The Company made progress on strategically divesting non-core portions of its business andĪcquiring complementary core tower assets. The Company generated free cash flow of $20.6 million in the third quarter 2003, which includes a deduction of approximately $20.3 million for non-cash interest expenseįrom the accretion of our senior subordinated discount notes due 2008 and our 2.25% discount convertible notes due 2009 and amortization of deferred financing costs (excluding the $20.3 million of non-cash interest expense would result in free cash Adjusted EBITDA margin improved to 54.0% for the three months ended September 30, 2003, from 45.0% for the same period in 2002. Rental and management segment operating profit margins increased to 66.4% for the three months ended September 30, 2003, from 61.6% for the same period inĢ002. Rental and management segment operating profit increased 23% to $105.0 millionįor the three months ended September 30, 2003, from $85.1 million for the same period in 2002. Respectively, for the three months ended Septemas compared to the three months ended September 30, 2002. Organic same tower revenue and same tower cash flow growth on approximately 13,200 towers owned as of the beginning of the third quarter 2002 and the end of the third I have greatĬonfidence in this companys management teamthey are energetic, committed to driving customer satisfaction and shareholder value, and know what it takes to win. You can expect all of these trends to continue, as we anticipate a stable to improving lease up environment ahead. Sustained operational performance and balance sheet de-leveraging have improved our access to capital, as we continue to reward stakeholders across our entire capital structure. The cash flow from operations, combined with the proceeds from non-core business divestitures and our recent equity offering have provided us with the liquidity to reduce our overall level of net debt. This steady expansion of free cash flow has enabled us to Our demonstrated ability to sustain top line growth while managing costs and capital expenditures resulted in our third consecutive quarter of increasing, positive free cash In adjusted EBITDA, was driven by continued focus on operational execution. Jim Taiclet, American Towers Chief Executive Officer, stated, Our strong third quarter performance, year-over-year increases of 15% in tower revenue and 28% The Company generated free cash flow (adjusted EBITDA less interest expense and capitalĮxpenditures incurred, excluding acquisitions and divestitures) of $20.6 million for the three months ended September 30, 2003. TV Azteca, net) increased 28% to $100.9 million for the three months ended Septemfrom $78.8 million for the same period in 2002. The three months ended Septemfrom $353.9 million, or $1.81 per share, for the same period in 2002.Īdjusted EBITDA (income (loss) from operations before depreciation and amortization and impairments and net loss on sale of long-lived assets plus interest income, Net loss decreased to $52.9 million, or $0.25 per share, for Loss fromĬontinuing operations decreased to $37.7 million, or $0.18 per share, for the three months ended Septemfrom $147.9 million, or $0.76 per share, for the same period in 2002. Total revenues increased to $186.9 million for the three months ended September 30, 2003, from $174.9 million for the same period in 2002. Segment revenues increased to $158.2 million from $138.2 million for the same period in 2002. Same tower revenue and same tower cash flow growth of 11% and 15%, respectivelyĪdjusted EBITDA increased to $100.9 million and adjusted EBITDA margin increased to 54.0%īoston, Massachusetts Octo American Tower Corporation (NYSE: AMT) today reported financial results for the quarter ended September 30,įor the three months ended September 30, 2003, rental and management Income from operations increased to $12.0 million and net loss decreased to $52.9 million Vice President of Finance, Investor RelationsĬORPORATION REPORTS THIRD QUARTER RESULTS PRESS RELEASE OF AMERICAN TOWER CORPORATION
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