American Tower Corp. reported strong third-quarter results, including improvements in net income and increases in revenues.
The company said its revenues increased 121 percent to $67.5 million for the third quarter, ended Sept. 30, from revenues of $30.5 million for the same quarter last year. For the first nine months, revenues increased to $169.1 million from $71.5 million for the same period last year.
Earnings before interest, taxes, depreciation and amortization increased to $24.8 million for the quarter, from $12.2 million for the third quarter last year, and to $63.2 million for the first three quarters, from $25.8 million during the same period last year.
The company’s third-quarter net loss improved slightly to $13.1 million, or 8 cents per share, compared with a net loss of $13.5 million, or 13 cents per share during the third quarter last year. For the nine-month period, the company’s net loss totaled $32.5 million, or 22 cents per share, compared with net loss of $34.8 million, or 50 cents per share, for the same period last year.
Steve Dodge, chairman and chief executive officer at American Tower, said the towers the company built in 1997 average between 2.5 broadband equivalent tenants per tower, and its 1998 new build towers will average about 1.5 broadband tenants per tower by year-end.
The company has built 250 new towers this quarter and 695 new towers to date this year. Average cost per newly built tower is $180,000, said the company.
American Tower said its acquisitions of Unisite Inc. as well as AT&T Corp.’s microwave tower portfolio and Vodafone AirTouch plc’s wireless tower portfolio are on schedule and will begin to close early next year.
