American Tower Loses Money But Sees Improvement

American Tower Loses Money But Sees Improvement
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American Tower lost less in the fourth quarter than it did a year earlier; it also took in less revenue. But its latest financial figures reveal "significant progress," the company said.
In the last three months of 2002, revenue dropped 7% compared to the same period a year earlier, to $208.1 million. It lost 27 cents per share, or $52.4 million, in the quarter, an improvement from a year ago, when it lost 77 cents and $149.7 million.
American Tower said that, for the first time, it achieved positive free cash flow in the quarter, ending with $127 million in cash and equivalents.
The wireless and broadcast infrastructure firm leases antenna space on towers. It has been trying recently to centralize operations and sell non-core assets to reduce its debt.