Crown Castle International Corp. reported a slight year-over-year increase in total revenues during the third quarter from $227.4 million last year to $235.6 million in total revenues during the third quarter of 2003. The increase included a dramatic drop in network service revenue from $61.1 million last year to $37.2 million this year, which was offset by an increase in site rental and broadcast transmission revenue from $166.3 million last year to $198.4 million this year.
Net loss also increased from $35.7 million last year, a loss of 16 cents per share, to $109.2 million this year, a loss of 50 cents per share.
Crown Castle’s management added that it remains on track to deliver free cash flow for the full year and expects leasing activity to improve in its domestic operations next year as carriers work on improving network quality.
“Our business unit delivered strong revenue growth this quarter in our core site rental and broadcast transmission business and completed some key agreements,” said John Kelly, president and chief executive officer of Crown Castle. “While our outlook continues to suggest leasing activity will remain constant at current levels, we see indications that U.S. leasing activity may improve into 2004. We have seen an increase in site applications for our U.S. towers from our customers as they improve their networks.”
