Besides waking to news of the wider losses, the company's shareholders also learned Friday that Legg Mason Inc., a Baltimore, MD-based financial services company, downgraded the issue to a "buy" from "strong buy."
Although it is reporting wider net losses, the company also noted that total revenue, earning before income taxes, depreciation and amortization and tower cash flow for the three months ended June 30 reached new company records.
The Boca Raton-based developer-operator of wireless communications towers reported a net loss of $23.3 million, or 50 cents a share, on revenue of $57.8 million for the second quarter ended June 30, compared with a net loss of $7.9 million, or 20 cents per share, on total revenue of $38.5 million for the same period a year ago.
The company also announced it expects to report a non-recurring developmental charge in the third quarter of 2001--estimated at between $21 and $24 million. That will include write-off of costs attributed to the abandonment of development activity on certain new tower build sites, employee-separation costs and costs accrued from closing or consolidating selected offices.
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