American Tower financials improve in 2003
American Tower Corp. posted a net loss of $303.4 million–$1.46 per share—for full-year 2003, a substantial improvement over the $1.142 billion–$5.84 per share—net loss it showed for full-year 2002. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for full-year 2003 increased 25% to $390.8 million, from $313.4 million posted in the previous year.
The company achieved free cash flow status for the first time in 2003, said Jim Taiclet, CEO, in a statement. Taiclet credited an increased commitment to growing revenue and trimming operating costs for the improvement. American Tower posted full-year 2003 revenues of $715.1 million, compared to $675.1 million for the previous year, while total operating costs dropped 15% year over year.