Shares in the developer-operator of wireless communications towers fell as the Nasdaq National Market closed up 25.2% Tuesday at 2198.7. The Boca Raton company attributed about 22% of the losses to a $5.1 million writeoff of deferred financing fees.
The company reported a 74% increase in total revenue for the three months ended March 31 with gross profits climbing by 89%. Cash flow from site leasing increased by 111%.
The company reported estimated net losses of $23 million or 49 cents per share on total revenue of $53 million for the three-month period, compared with a net loss of $9.7 million or 27 cents a share on revenue of $30.4 million for the same period in 2000. Net earnings loss per share totaled 38 cents excluding the extraordinary writeoff.
Shares closed down $3.15 Tuesday at $29.30 on volume of 1.2 million shares, with the issue trading as high as $57 and as low as $12.69 over the past 52 weeks.
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