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crown castle intl corp (CCI) Key Developments

Crown Castle International Corp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2014; Provides Earnings Guidance for the First Quarter Ending March 31, 2015; Revises Earnings Guidance for the Full Year Quarter Ending December 31, 2015

Crown Castle International Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended September 30, 2014. For the quarter, total revenues increased 21% to $968 million from $798 million for the same period in 2013. Adjusted EBITDA increased $78 million, or 17%, to $546 million from $468 million in the same period in 2013. Adjusted funds from operations increased 19% to $346 million compared to $291 million in the fourth quarter of 2013. AFFO per share increased 14% to $1.04 compared to $0.91 in the fourth quarter of 2014. Funds from operations increased 118% to $390 million compared to $179 million in the fourth quarter of 2013. FFO per share increased 109% to $1.17 compared to $0.56 in the fourth quarter of 2013. Net income attributable to common stockholders of the company was $137 million, compared to $35 million of net loss for the same period in 2013. Net income attributable to common stockholders of the company per common share was $0.41 compared to a net loss attributable to common stockholders of the company of $0.11 per common share in the fourth quarter of 2013. Operating income was $261.53 million compared to $233.95 million a year ago. Income before income taxes was $141.86 million compared to $87.70 million a year ago. For the full year, total revenues increased 22% to $3.69 billion from $3.02 billion for full year 2013. Adjusted EBITDA increased $343 million, or 19%, to $2.14 billion from $1.79 billion for full year 2013. AFFO increased 27% to $1.40 billion compared to $1.10 billion for full year 2013. AFFO per share increased 14% to $4.19 compared to $3.67 for full year 2013. FFO increased 56% to $1.35 billion compared to $866 million for full year 2013. FFO per share increased 40% to $4.06 compared to $2.89 for full year 2013. Net income attributable to common stockholders of the company was $347 million, compared to $79 million of net income for full year 2013. Net income attributable to common stockholders of the company per common share was $1.04 for full year 2014, compared to $0.26 per common share for full year 2013. Operating income was $993.58 million compared to $921.80 million a year ago. Income before income taxes was $388.13 million compared to $292.53 million a year ago. Net cash provided by operating activities was $1,666.13 million compared to $1,237.66 million a year ago. Capital expenditures were $780.08 million compared to $567.81 million a year ago. The company provided earnings guidance for the first quarter ending March 31, 2015, and revised earnings guidance for the full year quarter ending December 31, 2015. For the first quarter of 2015, the company expects site rental revenues in the range of $762 million to $767 million, site rental gross margin in the range of $523 million to $528 million, Adjusted EBITDA in the range of $542 million to $547 million, interest expense and amortization of deferred financing costs in the range of $131 million to $136 million, FFO in the range of $368 million to $373 million, AFFO in the range of $363 million to $368 million, AFFO per share in the range of $1.09 to $1.10, net income in the range of $111 million to $144 million, net income per diluted share in the range of $0.33 to $0.43, and net income attributable to common stockholders of the company in the range of $99 million to $136 million, net income per diluted share attributable to common stockholders of the company in the range of $0.30 to $0.41. For the full year, the company expects site rental revenues in the range of $3,058 million to $3,078 million, site rental gross margin in the range of $2,086 million to $2,106 million, Adjusted EBITDA in the range of $2,140 million to $2,160 million, interest expense and amortization of deferred financing costs in the range of $528 million to $543 million, FFO in the range of $1,437 million to $1,457 million, AFFO in the range of $1,445 million to $1,465 million, AFFO per share in the range of $4.33 to $4.39, net income in the range of $445 million to $529 million, net income per diluted share in the range of $1.33 to $1.59, and net income attributable to common stockholders of the company in the range of $407 million to $498 million, net income per diluted share attributable to common stockholders of the company in the range of $1.22 to $1.49. The company has increased the midpoint of its full year 2015 outlook for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO by approximately $11 million, $13 million, $14 million and $8 million, respectively.

Crown Castle International Corp. to Report Q4, 2014 Results on Jan 22, 2015

Crown Castle International Corp. announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Jan 22, 2015

Crown Castle International Corp., Q4 2014 Earnings Call, Jan 22, 2015

Crown Castle International Corp., Q4 2014 Earnings Call, Jan 22, 2015

Extenet Systems Reportedly Explores Sale

Crown Castle International Corp. (NYSE:CCI) as well as private equity firms are eyeing ExteNet Systems, Inc. which is exploring a sale that could fetch more than $700 million, according to people familiar with the matter. ExteNet Systems, Inc. is working with investment bank TAP Advisors to help find a buyer, said these people, who asked not to be named because the matter is not public. Representatives for ExteNet Systems, Inc. did not respond to a request for comment. Crown Castle International Corp. did not immediately respond to a request for comment.

Crown Castle International Corp. Declares Quarterly Preferred Stock Dividend, Payable on February 2, 2015

Crown Castle International Corp. announced that the quarterly dividend on its 4.50% Mandatory Convertible Preferred Stock will be paid on February 2, 2015 to holders of record on January 15, 2015. The dividend will be paid in cash at a rate of $1.125 per share of Preferred Stock.

 

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