CCI Reports Fourth-quarter and Full-year 2008 Results
In all, site rental gross margin, adjusted EBITDA and recurring cash flow all added up to make for a solid fourth quarter 2008 as Crown Castle continued to see hopeful signs.
Site rental gross margin, defined as site rental revenues minus cost of operations, increased 7 percent to $240.8 million, up $16 million from $224.8 million in the same period in 2007. Adjusted EBITDA increased $16.2 million year over year, or 8 percent, to $225.4 million. Recurring cash flow, defined as adjusted EBITDA less interest expense and sustaining capital expenditures, increased to $125.1 million, up 13 percent, or 15 percent on a currency-adjusted basis.
“We had an excellent fourth quarter and full-year 2008, exceeding our previously provided outlook for site rental gross margin, adjusted EBITDA and recurring cash flow,” Ben Moreland, president and CEO of Crown Castle, said in a prepared release. “Despite current economic conditions, leasing demand for our towers remains strong and consistent with levels experienced in 2007 and 2008. Demand for voice and 3G data services and migration from landlines to wireless continue to drive the tower growth.”
Even with all the good fiscal news, Crown Castle still reported a net loss of $63.8 million, but it was less than the $80.2 million loss for the same period in 2007. Net loss after deduction of dividends on preferred stock was $69 million and the net loss was $48.9 million for full-year 2008 compared to a net loss of $222.8 million for full-year 2007.
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