Earnings Call Excerpt
FiberTower Corporation (FTWR)
Q3 2009 Earnings Call
November 06, 2009 11:30 am ET
Executives
Gus Okwu - Managing Director, Analyst and IR Counsel of DRG&E
Kurt Van Wagenen - President and CEO
Thomas Scott - SVP and CFO
Presentation
Operator
Good morning, ladies and gentlemen, welcome to the FiberTower Corporation’s third quarter earnings conference call. During today’s presentation, all parties will be in a listen-only mode. (Operator Instructions). This conference is being recorded today, Friday, November 6, 2009.
At this time, I would like to turn the conference over to Gus Okwu with DRG&E. Please go ahead.
Gus Okwu
Thank you. Good morning. Thank you for joining FiberTower Corporation’s third quarter 2009 conference call. Joining me on the call today 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 atwww.fibertower.com. A replay of today’s call will be available beginning one hour after the completion of this call until 11:59 pm Eastern Time, November 13, 2009. The replay maybe accessed by dialing 303-590-3030, and providing the pass code ID number, 417-3789.
Please note that information reported on this call speaks only as of today, November 6, 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 atwww.fibertower.com.
I should also mention that our comments today will contain forward-looking statements in the meaning of the Private Securities Litigation Reform Act of 1995. Information about the potential factors that could affect the company’s financial results is available as updated in company’s SEC filings.
Key financial highlights of the quarter were; revenue growth of 4% quarter-over-quarter, 21% year-over-year, average monthly revenue per billing site improvement of 4% quarter-over-quarter and 15% year-over-year, gross profit improvement of 20% quarter-over-quarter, adjusted EBITDA loss improvement of 50% year-over-year, cash and cash equivalent balance of approximately $85 million at September 30, 2009, and subsequent to the end of the third quarter, the launch as a debt exchange offer for FiberTower’s 9% convertible senior secured notes due 2012, and filing of the company’s preliminary proxy related to a special shareholder meeting to be held on December 15, 2009.
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