Crown Castle International Reports Fourth Quarter And Full Year 2010 Results

HOUSTON, Jan. 26, 2011 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter and year ended December 31, 2010.

"We had an excellent fourth quarter and full year 2010, growing site rental revenue and recurring cash flow from 2009 to 2010, by 10% and 22%, respectively, reflecting the continued strong underlying growth in the business," stated Ben Moreland, President and Chief Executive Officer. "Our U.S. services business also performed exceptionally well, with service revenues up 25%, compared to full year 2009. In addition to excellent financial results in 2010, we refinanced approximately $3.5 billion of debt, accomplishing our goal of refinancing our near-term debt into an appropriately laddered maturity structure.  Further, during 2010, we closed our acquisition of NewPath Networks, one of the leading providers of distributed antenna systems networks, furthering our ability to extend wireless infrastructure to customers beyond those areas served by traditional towers, and broadening our service offering in this growing market. Finally, following the completion of our refinancing efforts, we resumed allocating investment capital in a way that we believe will maximize long-term recurring cash flow per share, including by purchasing our common shares, by increasing purchases of land beneath our towers, and through our acquisition of NewPath. In summary, I am very pleased with our 2010 accomplishments and am excited going into 2011 as growing consumer demand for mobile Internet drives the need for our customers to lease additional space on our towers."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the fourth quarter of 2010 increased 12% to $496.3 million from $443.5 million in the same period in 2009. Site rental revenue for the fourth quarter of 2010 increased $44.6 million, or 11%, to $447.2 million from $402.6 million for the same period in the prior year. Site rental gross margin, defined as site rental revenue less site rental cost of operations, increased $41.5 million, or 15%, to $325.5 million in the fourth quarter of 2010 from $284.0 million in the same period in 2009. Adjusted EBITDA for the fourth quarter of 2010 increased $47.9 million , or 18%,to $311.4 million from $263.5 million in the same period in 2009. 

Recurring cash flow, defined as Adjusted EBITDA less interest expense and sustaining capital expenditures increased 33% to $175.7 million for the fourth quarter of 2010, compared to $132.2 million in the fourth quarter of 2009.  Diluted weighted average common shares outstanding was 288.0 million for the fourth quarter of 2010, compared to 290.5 million for the same period in the prior year. Recurring cash flow per share, defined as recurring cash flow divided by diluted weighted average common shares outstanding, grew 33% to $0.61 in the fourth quarter of 2010, compared to $0.46 in the fourth quarter of 2009.