International Corp. reported revenues for the fourth quarter ended Dec. 31 of $114.2 million, an 88-percent increase from the $60.8 million reported for the same quarter the previous year.
Revenues for the year increased 206 percent from $113.1 million to $345.8 million.
The company recorded a net loss of $33 million, or 27 cents per share, for the quarter, compared with a net loss of $7.3 million, or 9 cents per share, for fourth-quarter 1998.
For the year, Crown Castle recorded a net loss of $96.8 million, or 94 cents per share, compared with a net loss of $37.8 million, or $1.02 per share, recorded last year.
Highlights of the quarter included the acquisition of approximately 2,300 towers through a joint venture with GTE Corp. in November, and two master lease agreements with Metricom Inc. and Nextel Communications Inc. for more than 1,700 sites, the company said.
In the Crown Castle/GTE venture, GTE contributed 2,300 towers, valued at about $900 million, and Crown Castle contributed $525 million in cash and up to $100 million in common stock. GTE said it would pay $1,400 per month to lease space on the towers, which now give Crown Castle a presence in several Western markets, including San Francisco and Seattle.
This acquisition and others added 7,250 tenants to Crown Castle’s towers during the year. The company reported 2,550 new tenants.
