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[luto9]

Heute Ausbruch aus Abwärtstrend bei $ 3,6 möglich.
Breakout $ 3,86 möglich.
Nächster Widerstand bei 5.92 $.

[luto9]

Lehman Strong buy $15
by: kurtslade
Long-Term Sentiment: Strong Buy 02/08/02 12:19 pm
Msg: 8855 of 8860

LOL

Think Ill post this for every 5 of Audits drivel posts. Bear with me longs.

SpectraSite Holdings: Upbeat Management Dinner in NYC"

Last night (2/06) Lehman Brothers hosted a dinner in NY with Clark (CEO) and Tomick (CFO) to address the many issues regarding site.

Here are the highlights

1. Management was "QUITE BULLISH" on the industry as carriers continue their build outs,they expect this to continue and LB agrees.

2.Stated Carrier Capex estimated to be "strong" $23-$24 bill in 02 and to continue at same rate in 03.(sweet)

3.Stated that not enough cells had been built to handle 2g capacity in major metros to handle the Sub`s growth over last three year and "THE GAME" has turned completely to capacity buildouts in metro and this will continue REGARDLESS of Carrier consolidation.

4.The tdma to gsm upgrades are netting $300-$400/mo extra.

5 Mgmt believes they have sufficent legroom on debt covenants.

6. LB had a concern about capex for in-building division. Site said they would only do them if had two tenants at start.Cash flow positive on day one.

7. LB was "optimistic" after discussion of cost controlls and states "expectation for margin expansion in 4TH 01 and forward "

8.Ended with " Our thesis on site is still intact. We thus reiterate our 1 strong buy rating. Target $15


I find it Extremely bullish that they held the same target price of $15 considering the recent panic selling.

Many shorts in long clothing on this board would have us believe that the business conditions for Tower co`s are bad. With AT&T wireless reporting a 28% increase in cell adds for 02 to address the quality of their network ,Site s comments on Metro capacity problems "not enough cells for the sub.s added over the last three years", And a forcasted 13% increase in sub.s for 02 Iam long and strong on this puppy.

HAs been a clasic panic sell based on NO company news. This is where you make the $$$.


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[luto9]

Wednesday February 20, 2:50 pm Eastern Time
Press Release
SOURCE: SpectraSite Communications, Inc.
SpectraSite Expands to Atlantic City Casinos with Trump In-Building Wireless Agreement
CARY, N.C., Feb. 20 /PRNewswire-FirstCall/ --

SpectraSite Communications, Inc. (Nasdaq: SITE - news), a leading owner and operator of wireless communications facilities, today announced an exclusive agreement with Trump Hotels & Casino Resorts, Inc. (NYSE: DJT - news) to install in- building wireless communications systems in three Trump facilities in Atlantic City -- Trump Plaza, Taj Mahal, and Trump Marina.

The agreement marks the expansion of SpectraSite`s robust casino and mall portfolio into the Atlantic City market. SpectraSite has agreements in place with MGM Grand and Park Place Entertainment in Las Vegas.

Under the terms of the agreement, SpectraSite has the option to install a state-of-the-art in-building wireless system into each of the Trump properties. The system can accommodate multiple wireless carriers, and will allow them to extend their coverage to the interior of the buildings. The extended coverage will mean improved service for wireless subscribers visiting the Trump properties.

``Coverage is a major issue with wireless carriers today,`` said Rich Stern, Vice President, Real Estate of SpectraSite Building Division. ``The Trump properties are a major tourist destination, attracting millions of visitors each year. Most of those visitors are wireless subscribers, and they will benefit significantly from improved wireless service inside the Trump facilities.``

The SpectraSite system is comprised of a series of hubs and antennae placed throughout the building, as well as multiple, band-specific antennae in optimum locations. The design enables mobile phones and other wireless devices to operate successfully throughout the interior of the building. SpectraSite will own each system, and will be responsible for the design, installation and ongoing management.

About SpectraSite Communications, Inc.

SpectraSite Communications, Inc. (www.spectrasite.com), based in Cary, North Carolina, is one of the largest wireless tower operators in the United States. The Company also is a leading provider of outsourced services to the wireless communications and broadcast industries in the United States and Canada. At September 30, 2001 SpectraSite owned or managed approximately 30,000 sites, including 7,550 owned towers primarily in the top 100 markets in the United States. SpectraSite`s customers are leading wireless communications providers and broadcasters, including AT&T Wireless, ABC Television, Cingular, Nextel, Paxson Communications, Sprint PCS, Verizon Wireless and Voicestream.

About Trump Hotels & Casino Resorts, Inc.

Trump Hotels & Casino Resorts, Inc. owns and operates Trump Plaza Hotel & Casino, Trump Taj Mahal Casino Resort and Trump Marina Hotel Casino in Atlantic City, NJ, as well as Trump Indiana, the riverboat casino at Buffington Harbor, Indiana on Lake Michigan.

SOURCE: SpectraSite Communications, Inc.


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[luto9]

SpectraSite Reports Record Results
February 27, 2002 07:17:00 AM ET


CARY, N.C.--(BUSINESS WIRE)--Feb. 27, 2002--SpectraSite

--68% annual EBITDA growth

--23% same tower revenue growth

--41% same tower cash flow growth

SpectraSite Holdings, Inc. SITE, one of the largest wireless tower owners and operators in the United States, today reported record financial results for the fourth quarter and year ended December 31, 2001 in line with previous guidance.

Financial and Operational Results

Three Months Ended December 31, 2001 (Unless otherwise indicated, all comparisons are to the quarter ended December 31, 2000)

Consolidated revenues increased 27% to $131.3 million compared to $103.4 million reported a year ago. Site leasing revenue increased 68% to $64.0 million and network services revenue grew 3% to $67.3 million. Site leasing cash flow increased 59% to $37.3 million. EBITDA of $31.2 million was 11% higher than the third quarter and 56% greater than a year ago.

During the quarter the Company added 375 towers to its portfolio, bringing its ending tower count to 7,925. Of the 375 towers added during the quarter, 197 were newly built and 178 were acquired. The Company continues to report strong same tower revenue growth which, based on trailing twelve months revenue on the 5,030 towers the Company owned as of December 31, 2000, was 23%. Same tower cash flow increased 41% on the same base of towers.

Steve Clark, President and CEO of SpectraSite, stated, "SpectraSite reported another record quarter with 63% EBITDA growth and 59% tower cash flow growth. Network services revenue grew 5% sequentially as carriers continued adding capacity to their networks and implementing their 2.5G overlays. Since the end of the second quarter the Company has eliminated approximately $12.0 million of annualized expenses and has brought SG&A as a percentage of revenue down from over 20% at the beginning of the year to 15% in the fourth quarter, the lowest level in the history of the Company. In addition, our primarily metropolitan tower base continues to command strong lease rates. This quarter`s average broadband monthly lease rate of $1,720 is a solid increase from the $1,693 lease rate reported last quarter and continues to rank as one of the highest in the industry."

Also in the fourth quarter, as previously announced, the Company reported a non-recurring charge of $71.5 million, $35.0 million of which related to the modification of the SBC contract. The remaining $36.5 million, of which $8.3 million was cash, related to the downsizing of the tower development group and included write-offs of work in progress, severance and office consolidations.

Twelve Months Ended December 31, 2001 (Unless otherwise indicated, all comparisons are to the twelve months ended December 31, 2000)

Revenues were $473.0 million, compared to $346.9 million, a 36% increase. Site leasing revenue increased 90% to $221.6 million and site leasing cash flow experienced an 86% increase, growing to $129.9 million. Network services revenue grew 9% in 2001, from $230.4 million to $251.4 million with network services cash flow margins remaining relatively stable throughout the year. EBITDA grew 68% to $98.6 million and the EBITDA margin expanded throughout the year as we focused on reducing expenses.

"2001 was a solid year for SpectraSite. We successfully integrated over 1,900 SBC towers into our portfolio, launched our in-building wireless division and completed our new build program for Nextel. Site leasing cash flow has grown from 56% of total cash flow to 71% and we expect this trend to continue," said Mr. Clark.

First Quarter and 2002 Outlook

For the full year 2002 the Company is reaffirming the guidance it gave on November 29, 2001 with the exception of capital expenditures that the Company originally anticipated would be between $220 million and $240 million. The Company now expects capital expenditures to be between $170 million and $190 million for the full year.

Three Months Ended Twelve Months Ended
------------------ -------------------
($ in millions) 3/31/02 12/31/02

Site Leasing Revenue $66-$68 $270-$300
Network Services Revenue $55-$58 $230-$270
---------- ----------
Total Revenue $121-$126 $500-$570

EBITDA (1) $30-$32 $145-$160
Capital Expenditures $40-$50 $170-$190

(1) Defined as operating income (loss) before depreciation,
amortization, non-cash compensation charges and restructuring and
non-recurring charges.

About SpectraSite Communications, Inc.

SpectraSite Communications, Inc. (www.spectrasite.com), based in Cary, North Carolina, is one of the largest wireless tower operators in the United States. The Company also is a leading provider of outsourced services to the wireless communications and broadcast industries in the United States and Canada. At December 31, 2001 SpectraSite owned or managed approximately 20,000 sites, including 7,925 owned towers primarily in the top 100 markets in the United States. SpectraSite`s customers are leading wireless communications providers and broadcasters, including AT&T Wireless, ABC Television, Cingular, Nextel, Paxson Communications, Sprint PCS, Verizon Wireless and Voicestream.

This press release, and oral statements made from time to time by representatives of the Company may contain "forward-looking statements" concerning future expectations, financial and operating projections, plans or strategies, in particular regarding the Company`s projections regarding revenue and EBITDA and capital expenditures for the first quarter of 2002 and for the full year 2002 presented under the heading "Outlook." These forward-looking statements are subject to a number of risks and uncertainties. The Company wishes to caution readers that certain factors may impact the Company`s actual results and could cause results for subsequent periods to differ materially from those expressed in any forward- looking statements made by or on behalf of the Company. Such factors include, but are not limited to (i) substantial capital requirements and leverage principally as a consequence of its ongoing acquisitions and construction activities, (ii) dependence on demand for wireless communications, (iii) the success of the Company`s tower construction program, (iv) the successful operational integration of the Company`s business acquisitions, (v) competition in the communications tower industry, including the impact of technological developments and (vi) future regulatory actions and conditions in its operating areas. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.


SPECTRASITE HOLDINGS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months and Year Ended December 31, 2001 and 2000 (in thousands, except per share amounts) Three Months Ended Year Ended -------------------- --------------------- Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2001 2000 2001 2000 -------- --------- ---------- --------- Revenues: Site leasing $ 64,011 $ 38,135 $ 221,614 $ 116,476 Network services 67,287 65,269 251,358 230,432 -------- --------- ---------- --------- Total revenues 131,298 103,404 472,972 346,908 -------- --------- ---------- --------- Operating expenses: Costs of operations, excluding depreciation and amortization expense Site leasing 26,680 14,670 91,689 46,667 Network services 53,726 49,846 198,480 176,247 Selling, general and administrative expenses 20,174 20,111 86,297 67,893 Depreciation and amortization expense 57,487 27,837 186,224 96,734 Non-recurring charges 71,462 - 143,785 - --------- --------- ---------- ---------- Total operating expenses 229,529 112,464 706,475 387,541 --------- --------- ---------- ---------- Operating loss (98,231) (9,060) (233,503) (40,633) --------- --------- ---------- ---------- Other income (expense): Interest income 809 9,028 17,037 28,391 Interest expense (56,428) (37,129) (212,174) (134,664) Other income (expense) (8,623) (7,880) (223,582) (8,536) ---------- --------- ---------- ---------- Total other income (expense) (64,242) (35,981) (418,719) (114,809) ---------- --------- ---------- ---------- Loss before income taxes (162,473) (45,041) (652,222) (155,442) Income tax expense 225 766 2,547 2,174 ---------- --------- ---------- ---------- Net loss $(162,698) $(45,807) $(654,769) $(157,616) ========== ========= ========== ========== Net loss per common share (basic and diluted) $ (1.06) $ (0.33) $ (4.36) $ (1.31) ========== ========= ========== ========== Weighted average common shares outstanding (basic and diluted) 153,094 140,574 150,223 120,731 ========== ========= ========== ========== Other operating data: EBITDA (a) $ 31,249 $ 20,076 $ 98,631 $ 58,673 ========== ========= ========== ==========

(a) Defined as operating income (loss) before depreciation, amortization, non-cash compensation charges and restructuring and non-recurring charges. December 31, December 31, 2001 2000 ------------ ------------ Cash and cash equivalents $ 31,547 $ 552,653 Total assets 3,201,599 3,054,105 Long-term debt, senior notes, senior discount notes and senior convertible notes 2,315,332 1,709,055 Shareholders` equity 719,345 1,224,800 SPECTRASITE LEASING REVENUE GROWTH 9/30/01 - 12/31/01 Annualized Leasing Owned Revenue (1) Annualized Towers ($000) Revenue/Tower Tenants (2) ------ ------ ------------- ----------- REVENUE FROM: As of 9/30/01 7,550 $ 236,976 $ 31,388 12,195 New Tenants (3) 11,712 573 Existing Tenants (4) 3,132 ---------- Total new revenue on beginning owned towers 14,844 Tenants on assets acquired & built (5) 375 11,856 424 Tenant terminations (396) (34) As of 12/31/01 7,925 $ 263,280 $ 33,221 13,158


(1) Run rate leasing revenues as of end of quarter, some of which have not yet begun to be recorded as revenue for financial statement purposes.

(2) Adjusted to reflect multiple leases with the same user on a tower as one tenant.

(3) Revenue growth from all new tenants on existing assets. Includes annualized revenue of $2,180,400 from initial tenants on towers built in previous periods.

(4) Includes increased revenues from existing tenants. This includes lease amendments, relocations and reconfigurations, additional ground space and rent escalators. Rent escalators accounted for $2,318,000 of increased revenue from existing tenants.

(5) Reflects revenues and tenants on acquired assets at time of acquisition as well as anchor tenants on new tower builds during the period.


SPECTRASITE LEASING REVENUE GROWTH 6/30/01 - 9/30/01 Annualized Leasing Owned Revenue (1) Annualized Towers ($000) Revenue/Tower Tenants (2) ------- ----------- ------------- ----------- As of 6/30/01 6,975 $222,048 $ 31,835 11,359 New Tenants (3) 11,796 609 Existing Tenants (4) 780 --------- Total new revenue on beginning owned towers 12,576 Tenants on assets acquired & built (5) 575 8,712 521 Tenant terminations (6,360) (294) As of 9/30/01 7,550 $236,976 $ 31,388 12,195

(1) Run rate leasing revenues as of end of quarter, some of which have not yet begun to be recorded as revenue for financial statement purposes.

(2) Adjusted to reflect multiple leases with the same user on a tower as one tenant.

(3) Revenue growth from all new tenants on existing assets.

(4) Includes increased revenues from existing tenants. This includes lease amendments, relocations and reconfigurations, additional ground space and rent escalators. Rent escalators accounted for $87,000 of increased revenue from existing tenants.

(5) Reflects revenues and tenants on acquired sites at time of acquisition as well as anchor tenants on new tower builds during the period.


SPECTRASITE LEASING REVENUE GROWTH 3/31/01-6/30/01 Annualized Leasing Owned Revenue (1) Annualized Towers ($000) Revenue/Tower Tenants (2) ------ ------ ------------- ----------- As of 3/31/01 5,982 $ 193,656 $ 32,373 9,826 New Tenants (3) 9,804 516 Existing Tenants (4) 1,008 ---------- Total new revenue on beginning owned towers 10,812 Tenants on assets acquired & built (5) 993 17,928 1,061 Tenant terminations (348) (44) As of 6/30/01 6,975 $ 222,048 $ 31,835 11,359

(1) Run rate leasing revenues as of end of quarter, some of which have not yet begun to be recorded as revenue for financial statement purposes.

(2) Adjusted to reflect multiple leases with the same user on a tower as one tenant.

(3) Revenue growth from all new tenants on existing assets.

(4) Includes increased revenues from existing tenants. This includes lease amendments, relocations and reconfigurations, additional ground space and rent escalators. Rent escalators accounted for $0 of increased revenue from existing tenants.

(5) Reflects revenues and tenants on acquired assets at time of acquisition as well as anchor tenants on new tower builds during the period.


SPECTRASITE LEASING REVENUE GROWTH 12/31/00 - 3/31/01 Annualized Leasing Owned Revenue (1) Annualized Towers ($000) Revenue/Tower Tenants (2) ------- ----------- ------------- ----------- As of 12/31/00 5,030 $166,884 $ 33,178 8,341 New Tenants (3) 9,084 500 Existing Tenants (4) - --------- Total new revenue on beginning owned towers 9,084 Tenants on assets acquired & built (5) 952 18,168 1,020 Tenant terminations (480) (35) As of 3/31/01 5,982 $193,656 $ 32,373 9,826

(1) Run rate leasing revenues as of end of quarter, some of which have not yet begun to be recorded as revenue for financial statement purposes.

(2) Adjusted to reflect multiple leases with the same user on a tower as one tenant.

(3) Revenue growth from all new tenants on existing assets.

(4) Includes increased revenues from existing tenants. This includes lease amendments, relocations and reconfigurations, additional ground space and rent escalators. Rent escalators accounted for $0 of increased revenue from existing tenants.

(5) Reflects revenues and tenants on acquired sites at time of acquisition as well as anchor tenants on new tower builds during the period.


Tower by Class Data As of 12/31/2001 Annualized # of Revenue Tower Year Acquired Towers per Tower Cash Flow Margin ---------------------------------------------- 1998 107 44,799 70.9% 1999 2,649 39,460 65.1% 2000 2,258 34,136 59.7% 2001 2,911 26,410 56.5% ---------------------------------------------- Total 7,925 33,222 61.1%

Contact Information:
SpectraSite, Cary
Investors: Tabitha Zane, 919/466-5492
[e-mail]
or
Media: Noreen Allen, 919/349-8992
[e-mail]


© 2002 BusinessWire