Earnings Call Excerpt
FiberTower Corporation (FTWR)
F2Q09 (Qtr End 06/30/09) Earnings Call
August 7, 2009 11:30 am ET
Executives
Gus Okwu - Investor Relations, DRG&E
Kurt Van Wagenen - CEO and President
Thomas Scott - CFO and Senior VP
Analysts
Presentation
Operator
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to FiberTower's second quarter earnings call. During today's presentation, all parties will be in a listen-only mode. (Operator Instruction). This conference is being recorded today, Friday, August 07, 2009.
I would now like to turn the conference over to Gus Okwu of DRG&E. Please go ahead.
Gus Okwu
Thank you, Britney. Good morning everyone. Thank you for joining us for FiberTower Corporation’s second quarter 2009 conference call. Joining me today on the call are Kurt Van Wagenen, FiberTower’s President and Chief Executive Officer; and Thomas Scott, the company’s Senior Vice President and Chief Financial Officer.
FiberTower issued a press release yesterday with details of the company’s quarterly financial and operating results. This document is available in the Newsroom section of the company’s website at www.fibertower.com. A replay of today’s call will be available beginning one hour at the completion of this call until 11:59 pm Eastern Time on August 14, 2009. The replay may be accessed by dialing 303-590-3030 and providing the access code ID number 4124282.
Please note that information reported on this call speaks only as of today, August 7, 2009, and therefore you are advised that time sensitive information may no longer be accurate as of the time of any replay. Additionally, please note that this conference call is being broadcast live through an internet webcast system that can be accessed on the company’s website at www.fibertower.com.
I should also mention that our comments today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Information about the potential facts that could affect the company’s financial results are available in the Risk Factors section as updated in the company’s SEC filings.
The financial highlights for the quarter were revenue growth of 6% quarter-over-quarter, 31% year-over-year; gross profit improvement of 118% quarter-over-quarter; adjusted EBITDA loss improvement of $1.7 million quarter-over-quarter and $6.5 million year-over-year. Debt repurchases were approximately $71 million of par value and cash and cash equivalents balance of $89.7 million as of June 30, 2009.
Now let me turn the call over to Kurt Van Wagenen.
Kurt Van Wagenen
Thanks Gus. Good morning everyone and thank you for joining our second quarter earnings call. It's a fascinating time to be a participant in our industry. Wireless carriers are deploying next generation 3 and 4G network and rolling out new devices. Consumer data usage is continuing to grow rapidly. New Smartphone applications are appearing on a regular basis and the government is progressing with the implementation of the National Broadband Initiative. This is a promising environment for FiberTower because it provides numerous opportunities for us to capitalize on the backhaul of networks that we have been designing, building and operating for over six years. These networks provide open access, middle mild broadband solutions to wireless carrier customers and increasingly to wholesale and government customers as well.
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