Operating Segments. The measurement of profit or loss currently used to evaluate the results of operations for the Company and its operating segments is earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company defines EBITDA as operating income (loss) plus depreciation and amortization, non-cash general and administrative compensation charges, asset write-down charges and restructuring charges. EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with generally accepted accounting principles), and the Company's measure of EBITDA may not be comparable to similarly titled measures of other companies. There are no significant revenues resulting from transactions between the Company's operating segments. CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) The financial results for the Company's operating segments are as follows: Three Months Ended March 31, 2002 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 79,253 $ 5,013 $ 53,455 $ 22,543 $ -- $ 160,264 Network services and other................ 37,349 633 15,945 6,426 -- 60,353 116,602 5,646 69,400 28,969 -- 220,617 Costs of operations (exclusive of depreciation and amortization).......... 53,932 2,635 36,856 12,368 -- 105,791 General and administrative......... 13,229 1,261 1,727 1,737 3,834 21,788 Corporate development... -- -- -- -- 2,239 2,239 EBITDA.................. 49,441 1,750 30,817 14,864 (6,073) 90,799 Restructuring charges... -- -- 3,726 -- 2,126 5,852 Asset write-down charges................ 23,721 -- 431 7,789 -- 31,941 Non-cash general and administrative compensation charges... 532 -- 442 -- 340 1,314 Depreciation and amortization........... 44,244 3,186 13,473 10,269 543 71,715 Operating income (loss)................. (19,056) (1,436) 12,745 (3,194) (9,082) (20,023) Interest and other income (expense)....... (743) 162 (5,569) (19) 79 (6,090) Interest expense and amortization of deferred financing costs.................. (9,295) (826) (7,552) (4,650) (53,996) (76,319) Provision for income taxes.................. -- (88) (4,571) -- -- (4,659) Minority interests...... 819 704 -- 2,175 -- 3,698 Net loss................ $ (28,275) $ (1,484) $ (4,947) $ (5,688) $(62,999) $ (103,393) ========== ======== ========== ======== ======== ========== Capital expenditures.... $ 41,631 $ 2,956 $ 17,668 $ 10,397 $ 329 $ 72,981 ========== ======== ========== ======== ======== ========== Total assets (at period end)................... $3,510,721 $267,963 $1,816,235 $894,789 $792,770 $7,282,478 ========== ======== ========== ======== ======== ========== CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) Three Months Ended March 31, 2001 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 62,176 $2,990 $ 49,368 $19,508 $ -- $134,042 Network services and other 60,605 -- 9,776 8,530 -- 78,911 122,781 2,990 59,144 28,038 -- 212,953 Costs of operations (exclusive of depreciation and amortization).......... 66,101 1,095 32,029 13,970 -- 113,195 General and administrative......... 16,322 1,491 1,703 2,645 3,734 25,895 Corporate development... -- -- 48 -- 3,405 3,453 EBITDA.................. 40,358 404 25,364 11,423 (7,139) 70,410 Non-cash general and administrative compensation charges... 531 -- 523 -- 341 1,395 Depreciation and amortization........... 39,627 1,696 22,219 10,131 418 74,091 Operating income (loss)................. 200 (1,292) 2,622 1,292 (7,898) (5,076) Interest and other income (expense)....... 874 (144) 931 15 1,416 3,092 Interest expense and amortization of deferred financing costs.................. (13,467) (43) (7,035) (5,015) (41,095) (66,655) Provision for income taxes.................. -- -- (27) (33) -- (60) Minority interests...... (198) 923 -- (81) -- 644 Net loss................ $(12,591) $ (556) $ (3,509) $(3,822) $(47,577) $(68,055) ======== ====== ======== ======= ======== ======== Capital expenditures.... $113,863 $ 486 $110,829 $26,101 $ 581 $251,860 ======== ====== ======== ======= ======== ======== 8. Restructuring Charges and Asset Write-Down Charges For the three months ended March 31, 2002, the Company recorded cash charges of $3,726,000 in connection with a restructuring of its CCUK business announced in March 2002. Such charges relate to staff redundancies and the disposition of certain service lines. The Company expects that the total charges reflected in its 2002 results of operations for this CCUK restructuring will be between approximately $7,000,000 and $13,000,000. For the three months ended March 31, 2002, the Company also recorded cash charges of $2,126,000 related to additional employee severance payments at its corporate office in connection with the July 2001 restructuring. At December 31, 2001 and March 31, 2002, other accrued liabilities includes $6,591,000 and $7,222,000, respectively, related to restructuring charges. During the three months ended March 31, 2002, the Company abandoned a portion of its construction in process related to certain open projects and recorded related asset write-down charges of $23,721,000 for CCUSA and $7,789,000 for Crown Atlantic. For the three months ended March 31, 2002, the Company also recorded asset write-down charges of $431,000 for CCUK related to certain inventories and property and equipment. CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued)
Appears in 1 contract
Samples: investor.crowncastle.com
Operating Segments. The measurement of profit or loss currently used to evaluate the results of operations for the Company and its operating segments is earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company defines EBITDA as operating income (loss) plus depreciation and amortization, non-cash general and administrative compensation charges, asset write-down charges and restructuring charges. EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with generally accepted accounting principles), CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) and the Company's measure of EBITDA may not be comparable to similarly titled measures of other companies. There are no significant revenues resulting from transactions between the Company's operating segments. CROWN CASTLE INTERNATIONAL CORPThe Company is presenting the financial results of CCAL as a reportable operating segment for periods subsequent to the purchase date (see Note 2). AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) The financial results for the Company's operating segments are as follows: Three Months Ended March 31September 30, 2002 2000 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... transmission $ 79,253 51,007 $ 5,013 2,325 $ 53,455 47,503 $ 22,543 16,339 $ -- $ 160,264 117,174 Network services and other................ 37,349 633 15,945 6,426 43,701 -- 60,353 116,602 5,646 69,400 28,969 6,488 7,226 -- 220,617 57,415 94,708 2,325 53,991 23,565 -- 174,589 Costs of operations (exclusive of depreciation and amortization).......... 53,932 2,635 36,856 12,368 -- 105,791 47,140 General and 1,231 27,046 9,959 -- 85,376 administrative......... 13,229 1,261 1,727 1,737 3,834 21,788 11,914 1,504 1,154 2,066 1,558 18,196 Corporate development... -- -- 90 -- 2,132 2,222 35,654 (410) 25,701 11,540 (3,690) 68,795 82 -- 2,239 2,239 385 -- 341 808 32,726 2,001 22,109 8,443 317 65,596 2,846 (2,411) 3,207 3,097 (4,348) 2,391 689 114 39 94 9,281 10,217 EBITDA.................. 49,441 1,750 30,817 14,864 (6,073) 90,799 Restructuring charges... -- -- 3,726 -- 2,126 5,852 Asset write-down charges................ 23,721 -- 431 7,789 -- 31,941 Non-cash general and administrative compensation charges... 532 -- 442 -- 340 1,314 Depreciation and amortization........... 44,244 3,186 13,473 10,269 543 71,715 Operating income (loss)................. (19,056) (1,436) 12,745 (3,194) (9,082) (20,023) Interest and other income (expense)....... (743) 162 (5,569) (19) 79 (6,090) Interest expense and amortization of deferred financing costs.................. (9,295) (826) (7,552) (4,650) (53,996) (76,319) Provision for income taxes.................. -- (88) (4,571) -- -- (4,659) Minority interests...... 819 704 -- 2,175 -- 3,698 Net loss................ $ (28,275) $ (1,484) $ (4,947) $ (5,688) $(62,999) $ (103,393) ========== ======== ========== ======== ======== ========== Capital expenditures.... $ 41,631 $ 2,956 $ 17,668 $ 10,397 $ 329 $ 72,981 ========== ======== ========== ======== ======== ========== Total assets (at period end)................... $3,510,721 $267,963 $1,816,235 $894,789 $792,770 $7,282,478 ========== ======== ========== ======== ======== ========== CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) Three Months Ended March 31, 2001 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 62,176 $2,990 $ 49,368 $19,508 $ -- $134,042 Network services and other 60,605 -- 9,776 8,530 -- 78,911 122,781 2,990 59,144 28,038 -- 212,953 Costs of operations (exclusive of depreciation and amortization).......... 66,101 1,095 32,029 13,970 -- 113,195 General and administrative......... 16,322 1,491 1,703 2,645 3,734 25,895 Corporate development... -- -- 48 -- 3,405 3,453 EBITDA.................. 40,358 404 25,364 11,423 (7,139) 70,410 Non-cash general and administrative compensation charges... 531 -- 523 -- 341 1,395 Depreciation and amortization........... 39,627 1,696 22,219 10,131 418 74,091 Operating income (loss)................. 200 (1,292) 2,622 1,292 (7,898) (5,076) Interest and other income (expense)....... 874 (144) 931 15 1,416 3,092 Interest expense and amortization of deferred financing costs.................. (13,467) (43) (7,035) (5,015) (41,095) (66,655) Provision for income taxes.................. -- -- (27) (33) -- (60) Minority interests...... (198) 923 -- (81) -- 644 Net loss................ $(12,591) $ (556) $ (3,509) $(3,822) $(47,577) $(68,055) ======== ====== ======== ======= ======== ======== Capital expenditures.... $113,863 $ 486 $110,829 $26,101 $ 581 $251,860 ======== ====== ======== ======= ======== ======== 8. Restructuring Charges and Asset Write-Down Charges For the three months ended March 31, 2002, the Company recorded cash charges of $3,726,000 in connection with a restructuring of its CCUK business announced in March 2002. Such charges relate to staff redundancies and the disposition of certain service lines. The Company expects that the total charges reflected in its 2002 results of operations for this CCUK restructuring will be between approximately $7,000,000 and $13,000,000. For the three months ended March 31, 2002, the Company also recorded cash charges of $2,126,000 related to additional employee severance payments at its corporate office in connection with the July 2001 restructuring. At December 31, 2001 and March 31, 2002, other accrued liabilities includes $6,591,000 and $7,222,000, respectively, related to restructuring charges. During the three months ended March 31, 2002, the Company abandoned a portion of its construction in process related to certain open projects and recorded related asset write-down charges of $23,721,000 for CCUSA and $7,789,000 for Crown Atlantic. For the three months ended March 31, 2002, the Company also recorded asset write-down charges of $431,000 for CCUK related to certain inventories and property and equipment. CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued)................
Appears in 1 contract
Samples: investor.crowncastle.com
Operating Segments. The measurement of profit or loss currently used to evaluate the results of operations for the Company and its operating segments is earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company defines EBITDA as operating income (loss) plus depreciation and amortization, non-cash general and administrative compensation charges, asset write-down charges and restructuring charges. EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) with generally accepted accounting principles), and the Company's measure of EBITDA may not be comparable to similarly titled measures of other companies. There are no significant revenues resulting from transactions between the Company's operating segments. CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) The financial results for the Company's operating segments are as follows: Three Months Ended March 31September 30, 2002 2001 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 79,253 68,888 $ 5,013 4,563 $ 53,455 52,013 $ 22,543 20,758 $ -- $ 160,264 146,222 Network services and other................ 37,349 633 15,945 6,426 57,070 621 5,972 8,511 -- 60,353 116,602 5,646 69,400 28,969 72,174 125,958 5,184 57,985 29,269 -- 220,617 218,396 Costs of operations (exclusive of depreciation and amortization).......... 53,932 2,635 36,856 12,368 66,178 2,419 27,975 12,525 -- 105,791 109,097 General and administrative......... 13,229 1,261 1,727 1,737 3,834 21,788 12,570 1,464 2,045 1,526 3,853 21,458 Corporate development... -- -- -- -- 2,239 2,239 2,679 2,679 EBITDA.................. 49,441 1,750 30,817 14,864 47,210 1,301 27,965 15,218 (6,0736,532) 90,799 85,162 Restructuring charges... 7,142 -- -- 3,726 -- 2,126 5,852 1,839 969 9,302 19,252 Asset write-down charges................ 23,721 1,733 -- 431 7,789 -- 31,941 -- 2,005 3,738 Non-cash general and administrative compensation charges... 532 -- 442 1,077 -- 340 1,314 1,949 Depreciation and amortization........... 44,244 3,186 13,473 10,269 543 71,715 41,040 3,290 23,695 10,099 401 78,525 Operating income (loss)................. (19,0563,237) (1,4361,989) 12,745 1,354 4,150 (3,19418,580) (9,082) (20,02318,302) Interest and other income (expense)....... (74320) 162 90 1,535 73 (5,5693,140) (19) 79 (6,0901,462) Interest expense and amortization of deferred financing costs.................. (9,29512,799) (826823) (7,5526,566) (4,6505,999) (53,99652,904) (76,31979,091) Provision for income taxes.................. -- -- (88) (4,57111,727) -- -- (4,65911,727) Minority interests...... 819 704 98 898 -- 2,175 (744) -- 3,698 252 Net loss................ $ (28,27515,958) $ (1,4841,824) $ (4,94715,404) $ (5,6882,520) $(62,99974,624) $ (103,393110,330) ========== ======== ========== ======== ======== ========== Capital expenditures.... $ 41,631 83,119 $ 2,956 2,419 $ 17,668 42,828 $ 10,397 23,091 $ 329 961 $ 72,981 152,418 ========== ======== ========== ======== ======== ========== Total assets (at period end)................... $3,510,721 3,623,469 $267,963 252,642 $1,816,235 1,786,298 $894,789 887,543 $792,770 973,237 $7,282,478 7,523,189 ========== ======== ========== ======== ======== ========== CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) Three Nine Months Ended March 31September 30, 2001 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 62,176 $2,990 $ 49,368 195,673 $19,508 12,024 $152,075 $60,292 $ -- $134,042 $ 420,064 Network services and other 60,605 other................ 192,000 1,146 21,988 25,567 -- 9,776 8,530 240,701 387,673 13,170 174,063 85,859 -- 78,911 122,781 2,990 59,144 28,038 -- 212,953 660,765 Costs of operations (exclusive of depreciation and amortization).......... 66,101 1,095 32,029 13,970 208,385 5,785 91,667 39,561 -- 113,195 345,398 General and administrative......... 16,322 1,491 1,703 2,645 3,734 25,895 45,764 4,690 9,064 6,707 11,593 77,818 Corporate development... -- -- 48 -- 3,405 3,453 9,842 9,890 EBITDA.................. 40,358 404 25,364 11,423 133,524 2,695 73,284 39,591 (7,13921,435) 70,410 227,659 Restructuring charges... 7,142 -- 1,839 969 9,302 19,252 Asset write-down charges................ 5,702 -- 3,785 767 5,756 16,010 Non-cash general and administrative compensation charges... 531 1,595 -- 523 2,108 -- 341 1,395 1,021 4,724 Depreciation and amortization........... 39,627 1,696 22,219 10,131 418 74,091 119,922 8,050 67,965 30,168 1,267 227,372 Operating income (loss)................. 200 (1,292) 2,622 1,292 (7,898837) (5,0765,355) (2,413) 7,687 (38,781) (39,699) Interest and other income (expense)....... 874 (144) 931 15 1,416 3,092 1,519 165 3,281 243 966 6,174 Interest expense and amortization of deferred financing costs.................. (13,46740,064) (431,618) (7,03520,098) (5,01516,162) (41,095140,979) (66,655218,921) Provision for income taxes.................. -- -- (2711,754) (33) -- (6011,787) Minority interests...... (198271) 923 2,674 -- (811,288) -- 644 1,115 Net loss................ $(12,591) $ (556) $ (3,50939,653) $(3,8224,134) $(47,57730,984) $(68,0559,553) ======== ====== $(178,794) $(263,118) ======== ======= ======== ======= == Capital expenditures.... $113,863 $ 486 $110,829 $26,101 $ 581 $251,860 ======== ========= Capital expenditures.... $295,457 $ 3,076 $182,475 $76,440 $ 3,664 $ 561,112 ======== ======= ======== ======= ========= 8. Restructuring Charges and Asset Write-Down Charges For the three months ended March 31, 2002, the Company recorded cash charges of $3,726,000 in connection with a restructuring of its CCUK business announced in March 2002. Such charges relate to staff redundancies and the disposition of certain service lines. The Company expects that the total charges reflected in its 2002 results of operations for this CCUK restructuring will be between approximately $7,000,000 and $13,000,000. For the three months ended March 31, 2002, the Company also recorded cash charges of $2,126,000 related to additional employee severance payments at its corporate office in connection with the July 2001 restructuring. At December 31, 2001 and March 31, 2002, other accrued liabilities includes $6,591,000 and $7,222,000, respectively, related to restructuring charges. During the three months ended March 31, 2002, the Company abandoned a portion of its construction in process related to certain open projects and recorded related asset write-down charges of $23,721,000 for CCUSA and $7,789,000 for Crown Atlantic. For the three months ended March 31, 2002, the Company also recorded asset write-down charges of $431,000 for CCUK related to certain inventories and property and equipment. ========= CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) Three Months Ended September 30, 2000 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 51,007 $ 2,325 $47,503 $16,339 $ -- $117,174 Network services and other................ 43,701 -- 6,488 7,226 -- 57,415 94,708 2,325 53,991 23,565 -- 174,589 Costs of operations (exclusive of depreciation and amortization) General and 47,140 1,231 27,046 9,959 -- 85,376 administrative......... 11,914 1,504 1,154 2,066 1,558 18,196 Corporate development... -- -- 90 -- 2,132 2,222 EBITDA.................. Non-cash general and administrative compensation charges... 35,654 82 (410) -- 25,701 385 11,540 -- (3,690) 341 68,795 808 Depreciation and amortization........... 32,726 2,001 22,109 8,443 317 65,596 Operating income (loss)................. 2,846 (2,411) 3,207 3,097 (4,348) 2,391 Interest and other income (expense)....... 689 114 39 94 9,281 10,217 Interest expense and amortization of deferred financing costs.................. (13,201) (46) (7,783) (4,498) (39,970) (65,498) Provision for income taxes.................. (3) -- -- (124) -- (127) Minority interests...... (155) 1,124 -- (917) -- 52
Appears in 1 contract
Samples: investor.crowncastle.com
Operating Segments. The measurement of profit or loss currently used to evaluate the results of operations for the Company and its operating segments is earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company defines EBITDA as operating income (loss) plus depreciation and amortization, non-cash general and administrative compensation charges, asset write-down charges and restructuring charges. EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with generally accepted accounting principles), and the Company's measure of EBITDA may not be comparable to similarly titled CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) measures of other companies. There are no significant revenues resulting from transactions between the Company's operating segments. CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) The financial results for the Company's operating segments are as follows: Three Months Ended March 31, 2002 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 79,253 $ 5,013 $ 53,455 $ 22,543 $ -- $ 160,264 Network services and other................ 37,349 633 15,945 6,426 -- 60,353 116,602 5,646 69,400 28,969 -- 220,617 Costs of operations (exclusive of depreciation and amortization).......... 53,932 2,635 36,856 12,368 -- 105,791 General and administrative......... 13,229 1,261 1,727 1,737 3,834 21,788 Corporate development... -- -- -- -- 2,239 2,239 EBITDA.................. 49,441 1,750 30,817 14,864 (6,073) 90,799 Restructuring charges... -- -- 3,726 -- 2,126 5,852 Asset write-down charges................ 23,721 -- 431 7,789 -- 31,941 Non-cash general and administrative compensation charges... 532 -- 442 -- 340 1,314 Depreciation and amortization........... 44,244 3,186 13,473 10,269 543 71,715 Operating income (loss)................. (19,056) (1,436) 12,745 (3,194) (9,082) (20,023) Interest and other income (expense)....... (743) 162 (5,569) (19) 79 (6,090) Interest expense and amortization of deferred financing costs.................. (9,295) (826) (7,552) (4,650) (53,996) (76,319) Provision for income taxes.................. -- (88) (4,571) -- -- (4,659) Minority interests...... 819 704 -- 2,175 -- 3,698 Net loss................ $ (28,275) $ (1,484) $ (4,947) $ (5,688) $(62,999) $ (103,393) ========== ======== ========== ======== ======== ========== Capital expenditures.... $ 41,631 $ 2,956 $ 17,668 $ 10,397 $ 329 $ 72,981 ========== ======== ========== ======== ======== ========== Total assets (at period end)................... $3,510,721 $267,963 $1,816,235 $894,789 $792,770 $7,282,478 ========== ======== ========== ======== ======== ========== CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) Three Months Ended March 31, 2001 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 62,176 $$ 2,990 $ 49,368 $$ 19,508 $ -- $$ 134,042 Network services and other other................ 60,605 -- 9,776 8,530 -- 78,911 122,781 2,990 59,144 28,038 -- 212,953 Costs of operations (exclusive of depreciation and amortization).......... 66,101 1,095 32,029 13,970 -- 113,195 General and administrative......... 16,322 1,491 1,703 2,645 3,734 25,895 Corporate development... -- -- 48 -- 3,405 3,453 EBITDA.................. 40,358 404 25,364 11,423 (7,139) 70,410 Non-cash general and administrative compensation charges... 531 -- 523 -- 341 1,395 Depreciation and amortization........... 39,627 1,696 22,219 10,131 418 74,091 Operating income (loss)................. 200 (1,292) 2,622 1,292 (7,898) (5,076) Interest and other income (expense)....... 874 (144) 931 15 1,416 3,092 Interest expense and amortization of deferred financing costs.................. (13,467) (43) (7,035) (5,015) (41,095) (66,655) Provision for income taxes.................. -- -- (27) (33) -- (60) Minority interests...... (198) 923 -- (81) -- 644 Net loss................ $$ (12,591) $ (556) $ (3,509) $$ (3,822) $(47,577) $$ (68,055) ======== ====== ======== ========== ======== ======== Capital expenditures.... $113,863 $ 486 $110,829 $26,101 $ 581 $251,860 ========== Capital expenditures.... $ 113,863 $ 486 $ 110,829 $ 26,101 $ 581 $ 251,860 ========== ======== ========== ======== ======== 8. Restructuring Charges and Asset Write-Down Charges For the three months ended March 31, 2002, the Company recorded cash charges of ========== Total assets (at period end)................... $3,726,000 in connection with a restructuring of its CCUK business announced in March 2002. Such charges relate to staff redundancies and the disposition of certain service lines. The Company expects that the total charges reflected in its 2002 results of operations for this CCUK restructuring will be between approximately 3,445,966 $7,000,000 and 132,461 $13,000,000. For the three months ended March 31, 2002, the Company also recorded cash charges of 1,620,152 $2,126,000 related to additional employee severance payments at its corporate office in connection with the July 2001 restructuring. At December 31, 2001 and March 31, 2002, other accrued liabilities includes 869,866 $6,591,000 and 800,101 $7,222,000, respectively, related to restructuring charges. During the three months ended March 31, 2002, the Company abandoned a portion of its construction in process related to certain open projects and recorded related asset write-down charges of $23,721,000 for CCUSA and $7,789,000 for Crown Atlantic. For the three months ended March 31, 2002, the Company also recorded asset write-down charges of $431,000 for CCUK related to certain inventories and property and equipment. 6,868,546 ========== ======== ========== ======== ======== ========== CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) Three Months Ended March 31, 2000 --------------------------------------------------- Corporate Crown Office Consolidated CCUSA CCUK Atlantic and Other Total ------- ------- -------- --------- ------------ (In thousands of dollars) Net revenues: Site rental and broadcast transmission........... Network services and $31,370 $48,579 $13,792 $ -- $ 93,741 other.................. Costs of operations 18,055 ------- 49,425 ------- 6,546 ------- 55,125 ------- 5,868 ------- 19,660 ------- 34 -------- 34 -------- 30,503 -------- 124,244 -------- (exclusive of depreciation and amortization)............ 19,383 27,934 8,822 49 56,188 General and administrative........... 9,980 1,026 1,797 2,050 14,853
Appears in 1 contract
Samples: investor.crowncastle.com
Operating Segments. The measurement of profit or loss currently used to evaluate the results of operations for the Company and its operating segments is earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company defines EBITDA as operating income (loss) plus depreciation and amortization, non-cash general and administrative compensation charges, asset write-down charges and restructuring charges. EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with generally accepted accounting principles), CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) and the Company's measure of EBITDA may not be comparable to similarly titled measures of other companies. There are no significant revenues resulting from transactions between the Company's operating segments. CROWN CASTLE INTERNATIONAL CORPThe Company is presenting the financial results of CCAL as a reportable operating segment for periods subsequent to the purchase date (see Note 2). AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) The financial results for the Company's operating segments are as follows: Three Months Ended March 31June 30, 2002 2000 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 79,253 44,551 $ 5,013 1,814 $ 53,455 47,995 $ 22,543 15,143 $ -- $ 160,264 109,503 Network services and other................ 37,349 633 15,945 6,426 26,090 -- 60,353 116,602 5,646 69,400 28,969 5,730 7,036 -- 220,617 38,856 70,641 1,814 53,725 22,179 -- 148,359 Costs of operations (exclusive of depreciation and amortization).......... 53,932 2,635 36,856 12,368 32,149 1,031 25,613 9,777 -- 105,791 68,570 General and administrative......... 13,229 1,261 1,727 1,737 3,834 21,788 12,228 1,355 2,631 2,034 1,247 19,495 Corporate development... -- -- 285 -- -- 2,239 2,239 1,837 2,122 EBITDA.................. 49,441 1,750 30,817 14,864 26,264 (6,073572) 90,799 Restructuring charges... -- -- 3,726 -- 2,126 5,852 Asset write-down charges................ 23,721 -- 431 7,789 -- 31,941 25,196 10,368 (3,084) 58,172 Non-cash general and administrative compensation charges... 532 ................ -- 442 -- 10 -- 340 1,314 350 Depreciation and amortization........... 44,244 3,186 13,473 10,269 543 71,715 30,509 1,291 16,647 7,888 312 56,647 Operating income (loss)................. (19,0564,245) (1,4361,863) 12,745 8,539 2,480 (3,1943,736) (9,082) (20,023) 1,175 Interest and other income (expense)....... (743) 162 (5,569) (19) 79 (6,090) 1,936 227 141 225 4,136 6,665 Interest expense and amortization of deferred financing costs.................. (9,29511,892) (82646) (7,5528,420) (4,6504,065) (53,99642,305) (76,31966,728) Provision for income taxes.................. (4) -- (88) (4,57121) -- -- (4,65925) Minority interests...... 819 704 510 965 (1,030) (762) -- 2,175 -- 3,698 (317) Net loss................ $ (28,27513,695) $ (1,484717) $ (4,947791) $ (5,6882,122) $(62,99941,905) $ (103,39359,230) ========== ======== ======== ======== ======== ========== ========== ======== ======== ======== ======== Capital expenditures.... $ 41,631 $ 2,956 $ 17,668 $ 10,397 $ 329 $ 72,981 ========== $2,729,917 $139,534 $960,746 $738,989 $302,474 $4,871,660 ========== ======== ========== ======== ======== ========== Capital expenditures.... $ 97,685 $ 440 $ 22,688 $ 26,771 $ 594 $ 148,178 Total assets (at period end)................... Six Months Ended June 30, 2000 Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 75,921 $ 1,814 $ 96,574 $ 28,935 $ -- $ 203,244 Network services and other................ 44,145 -- 12,276 12,904 34 69,359 120,066 1,814 108,850 41,839 34 272,603 Costs of operations (exclusive of depreciation and amortization).......... 51,532 1,031 53,547 18,599 49 124,758 General and administrative......... 22,208 1,355 3,657 3,831 3,297 34,348 Corporate development... -- -- 570 -- 3,623 4,193 EBITDA.................. 46,326 (572) 51,076 19,409 (6,935) 109,304 Non-cash compensation charges................ 67 -- 64 -- 680 811 Depreciation and amortization........... 51,663 1,291 32,200 16,007 608 101,769 Operating income (loss)................. (5,404) (1,863) 18,812 3,402 (8,223) 6,724 Interest and other income (expense)....... 2,712 227 326 696 8,408 12,369 Interest expense and amortization of deferred financing costs.................. (15,626) (46) (16,705) (8,441) (67,671) (108,489) Provision for income taxes.................. (15) -- (21) -- -- (36) Minority interests...... 410 965 (2,333) (900) -- (1,858) Extraordinary item...... (1,495) -- -- -- -- (1,495) Net income (loss)....... $ (19,418) $ (717) $ 79 $ (5,243) $3,510,721 $267,963 $1,816,235 $894,789 $792,770 $7,282,478 (67,486) $ (92,785) ========== ======== ======== ======== ======== ========== Capital expenditures.... $ 164,626 $ 440 $ 43,592 $ 49,006 $ 941 $ 258,605 ========== ======== ======== ======== ======== ========== CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) Three Months Ended March 31June 30, 2001 1999 ---------------------------------------------------- Corporate Crown Office Consolidated CCUSA CCAL CCUK Atlantic and Other Total ------- -------- -------- --------- ------------ (In thousands of dollars) Net revenues: Site rental and broadcast transmission......... $ 62,176 $2,990 $ 49,368 $19,508 $ -- $134,042 Network services and other 60,605 -- 9,776 8,530 -- 78,911 122,781 2,990 59,144 28,038 -- 212,953 Costs of operations (exclusive of depreciation and amortization).......... 66,101 1,095 32,029 13,970 -- 113,195 General and administrative......... 16,322 1,491 1,703 2,645 3,734 25,895 Corporate development... -- -- 48 -- 3,405 3,453 EBITDA.................. 40,358 404 25,364 11,423 (7,139) 70,410 Non-cash general and administrative compensation charges... 531 -- 523 -- 341 1,395 Depreciation and amortization........... 39,627 1,696 22,219 10,131 418 74,091 Operating income (loss)................. 200 (1,292) 2,622 1,292 (7,898) (5,076) Interest and other income (expense)....... 874 (144) 931 15 1,416 3,092 Interest expense and amortization of deferred financing costs.................. (13,467) (43) (7,035) (5,015) (41,095) (66,655) Provision for income taxes.................. -- -- (27) (33) -- (60) Minority interests...... (198) 923 -- (81) -- 644 Net loss................ $(12,591) $ (556) $ (3,509) $(3,822) $(47,577) $(68,055) ======== ====== ======== ======= ======== ======== Capital expenditures.... $113,863 $ 486 $110,829 $26,101 $ 581 $251,860 ======== ====== ======== ======= ======== ======== 8. Restructuring Charges and Asset Write-Down Charges For the three months ended March 31, 2002, the Company recorded cash charges of $3,726,000 in connection with a restructuring of its CCUK business announced in March 2002. Such charges relate to staff redundancies and the disposition of certain service lines. The Company expects that the total charges reflected in its 2002 results of operations for this CCUK restructuring will be between approximately $7,000,000 and $13,000,000. For the three months ended March 31, 2002, the Company also recorded cash charges of $2,126,000 related to additional employee severance payments at its corporate office in connection with the July 2001 restructuring. At December 31, 2001 and March 31, 2002, other accrued liabilities includes $6,591,000 and $7,222,000, respectively, related to restructuring charges. During the three months ended March 31, 2002, the Company abandoned a portion of its construction in process related to certain open projects and recorded related asset write-down charges of $23,721,000 for CCUSA and $7,789,000 for Crown Atlantic. For the three months ended March 31, 2002, the Company also recorded asset write-down charges of $431,000 for CCUK related to certain inventories and property and equipment. CROWN CASTLE INTERNATIONAL CORP. AND SUBSIDIARIES CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued)broadcast
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Samples: Termination Agreement
