BOSTON-American Tower Corp. posted third-quarter profits of $3.5 million, a swift turnaround from the same period a year earlier when the company reported net losses of $22.1 million. Revenues rose from $265 million to $333 million year-over-year.
In the midst of its stock-option granting review, AMT released only partial third-quarter results along with amended 2005 and first-quarter 2006 reports.
For the second quarter, AMT reported earnings of $7.7 million, up from last year’s second-quarter loss of $36.2 million. Total second-quarter operating revenue rose to $325.9 million from $188 million in the year-ago period.
In its amended 2005 report, AMT stated losses for the year of $181 million, a bit higher than the $171.6 million originally reported.
For the first quarter of 2006, the company restated a loss of $1.9 million, replacing the originally posted loss of $2.6 million.
AMT said it plans to release full financial results for the third quarter along with its full financial reports for other periods under review once its special committee completes its investigation of the company’s stock-option awards processes. However, the company didn’t say when it expects to wrap up its investigation.
Jim Taiclet, AMT’s chief executive officer, stated, “We continue to experience the benefits of a healthy and growing wireless environment.”
The CEO added that looking forward, AMT is looking to “meaningfully” expand its portfolio of more than 22,000 towers.
