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

The following table sets forth Crown Castle's current Outlook for second quarter 2013 and full year 2013:

 

(in millions, except per share amounts) Second Quarter 2013 Full Year 2013
Site rental revenues $612 to $617 $2,470 to $2,480
Site rental cost of operations $179 to $184 $715 to $725
Site rental gross margin $430 to $435 $1,749 to $1,759
Adjusted EBITDA $426 to $431 $1,722 to $1,732
Interest expense and amortization of deferred financing costs (a) $138 to $143 $584 to $594
FFO $255 to $260 $982 to $992
AFFO $274 to $279 $1,126 to $1,136
AFFO per share (b) $0.94 to $0.95 $3.84 to $3.88
Net income (loss) $23 to $63 $102 to $198
Net income (loss) per share - diluted (b) $0.08 to $0.22 $0.35 to $0.68
(a) See the reconciliation of "Components of interest expense and amortization of deferred financing costs" herein for a discussion of non-cash interest expense.
(b) Based on 292.9 million diluted shares outstanding as of March 31, 2013.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, April 25, 2013, at 10:30 a.m. Eastern Time. The conference call may be accessed by dialing 480-629-9722 and asking for the Crown Castle call at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at http://investor.crowncastle.com . Any supplemental materials for the call will be posted on the Crown Castle website at http://investor.crowncastle.com .

A telephonic replay of the conference call will be available from 12:30 p.m. Eastern Time on Thursday, April 25, 2013, through 11:59 p.m. Eastern Time on May 2, 2013, and may be accessed by dialing 303-590-3030 using access code 4611818. An audio archive will also be available on the company's website at http://investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

Crown Castle owns, operates and leases towers and other infrastructure for wireless communications. Crown Castle offers significant wireless communications coverage to 98 of the top 100 US markets and to substantially all of the Australian population. Crown Castle owns, operates and manages over 30,000 and approximately 1,700 wireless communication sites in the US and Australia, respectively. For more information on Crown Castle, please visit www.crowncastle.com .

Non-GAAP Financial Measures and Other Calculations

This press release includes presentations of Adjusted EBITDA, Funds from Operations and Adjusted Funds from Operations, which are non-GAAP financial measures. These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")). Each of the amounts included in the calculation of Adjusted EBITDA, FFO, and AFFO are computed in accordance with GAAP, with the exception of: (1) sustaining capital expenditures, which is not defined under GAAP and (2) our adjustment to the income tax provision in calculations of FFO and AFFO.

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