SpectraSite Emerges From Bankruptcy

Wireless tower operator SpectraSite reported first quarter 2003 results on May 8th and said that, for financial reporting purposes, the company emerged from Chapter 11 bankruptcy as of the close of business, January 31, 2003. Operating income during the first quarter of 2003 increased to $5.3 million, compared with an operating loss of $18.6 million in the first quarter 2002. As of March 31, 2003, SpectraSite owned or operated 7,488 towers, compared to 8,015 towers as of March 31, 2002. SpectraSite sold 545 towers to Cingular. While most of these towers are used for cellular and other wireless services, SpectraSite also owns or manages some broadcast sites, including Mount Harvard in Los Angeles.