American Tower issued warning on its expected 2nd quarter net los...
American Tower issued warning on its expected 2nd quarter net loss per common share, indicating it was likely to hit range of 52-58 cents compared with guidance of 38-45 cents in March. American Tower, which has 14,000 tower sites,…
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
also said it planned to take “impairment charge” on its $22 million investment in US Wireless. US Wireless develops technology for Enhanced 911 solutions and American Tower is only preferred stockholder in company. Drop in US Wireless market valuation “appears to be other than temporary,” American Tower said. It also revised revenue outlook in 2nd quarter for Verestar, subsidiary that connects satellite and terrestrial networks. In May, American Tower said it expected 2nd quarter revenue for that unit to hit $68-$73 million range but revised that Thurs. to $56-$58 million. American Tower attributed downward projections to difficulties Verestar had faced in integrating new acquisitions and new hardware problems. Company also cited “a slowing in demand in specific business segments and geographics.” American Tower Chmn. Steve Dodge said he expected Verestar to return to positive cash flow in 3rd quarter. American Tower affirmed revenue projection of $25-$27 million for 2nd quarter.