EXHIBIT 99.1
------------
[GRAPHIC OMITTED]
Spectra Site
Getting Networks on Air
CONTACT: Investor Relations Department
919-466-5492
investorrelations@spectrasite.com
---------------------------------
SPECTRASITE REPORTS THIRD QUARTER 2004 RESULTS
CARY, NC, NOVEMBER 3, 2004 - SpectraSite, Inc. (NYSE: SSI), one of the largest
wireless tower operators in the United States, today reported results for the
quarter ended September 30, 2004.
The Company has designated the periods prior to January 31, 2003, as
"Predecessor Company" and the periods subsequent to January 31, 2003, as
"Reorganized Company." As a result of the implementation of fresh start
accounting, the financial statements of the Reorganized Company are not
comparable to the Predecessor Company's financial statements for prior
periods.
Total revenues for the third quarter of 2004 were $91.6 million, compared to
revenues of $79.5 million for the three months ended September 30, 2003. The
Company's year over year increase in revenues was derived from new and amended
site leasing and licensing agreements, rent escalations included in existing
site leasing and licensing agreements, new sites acquired or built during the
period, and increases in fee revenues. Same site year over year revenue growth
for the quarter ended September 30, 2004, was $6.5 million, or 9%. During the
third quarter of 2004 the Company also recognized $2.0 million of one-time
deferred revenue associated with previously marketed sites owned by affiliates
of SBC Communications.
Operating income for the third quarter of 2004 was $24.8 million, an increase
from operating income of $15.3 million for the three months ended September
30, 2003.
Other income during the third quarter of 2004 was $27.6 million as compared to
other income of $1.1 million during the third quarter of 2003. Other income
items during the third quarter of 2004 primarily consisted of $27.8 million of
income associated with a reduction in the Company's commitment to acquire
towers under certain agreements with affiliates of SBC Communications, as
further described below.
The Company's net income was $27.0 million for the third quarter of 2004
versus net income of $3.2 million during the third quarter of 2003. The
Company's basic net income per share was $0.55 during the third quarter of
2004 as compared to basic net income of $0.07 per share during the three
months ended September 30, 2003. The Company's diluted net income per share
was $0.51 during the third quarter of 2004 as compared to diluted net income
of $0.06 per share during the three months ended September 30, 2003.
Adjusted EBITDA increased to $78.7 million during the third quarter of 2004
from $41.9 million during the third quarter of 2003. Other income items in the
amount of $27.6 million and non-cash compensation charges in the amount of
$0.1 million are included in the Company's third quarter 2004 Adjusted EBITDA
calculation. Other income items in the amount of $1.1 million are included in
the Company's third quarter 2003 Adjusted EBITDA calculation.
1
The Company's presentation of Adjusted EBITDA is based on regulations adopted
by the Securities and Exchange Commission ("SEC") related to non-GAAP
financial measures. The Company defines Adjusted EBITDA for the Reorganized
Company as net income (loss) before depreciation, amortization and accretion,
interest, income tax expense (benefit) and, if applicable, before discontinued
operations and cumulative effect of change in accounting principle. For the
Predecessor Company, Adjusted EBITDA also excludes gain on debt discharge,
reorganization items, and write-offs of investments in and loans to
affiliates. The Company uses a different definition of Adjusted EBITDA for the
fiscal periods prior to its reorganization to enable investors to view the
Company's operating performance on a consistent basis before the impact of the
items discussed above on the Predecessor Company. Each of these historical
items was incurred prior to, or in connection with, the Company's
reorganization and is excluded from Adjusted EBITDA to reflect the results of
the Company's core operations. Adjusted EBITDA may not be comparable to a
similarly titled measure employed by other companies and is not a measure of
performance calculated in accordance with accounting principles generally
accepted in the United States.
Net cash provided by operating activities increased to $43.6 million during
the third quarter of 2004 as compared to net cash provided by operating
activities of $34.9 million during the third quarter of 2003. Purchases of
property and equipment during the third quarter of 2004 were $10.7 million, as
compared to $4.0 million during the third quarter ended September 30, 2003.
Free cash flow, defined as net cash provided by operating activities less
purchases of property and equipment, during the third quarter of 2004 was
$32.9 million as compared to free cash flow of $30.9 million during the third
quarter of 2003.
The Company owned or operated 7,802 towers and in-building systems as of
September 30, 2004.
In describing the Company's performance during the third quarter, Stephen H.
Clark, President and CEO, stated, "Once again, I am delighted by our operating
team's results. Our strong year over year growth reflects the attractiveness
of our tower portfolio, the traction we are gaining with our in-building
initiatives, and our operating team's consistent ability to execute."
SHARE REPURCHASE PROGRAM
On July 28, 2004, the Company's Board of Directors authorized the repurchase
of shares of the Company's common stock up to an aggregate amount of $175
million. The Company has selected a financial institution to manage the
repurchase of the Company's shares. The share repurchase is subject to
prevailing market conditions and other considerations. During the three months
ended September 30, 2004, the Company repurchased 735,400 shares at an average
price of $43.92 per share, which includes a $0.03 per share commission.
Including legal costs of $0.2 million, the Company's cost basis for these
shares was an average price of $44.14 per share. The Company holds all
repurchased shares as treasury stock.
NEW CREDIT FACILITY
On October 15, 2004, the Company announced that it has received commitments
from a group of lenders for a new $900 million senior credit facility in
advance of their efforts to syndicate the facility with a larger group of
financial institutions. These commitments are subject to negotiation,
execution and delivery of definitive loan documentation and various other
conditions, including approval by the Company's Board of Directors. Borrowings
under the new credit facility would be used to repay the existing credit
facility and for general corporate purposes.
ACQUISITIONS
On August 16, 2004, the Company completed its last closing under its agreement
with SBC consisting of 191 towers for total cash consideration of $50.0
million. This acquisition was 276 towers less than the potential maximum
number of towers contemplated to be leased or subleased under the Company's
agreement with SBC. As a result of not acquiring
2
these remaining 276 towers, the Company recognized $27.8 million as Other
income through the reversal of liabilities originally recorded for these
towers. The Company's federal income tax obligation was not impacted by the
recording or reversal of the liabilities related to its obligation under the
SBC agreements.
2005 OUTLOOK
The Company expects 2005 site leasing and licensing revenues will be between
$372 million and $382 million.
The Company expects 2005 site operations costs excluding depreciation,
amortization and accretion expenses will be between $108 million and $111
million.
The Company expects 2005 selling, general and administrative expenses will be
between $51 million and $53 million.
The Company expects 2005 cash interest expense to be between $35 million and
$40 million.
The Company expects 2005 capital expenditures to be approximately $50 million,
consisting of approximately $10 million of required capital expenditures and
approximately $40 million of discretionary capital expenditures associated
with various growth initiatives, including developing in-building systems,
purchasing ground under certain tower assets, and upgrading certain towers.
At September 30, 2004, the Company had approximately $638 million of
outstanding debt and approximately $84 million of cash on hand.
CONFERENCE CALL INFORMATION
The Company is planning to host a conference call on Thursday November 4,
2004, at 11:00 a.m. Eastern Standard Time to discuss third quarter 2004
results. Dial in information is as follows: 800-261-6483, access code 203559.
A replay of the conference call will be available beginning two hours after
the call has ended until November 11, 2004. The replay dial in information is
as follows: (800) 642-1687, access code 203559.
NON-GAAP FINANCIAL MEASURES AND ADDITIONAL INFORMATION
ADJUSTED EBITDA. Adjusted EBITDA consists of net income (loss) before
depreciation, amortization and accretion expenses, interest, income tax
expenses (benefit) and, if applicable, before discontinued operations and
cumulative effect of change in accounting principle. For the periods prior to
January 31, 2003, Adjusted EBITDA also excludes gain on debt discharge,
reorganization items, and write-offs of investments in and loans to
affiliates. We use a different definition of Adjusted EBITDA for the fiscal
periods prior to our reorganization to enable investors to view our operating
performance on a consistent basis before the impact of the items discussed
above on the Predecessor Company. Each of these historical items was incurred
prior to, or in connection with, our bankruptcy and is excluded from Adjusted
EBITDA to reflect, as accurately as possible, the results of our core
operations. Management does not expect any of these items to have a material
financial impact on our operations on a going-forward basis because none of
these pre-reorganization items is expected to occur in the foreseeable future.
Adjusted EBITDA may not be comparable to a similarly titled measure employed
by other companies, including companies in the tower sector, and is not a
measure of performance calculated in accordance with accounting principles
generally accepted in the United States, or "GAAP."
We use Adjusted EBITDA as a measure of operating performance. Adjusted EBITDA
should not be considered in isolation or as a substitute for operating income,
net income or loss, cash flows provided by operating, investing and financing
activities or other income statement or cash flow statement data prepared in
accordance with GAAP.
3
We believe Adjusted EBITDA is useful to an investor in evaluating our
operating performance because:
o it is the primary measure used by our management to evaluate the
economic productivity of our operations, including the efficiency of
our employees and the profitability associated with their performance,
the realization of contract revenue under our long-term contracts, our
ability to obtain and maintain our customers and our ability to
operate our leasing and licensing business effectively;
o it is widely used in the wireless tower industry to measure operating
performance without regard to items such as depreciation and
amortization, which can vary depending upon accounting methods and the
book value of assets; and
o we believe it helps investors meaningfully evaluate and compare the
results of our operations from period to period by removing the impact
of our capital structure (primarily interest charges from our
outstanding debt) and asset base (primarily depreciation and
amortization) from our operating results.
Our management uses Adjusted EBITDA:
o as a measurement of operating performance because it assists us in
comparing our operating performance on a consistent basis as it
removes the impact of our capital structure (primarily interest
charges from our outstanding debt) and asset base (primarily
depreciation and amortization) from our operating results;
o in presentations to our Board of Directors to enable it to have the
same measurement of operating performance used by management;
o for planning purposes, including the preparation of our annual
operating budget;
o for compensation purposes, including the basis for incentive quarterly
and annual bonuses for certain employees, including our sales force;
o as a valuation measure in strategic analyses in connection with the
purchase and sale of assets; and
o with respect to compliance with our credit facility, which requires us
to maintain certain financial ratios based on Annualized EBITDA (as
defined in our credit agreement).
There are material limitations to using a measure such as Adjusted EBITDA,
including the difficulty associated with comparing results among more than one
company and the inability to analyze certain significant items, including
depreciation and interest expense, that directly affect our net income or
loss. Management compensates for these limitations by considering the economic
effect of the excluded expense items independently as well as in connection
with its analysis of net income. Adjusted EBITDA should be considered in
addition to, but not as a substitute for, other measures of financial
performance reported in accordance with GAAP.
Adjusted EBITDA was calculated as follows for the periods presented:
4
REORGANIZED COMPANY
-------------------
THREE MONTHS THREE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
2004 2003
------------- -------------
(IN THOUSANDS)
Net income ................. $ 26,964 $ 3,214
Depreciation, amortization
and accretion expenses.... 26,343 25,393
Interest income............. (427) (143)
Interest expense............ 10,063 12,563
Income tax expense.......... 16,985 597
Loss (income) from
operations of
discontinued segment,
net of income tax expense. -- 248
Loss (income) on disposal
of discontinued segment... (1,192) --
---------- ---------
Adjusted EBITDA............. $ 78,736 $ 41,872
========== =========
FREE CASH FLOW. Free cash flow (deficit), as we have defined it, is calculated
as cash provided by operating activities less purchases of property and
equipment. We believe free cash flow to be relevant and useful information to
our investors as this measure is used by our management in evaluating our
liquidity and the cash generated by our consolidated operating businesses. Our
definition of free cash flow does not take into consideration cash provided by
or used for acquisitions or sales of tower assets or cash used to acquire
other businesses. Additionally, our definition of free cash flow does not
reflect cash used to make mandatory repayments of our debt obligations. The
limitations of using this measure include the difficulty in analyzing the
impact on our operating cash flow of certain discretionary expenditures, such
as purchases of property and equipment and our mandatory debt service
requirements. Management compensates for these limitations by analyzing the
economic effect of these expenditures and asset dispositions independently as
well as in connection with the analysis of our cash flow. Free cash flow
reflects cash available for financing activities, to strengthen our balance
sheet, or cash available for strategic investments, including acquisitions of
tower assets or businesses. We believe free cash flow should be considered in
addition to, but not as a substitute for, other measures of liquidity reported
in accordance with GAAP. Free cash flow, as we have defined it, may not be
comparable to similarly titled measures reported by other companies. Free cash
flow (deficit) was calculated as follows for the periods presented:
REORGANIZED COMPANY
-------------------
THREE MONTHS THREE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
2004 2003
------------- -------------
(IN THOUSANDS)
Net cash provided by
operating activities. $ 43,593 $ 34,863
Less: Purchases of
property and
equipment............ (10,734) (3,962)
---------- ---------
Free cash flow......... $ 32,859 $ 30,901
========== =========
5
ABOUT SPECTRASITE, INC.
SpectraSite, Inc. (www.spectrasite.com), based in Cary, North Carolina, is one
of the largest wireless tower operators in the United States. At September 30,
2004, SpectraSite owned or operated approximately 10,000 revenue producing
sites, including 7,802 towers and in-building systems primarily in the top 100
markets in the United States. SpectraSite's customers are leading wireless
communications providers, including AT&T Wireless, Cingular, Nextel, Sprint
PCS, T-Mobile and Verizon Wireless.
SAFE HARBOR
This press release and oral statements made from time to time by
representatives of the Company may contain "forward-looking statements"
concerning the Company's financial and operating outlook, plans and
strategies, its search for a new Chief Financial Officer, its share repurchase
program and the trading markets for its securities. These forward-looking
statements are subject to a number of risks and uncertainties. The Company
wishes to caution readers that certain factors may impact the Company's actual
results and could cause results for subsequent periods to differ materially
from those expressed in any forward-looking statements made by or on behalf of
the Company. Such factors include, but are not limited to (i) the Company's
substantial capital requirements and debt, (ii) market conditions, (iii) the
Company's dependence on demand for wireless communications and related
infrastructure, (iv) competition in the communications tower industry,
including the impact of technological developments, (v) consolidation in the
wireless industry, (vi) future regulatory actions, (vii) conditions in its
operating areas and (viii) management's estimates and assumptions included in
the Company's 2005 outlook. These and other important factors are described in
more detail in the "Risk Factors" and the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections of the
Company's SEC filings and public announcements. The Company undertakes no
obligation to update forward-looking statements to reflect subsequently
occurring events or circumstances.
# # #
6
SPECTRASITE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
REORGANIZED COMPANY
-------------------
SEPTEMBER 30, 2004 DECEMBER 31, 2003
------------------ -----------------
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
ASSETS
Current assets:
Cash and cash equivalents.......................................... $ 83,620 $ 60,410
Accounts receivable, net of allowance of $6,408 and $7,849,
respectively...................................................... 8,435 7,880
Prepaid expenses and other......................................... 14,221 11,606
Assets held for sale............................................... -- 5,737
------------- -------------
Total current assets............................................. 106,276 85,633
Property and equipment, net.......................................... 1,197,790 1,207,626
Customer contracts, net.............................................. 153,059 179,359
Other assets......................................................... 41,179 39,990
------------- -------------
Total assets..................................................... $ 1,498,304 $ 1,512,608
============== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable................................................... $ 4,008 $ 11,482
Accrued and other expenses......................................... 43,101 40,994
Deferred revenue................................................... 52,146 42,831
Liabilities under SBC agreement.................................... -- 49,528
Liabilities held for sale.......................................... -- 2,903
------------- -------------
Total current liabilities........................................ 99,255 147,738
------------- -------------
Long-term portion of credit facility................................. 438,155 439,555
Senior notes......................................................... 200,000 200,000
Long-term deferred revenue........................................... 18,549 16,846
Other long-term liabilities.......................................... 40,871 38,736
------------- -------------
Total long-term liabilities...................................... 697,575 695,137
------------- -------------
Stockholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized,
49,436,346 and 47,750,453 issued at September 30, 2004 and
December 31, 2003, respectively................................... 494 478
Additional paid-in-capital......................................... 712,692 688,941
Treasury stock at cost (735,400 shares at September 30, 2004)...... (32,462) --
Retained earnings (accumulated deficit)............................ 20,750 (19,686)
------------- -------------
Total stockholders' equity....................................... 701,474 669,733
------------- -------------
Total liabilities and stockholders' equity....................... $ 1,498,304 $ 1,512,608
============= =============
7
SPECTRASITE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
REORGANIZED COMPANY PREDECESSOR
-------------------------------------------------------------- COMPANY
THREE MONTHS THREE MONTHS NINE MONTHS EIGHT MONTHS ONE MONTH
ENDED ENDED ENDED ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, JANUARY 31,
------------- ------------- ------------- ------------- -----------
2004 2003 2004 2003 2003
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Revenues..................................... $ 91,608 $ 79,499 $ 263,609 $ 208,173 $ 25,626
Operating Expenses:
Costs of operations, excluding
depreciation, amortization and accretion
expenses.................................. 26,837 26,044 78,628 68,859 8,901
Selling, general and administrative
expenses.................................. 13,655 12,717 39,208 33,027 4,003
Depreciation, amortization and accretion
expenses.................................. 26,343 25,393 77,281 67,404 15,930
---------- ----------- ----------- ----------- -----------
Total operating expenses.................. 66,835 64,154 195,117 169,290 28,834
---------- ----------- ----------- ----------- -----------
Operating income (loss)...................... 24,773 15,345 68,492 38,883 (3,208)
---------- ----------- ----------- ----------- -----------
Other income (expense):
Interest income............................ 427 143 956 639 137
Interest expense........................... (10,063) (12,563) (29,344) (40,428) (4,721)
Gain on debt discharge..................... -- -- -- -- 1,034,764
Other income (expense)..................... 27,620 1,134 25,522 (1,936) (493)
---------- ----------- ----------- ----------- -----------
Total other income (expense).............. 17,984 (11,286) (2,866) (41,725) 1,029,687
---------- ----------- ----------- ----------- -----------
Income (loss) from continuing operations
before income taxes........................ 42,757 4,059 65,626 (2,842) 1,026,479
Income tax expense:
Income tax - current....................... 375 597 1,086 1,270 5
Income tax - deferred...................... 16,610 -- 24,829 -- --
---------- ----------- ----------- ----------- -----------
Total income tax expense.................. 16,985 597 25,915 1,270 5
---------- ----------- ----------- ----------- -----------
Income (loss) from continuing operations..... 25,772 3,462 39,711 (4,112) 1,026,474
Reorganization items:
Adjust accounts to fair value.............. -- -- -- -- (644,688)
Professional and other fees................ -- -- -- -- (23,894)
---------- ----------- ----------- ----------- -----------
Total reorganization items............... -- -- -- -- (668,582)
---------- ----------- ----------- ----------- -----------
Income (loss) before discontinued operations. 25,772 3,462 39,711 (4,112) 357,892
Discontinued operations:
Loss from operations of discontinued
broadcast services division, net of
income tax expense ...................... -- (248) (124) (1,344) (686)
Income (loss) on disposal of
discontinued segment, net of income tax
expense.................................. 1,192 -- 849 (596) --
---------- ----------- ----------- ----------- -----------
Income (loss) before cumulative effect of
change in accounting principle............. 26,964 3,214 40,436 (6,052) 357,206
Cumulative effect of change in accounting
principle.................................. -- -- -- -- (12,236)
---------- ----------- ----------- ----------- -----------
Net income (loss)............................ $ 26,964 $ 3,214 $ 40,436 $ (6,052) $ 344,970
========== ========== =========== =========== ===========
Basic earnings per share:
Income (loss) from continuing operations... $ 0.53 $ 0.07 $ 0.82 $ (0.09) $ 6.66
Reorganization items....................... -- -- -- -- (4.34)
Discontinued operations.................... 0.02 -- 0.02 (0.04) --
Cumulative effect of change in accounting
principle................................. -- -- -- -- (0.08)
Net income (loss).......................... $ 0.55 $ 0.07 $ 0.84 $ (0.13) $ 2.24
========== ========== =========== =========== ===========
Diluted earnings per share:
Income (loss) from continuing operations... $ 0.49 $ 0.07 $ 0.76 $ (0.09) $ 6.66
Reorganization items....................... -- -- -- -- (4.34)
Discontinued operations.................... 0.02 (0.01) 0.02 (0.04) --
Cumulative effect of change in accounting
principle................................. -- -- -- -- (0.08)
Net income (loss).......................... $ 0.51 $ 0.06 $ 0.78 $ (0.13) $ 2.24
========== ========== =========== =========== ===========
8
REORGANIZED COMPANY PREDECESSOR
-------------------------------------------------------------- COMPANY
THREE MONTHS THREE MONTHS NINE MONTHS EIGHT MONTHS ONE MONTH
ENDED ENDED ENDED ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, JANUARY 31,
------------- ------------- ------------- ------------- -----------
2004 2003 2004 2003 2003
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Weighted average common shares outstanding
(basic).................................... 48,827 47,507 48,376 47,325 154,014
Weighted average common shares outstanding
(diluted).................................. 52,433 51,617 52,085 47,325 154,014
9
SPECTRASITE, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
REORGANIZED COMPANY PREDECESSOR
------------------------------- COMPANY
NINE MONTHS EIGHT MONTHS ONE MONTH
ENDED ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30, JANUARY 31,
2004 2003 2003
------------- ------------- -----------
(IN THOUSANDS)
OPERATING ACTIVITIES
Net income (loss)............................................ $ 40,436 $ (6,052) $ 344,970
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation............................................... 64,866 56,330 15,609
Cumulative effect of change in accounting principle........ -- -- 12,236
Amortization of intangible assets.......................... 10,218 10,041 252
Amortization of debt issuance costs........................ 3,258 3,480 425
Amortization of asset retirement obligation................ 2,197 1,756 214
Non-cash compensation charges.............................. 341 -- --
Write-off of debt issuance costs........................... 24 8,938 --
(Gain) loss on disposal of assets.......................... 1,111 3,898 (84)
Write-off of customer contracts............................ 693 -- --
(Gain) loss on disposal of discontinued operations......... (849) -- --
Deferred income taxes...................................... 24,829 -- --
Gain on sale of available-for-sale securities.............. -- (3,837) --
Gain on sale of subsidiary................................. -- (394) --
Gain on debt discharge..................................... -- -- (1,034,764)
Adjust accounts to fair value.............................. -- -- 644,688
Changes in operating assets and liabilities, net of
acquisitions:
Accounts receivable...................................... (55) 1,666 5,045
Costs and estimated earnings in excess of billings, net.. -- 305 (272)
Inventories............................................. -- 318 (2)
Prepaid expenses and other............................... (6,072) (4,679) (2,238)
Accounts payable......................................... (7,717) (17,845) 13,549
Other liabilities........................................ (18,188) 13,497 6,264
----------- ----------- -------------
Net cash provided by operating activities............... 115,092 67,422 5,892
----------- ----------- -------------
INVESTING ACTIVITIES
Purchases of property and equipment.......................... (27,779) (10,143) (2,737)
Acquisitions of towers and customer contracts................ (53,566) (14,686) --
Disposal of discontinued operations, net of cash sold........ (551) -- --
Proceeds from the sale of assets............................. 1,713 81,349 --
Proceeds from the sale of available-for-sale securities...... -- 4,970 --
Proceeds from the sale of subsidiary......................... -- 2,053 --
----------- ----------- -------------
Net cash (used in) provided by investing activities......... (80,183) 63,543 (2,737)
----------- ----------- -------------
FINANCING ACTIVITIES
Proceeds from issuance of common stock....................... 22,002 2,415 --
Proceeds from issuance of long-term debt..................... -- 200,000 --
Repayments of debt and capital leases........................ (1,734) (343,389) (10,884)
Payments received on executive notes......................... 1,425 -- --
Debt issuance costs.......................................... (930) (7,373) --
Purchases of common stock.................................... (32,462) -- --
----------- ----------- -------------
Net cash used in financing activities...................... (11,699) (148,347) (10,884)
----------- ----------- -------------
Net increase (decrease) in cash and cash equivalents....... 23,210 (17,382) (7,729)
Cash and cash equivalents at beginning of period............. 60,410 73,232 80,961
----------- ----------- -------------
Cash and cash equivalents at end of period................... $ 83,620 $ 55,850 $ 73,232
=========== =========== =============
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest....................................... $ 23,056 $ 19,718 $ 4,265
Cash paid for income taxes................................... 2,246 1,915 5
Tower acquisitions applied against liability under SBC
agreement.................................................. 18,478 4,538 --
10
REORGANIZED COMPANY PREDECESSOR
------------------------------- COMPANY
NINE MONTHS EIGHT MONTHS ONE MONTH
ENDED ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30, JANUARY 31,
2004 2003 2003
------------- ------------- -----------
(IN THOUSANDS)
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND
FINANCING ACTIVITIES:
Common stock issued for deposits............................. $ -- $ -- $ 408
Interest capitalized......................................... 602 -- --
Capital lease obligations incurred related to property and
equipment, net............................................. 209 162 --
11