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Crown Castle International Reports First Quarter 2013 Results; Raises 2013 Outlook

Stocks in this article: CCI

Net income attributable to CCIC stockholders for the first quarter of 2013 was $15 million, inclusive of $36 million in losses on retirement of debt related to the completion of the redemption of the 9% senior notes and 7.75% senior secured notes, compared to $50 million of net income for the same period in 2012. Net income attributable to CCIC stockholders per common share was $0.05 for the first quarter of 2013, compared to $0.17 per common share in the first quarter of 2012.

Adjusted EBITDA in the first quarter of 2013 exceeded the high-end of first quarter Outlook (previously issued on January 23, 2013) by $13 million, primarily due to significantly higher than expected service gross margin contribution and $4 million of non-recurring site rental revenues which were not previously contemplated in the Outlook. In addition, AFFO exceeded the high-end of Outlook, due in part to $8 million of contributions related to the construction of conduit to hold customer-owned fiber to Crown Castle towers, which are accounted for as deferred site rental revenues and recognized over the estimated period the contributions are earned (currently eight years).


"We had a terrific quarter exceeding our expectations for site rental revenue, site rental gross margin, Adjusted EBITDA and AFFO," stated Jay Brown, Crown Castle's Chief Financial Officer.  "As a result of our strong results in the first quarter and the significant increase in new leasing activity, we have increased our 2013 Outlook, including increasing 2013 AFFO per share to $3.86, representing 27% expected growth from 2012.  The revised Outlook significantly increases our expectation for growth in site rental revenue and site rental gross margin during 2013. Compared to our previous expectations, we have increased our forecast for incremental growth in site rental gross margin during the year by 18%, driven primarily by the increase in application volume so far this year. The increase in expected new leasing activity is most impactful to our Outlook for fourth quarter 2013 and our site rental revenue run-rates as we head into 2014."

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