HOUSTON, Nov 3, 2009 (GlobeNewswire via COMTEX News Network) --

Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter ended September 30, 2009.

"We had another excellent quarter of record results, exceeding the high-end of our third quarter Outlook for site rental revenue, site rental gross margin, Adjusted EBITDA, and recurring cash flow," stated Ben Moreland, President and Chief Executive Officer of Crown Castle. "We are experiencing solid growth in our business and remain excited about the strong fundamentals underlying our industry, driven by the increasing demand for wireless communication services, including fourth generation wireless data services. Along with the third quarter results, we are announcing our full year 2010 Outlook, which suggests recurring cash flow growth of approximately 16%."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the third quarter of 2009 increased 12% to $429.1 million from $384.3 million in the same period in 2008. Site rental revenue for the third quarter of 2009 increased $42.5 million, or 12%, to $396.5 million from $354.0 million for the same period in the prior year. Site rental gross margin, defined as site rental revenue less site rental cost of operations, increased $43.3 million, or 18%, to $281.6 million in the third quarter of 2009 from $238.2 million in the same period in 2008. Adjusted EBITDA for the third quarter of 2009 increased $42.8 million, or 20%, to $260.5 million from $217.7 million in the same period in 2008.

Recurring cash flow, defined as Adjusted EBITDA less interest expense and sustaining capital expenditures, increased 16% from $123.5 million in the third quarter of 2008 to $143.8 million for the third quarter of 2009. Weighted average common shares outstanding was 286.7 million for the third quarter of 2009, as compared to 283.6 million for the same period in the prior year. Recurring cash flow per share, defined as recurring cash flow divided by weighted average common shares outstanding, was $0.50 in the third quarter of 2009, up 15% compared to $0.44 in the third quarter of 2008.

Net loss attributable to CCIC stockholders was $31.6 million for the third quarter of 2009, inclusive of $58.3 million of losses on interest rate swaps, compared to a net loss attributable to CCIC stockholders of $32.2 million for the same period in 2008. Net loss attributable to CCIC stockholders after deduction of dividends on preferred stock was $36.8 million in the third quarter of 2009, compared to a net loss attributable to CCIC stockholders after deduction of dividends on preferred stock of $37.4 million for the same period in 2008. Net loss attributable to CCIC common stockholders per common share was $0.13 for each of the third quarter of 2009 and the third quarter 2008.

FINANCING AND INVESTING ACTIVITIES

"I am very pleased with our third quarter results, our ability to increase our Outlook for the balance of 2009 and our continued successful financing activities," stated Jay Brown, Chief Financial Officer of Crown Castle. "Our recently completed $500 million of 7.125% senior notes, together with the $2.35 billion we refinanced earlier this year, have allowed us to extend our debt maturities over multiple years and eliminated any requirement to access the credit markets for almost five years. Furthermore, based on the improved credit markets, we believe our current refinancing options for the remaining portion of our debt have been greatly enhanced. As we look forward to 2010, I anticipate we will be in a position to resume investing the majority of our cash flow in activities, such as share purchases, tower acquisitions and land purchases that we believe will increase long-term recurring cash flow per share."

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