Nov. 7, 2006

Global Signal reduced its losses but still ended up in the red for the third quarter. The company reported a net loss of $11.3 million in the third quarter of last year.

Global Signal’s revenues were up 10 percent year-over-year, to $127.8 million.

The tower company announced last month that it plans to merge with Crown Castle International Corp.

Global Signal reported $2.6 million in merger-related costs in the third quarter. The deal is expected to close early next year.

Global Signal said it spent $28.4 million to acquire land under 156 of its towers that was previously leased.

“Our revenue growth is accelerating and demand for space on our towers from our wireless customers continues to be strong,” said Jerry Elliott, chief executive officer of Global Signal.

“The continued improvement in our revenue growth and our focus on customer service and operations will combine to drive significant growth in cash flow."

Source: RCR News