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Crown Castle Drops into Financial Loss on Debt Retirement Costs
Published on:
USA based tower operator, Crown Castle has reported that its revenue for the fourth quarter of 2012 increased 30% to $674 million from $519 million for the same period in 2011.
However the company dropped into a net loss of US$10 million, compared to a profit of US$49 million a year ago. This was largely due to a US4117 million loss on the retirement of some of its debt.
Net income for full year 2012 increased to $201 million, inclusive of the aforementioned loss on retirement of debt, compared to $171 million for the same period in 2011.
"We delivered excellent financial results throughout 2012 and successfully enhanced Crown Castle's position as the leading provider of shared wireless infrastructure in the US by closing on approximately $4 billion in acquisitions," stated Ben Moreland, Crown Castle's President and Chief Executive Officer.
During the fourth quarter of 2012, Crown Castle invested approximately $158 million in capital expenditures, comprised of $47 million of land purchases, $18 million of sustaining capital expenditures and $93 million of revenue generating capital expenditures, the latter consisting of $51 million on existing sites and $41 million on the construction of new sites, primarily DAS nodes.
"We had a tremendous 2012 as we completed more than $7 billion of financing activities to refinance existing debt and fund several acquisitions," stated Jay Brown, Crown Castle's Chief Financial Officer. "These financings lowered our total average cost of debt from 6.2% to 4.5% and extended the average maturity of our debt to approximately seven years."
Tags: [crown castle] [USA]
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