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

HOUSTON, July 24, 2013 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter ended June 30, 2013.

"We had an excellent second quarter, producing AFFO per share of $1.04, up 41% over the same quarter last year," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "In addition, we saw a significant increase in leasing activity as all four major carriers in the US continued upgrading their networks for LTE and capacity enhancements. In fact, revenue from tenant additions approximately doubled in the second quarter of 2013, compared to the second quarter of 2012, reflecting the shift in activity towards network densification as carriers strive to improve network quality and to add capacity through cell-splitting to meet the increasing demand for mobile technology."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the second quarter of 2013 increased 26% to $735 million from $586 million for the same period in 2012. Site rental revenue for the second quarter of 2013 increased $99 million, or 19%, to $617 million from $518 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 $52 million, or 13%, to $438 million in the second quarter of 2013 from $386 million in the same period in 2012. Adjusted EBITDA for the second quarter of 2013 increased $66 million , or 17%,to $444 million from $379 million in the same period in 2012.

Funds from Operations ("FFO") increased 41% to $276 million in the second quarter of 2013, compared to $195 million in the second quarter of 2012. FFO per share increased 40% to $0.94 in the second quarter of 2013, compared to $0.67 in the second quarter of 2012. Adjusted Funds from Operations ("AFFO") increased 41% to $304 million in the second quarter of 2013, compared to $215 million in the second quarter of 2012. AFFO per share increased 41% to $1.04 in the second quarter of 2013, compared to $0.74 in the second quarter of 2012. 

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