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May 1, 2009

American Tower Q1 net income up

Rental and management segment revenue increased to $395.9m

By CBR Staff Writer

American Tower Corporation, a wireless and broadcast communications infrastructure company, has posted a net income of $58.76m for the first quarter ended March 31, 2009, compared to a net income of $42.23m for the same period in 2008.

According to the company, total revenues increased 6.9% to $408.7m, and rental and management segment revenues increased 5.9% to $395.9m. Rental and management segment gross margin increased 6.5% to $309.4m, and network development services segment revenue and gross margin increased to $12.7m and $5.1m, respectively.

It said that total the company’s selling, general, administrative and development expense was $57.6m, that includes $24.3m of stock-based compensation expense and $1.1m of international business development expense. Adjusted EBITDA increased 7.1% to $281.2m, and Adjusted EBITDA Margin was 69%. Adjusted EBITDA growth of 7.1% includes a negative impact to growth of approximately 2.0% as a result of fluctuations in foreign currency exchange rates and a negative impact of 2.3% from straight-line revenue and expense recognition.

Jim Taiclet, CEO at American Tower, said: In the first quarter, we continued our track record of delivering strong core growth in tower revenue and adjusted EBITDA of approximately 10% and 11%, respectively. These trends are driving demand for our tower space as our customers continue to invest in their networks.

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