HOUSTON-Wireless communications tower owner Crown Castle International Corp. released financial results for the first quarter of 2004 in line with guidance issued last month.
The company reported site rental and broadcast transmission revenue of $219.4 million, up 18.6 percent, or $34.4 million, from last year’s first-quarter revenue. Of that, U.S. site rental revenue accounted for $120.7 million, up 11.9 percent from last year, and U.K. site rental and broadcast transmission revenue accounted for $19.3 million, up 27.1 percent from last year.
Net cash from operating activities was $26.9 million, well up from $5.9 million last year. Free cash flow, which Crown defines as net cash from operating activities less capital expenditures, was $7.5 million, also well up from a use of cash of $46.9 million in the first quarter 2003.
Net loss was $65 million, or 34 cents per share, for the quarter, improved from last year’s first quarter net loss of $69 million, or 38 cents per share.
“During the first quarter, our core business continued to produce strong growth,” said John Kelly, president and chief executive officer. “Thus far during 2004, we have experienced a 25-percent increase in U.S. leasing compared to last year’s volume, and we are encouraged by the leasing activity in the U.K. and Australia.”
Shares of Crown were trading down slightly at $14.70 Thursday morning, following the earnings release.
