SpectraSite, which emerged from bankruptcy on Jan. 28, reported a loss of $775 million dollars for 2002.
In disclosing its results after the markets closed on Wednesday, SpectraSite stated there would be no conference call to discuss the results.
The company’s press release also included no statements from SpectraSite executives.
The $775 million loss came despite huge slashes in capital expenditures for the wireless tower operator. It cut capital spending to $71.2 million from $958.9 million in 2001.
In 2001, SpectraSite reported a loss of $654.8 million.
Revenues did increase — to $309.3 million, a jump of $49.5 million or 19 percent from the previous year.
For the final quarter of 2002, SpectraSite reported a loss of $81.7 million, nearly $9 million more than in 2001. Capital expenses were $8 million compared to $166.6 million in 2001.
SpectraSite did not include results from its tower construction operations division, which was sold on Dec. 31.
Earlier this year SpectraSite sold off a number of towers to Cingular Wireless.
On a positive note, SpectraSite said it closed the year with two quarters of positive cash flow.
SpectraSite: www.spectrasite.com
