CROWN CASTLE INTERNATIONAL CORP
8-K, 2000-05-18
COMMUNICATIONS SERVICES, NEC
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<PAGE>

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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

         Date of Report (Date of earliest event reported): May 18, 2000

                        Crown Castle International Corp.
             (Exact Name of Registrant as Specified in its Charter)

        Delaware                    0-24737                  76-0470458
     (State or Other       (Commission File Number)         (IRS Employer
     Jurisdiction of                                   Identification Number)
     Incorporation)

                                510 Bering Drive
                                   Suite 500
                               Houston, TX 77057
                    (Address of Principal Executive Office)

       Registrant's telephone number, including area code: (713) 570-3000

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>

   This document includes "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Other than statements of historical fact, all statements
regarding industry prospects, the consummation of the transactions described in
this document and the Company's expectations regarding the future performance
of its businesses and its financial position are forward-looking statements.
These forward-looking statements are subject to numerous risks and
uncertainties.

   Capitalized terms used but not defined herein shall have the meaning
assigned thereto in the Company's Registration Statement on Form S-3 (Reg. No.
333-83395), as amended and as supplemented by a prospectus supplement dated
August 5, 1999.

Item 7. Financial Statements and Exhibits

   (a) Financial statements of businesses acquired.

   --Not applicable.

   (b) Pro forma financial information.

   The following unaudited pro forma condensed consolidated financial
statements, together with the introductory language thereto, are included
herein as Exhibit 2.1:

  (1) Unaudited Pro Forma Condensed Consolidated Statement of Operations for
      the year ended December 31, 1999

  (2) Notes to Unaudited Pro Forma Condensed Consolidated Statement of
      Operations

  (3) Unaudited Pro Forma Condensed Consolidated Balance Sheet as of December
      31, 1999

  (4) Notes to Unaudited Pro Forma Condensed Consolidated Balance Sheet

   (c) Exhibits

<TABLE>
<CAPTION>
 Exhibit No. Description
 ----------- -----------
 <C>         <S>
     2.1     Unaudited Pro Forma Condensed Consolidated Financial Statements of
             Crown Castle International Corp.
</TABLE>

                                       1
<PAGE>

                                   SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized

                                          Crown Castle International Corp.

                                                /s/ Wesley D. Cunningham
                                          By: _________________________________
                                          Name: Wesley D. Cunningham
                                          Title:  Senior Vice President,
                                             Corporate Controller and
                                             Chief Accounting Officer
Date: May 18, 2000

                                       2
<PAGE>

                                 EXHIBIT INDEX

<TABLE>
<CAPTION>
 Exhibit
   No.   Description
 ------- -----------
 <C>     <S>
 2.1     Unaudited Pro Forma Condensed Consolidated Financial Statements of
         Crown Castle International Corp.
</TABLE>

                                       3

<PAGE>

                                                                     EXHIBIT 2.1

   UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   The following unaudited pro forma condensed consolidated financial
statements are based on the historical financial statements of CCIC and the
historical financial statements of the entities acquired by CCIC during the
period presented, adjusted to give effect to the following transactions:

    (1) the recent debt and equity offerings and the issuance of the
        convertible preferred stock and warrants in the GE Capital
        transaction;

    (2) the Bell Atlantic joint venture;

    (3) the BellSouth transaction; and

    (4) the Powertel acquisition.

   The Unaudited Pro Forma Condensed Consolidated Statement of Operations for
the year ended December 31, 1999 gives effect to these transactions as if they
had occurred as of January 1, 1999. The Unaudited Pro Forma Condensed
Consolidated Balance Sheet gives effect to the transaction described in clause
(3) above as if it had been completed as of December 31, 1999. The pro forma
adjustments are described in the accompanying notes and are based upon
available information and certain assumptions that management believes are
reasonable.

   Included in the notes accompanying the pro forma financial statements are
tables summarizing the unaudited pro forma results of operations and balance
sheet for CCIC and its subsidiaries that are restricted by covenants in our
high yield debt instruments. These subsidiaries exclude our U.K. subsidiaries
and the Bell Atlantic joint venture, both of which are designated as
unrestricted subsidiaries under our high yield debt instruments.

   The pro forma financial statements do not purport to represent what CCIC's
results of operations or financial condition would actually have been had these
transactions in fact occurred on such dates or to project CCIC's results of
operations or financial condition for any future date or period. The pro forma
financial statements should be read in conjunction with the consolidated
financial statements and related notes and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" included in CCIC's
most recent annual report on Form 10-K.

   The Bell Atlantic joint venture and the Powertel acquisition are accounted
for under the purchase method of accounting. The total purchase price for the
Bell Atlantic joint venture and the Powertel acquisition has been allocated to
the identifiable tangible and intangible assets and liabilities of the
applicable acquired business based upon CCIC's preliminary estimate of their
fair values with the remainder allocated to goodwill and other intangible
assets. The allocations of the purchase prices may be revised when additional
information concerning asset and liability valuations is obtained; however, we
do not expect that any such revisions will have a material effect on our
consolidated financial position or results of operations.

                                       1
<PAGE>

      UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

                         Year Ended December 31, 1999
               (Dollars in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                           Historical               Pro Forma  Adjustments
                                                              Bell                     for         for
                                 Adjustments    Pro Forma   Atlantic  Adjustments   Offerings   Proposed
                     Historical      for           for       Joint     for Joint    and Joint   BellSouth      Historical
                        CCIC      Offerings     Offerings  Venture(c)   Venture      Venture   Transaction     Powertel(l)
                     ----------  -----------    ---------  ---------- -----------   ---------  -----------     -----------
<S>                  <C>         <C>            <C>        <C>        <C>           <C>        <C>             <C>
Net revenues:
 Site rental and
 broadcast
 transmission......  $ 267,894    $     --      $ 267,894   $ 3,705     $ 8,092(d)  $ 279,691    $21,394(i)      $ 1,864
 Network services
 and other.........     77,865          --         77,865        --          --        77,865         --              --
                     ---------    --------      ---------   -------     -------     ---------    -------         -------
   Total net
   revenues........    345,759          --        345,759     3,705       8,092       357,556     21,394           1,864
                     ---------    --------      ---------   -------     -------     ---------    -------         -------
Operating expenses:
 Costs of
 operations:
   Site rental and
   broadcast
   transmission....    114,436          --        114,436     5,359          --(e)    119,795      7,207(e)(j)     2,589
   Network services
   and other.......     42,312          --         42,312        --          --        42,312         --              --
 General and
 administrative....     43,823          --         43,823        --          --(e)     43,823         --(e)           --
 Corporate
 development.......      5,403          --          5,403        --          --         5,403         --              --
 Restructuring
 charges...........      5,645          --          5,645        --          --         5,645         --              --
 Non-cash
 compensation
 charges...........      2,173          --          2,173        --          --         2,173         --              --
 Depreciation and
 amortization......    130,106          --        130,106     1,899       6,222(f)    138,227     19,282(k)        3,633
                     ---------    --------      ---------   -------     -------     ---------    -------         -------
                       343,898          --        343,898     7,258       6,222       357,378     26,489           6,222
                     ---------    --------      ---------   -------     -------     ---------    -------         -------
Operating income
(loss).............      1,861          --          1,861    (3,553)      1,870           178     (5,095)         (4,358)
Other income
(expense):
 Interest and
 other income
 (expense).........     17,731          --         17,731        --          --        17,731         --              --
 Interest expense
 and amortization
 of deferred
 financing costs...   (110,908)    (36,947)(a)   (147,855)       --      (4,428)(g)  (152,283)        --              --
                     ---------    --------      ---------   -------     -------     ---------    -------         -------
Income (loss)
before income
taxes, minority
interests and
cumulative effect
of change in
accounting
principle..........    (91,316)    (36,947)      (128,263)   (3,553)     (2,558)     (134,374)    (5,095)         (4,358)
Provision for
income taxes.......       (275)         --           (275)       --          --          (275)        --              --
Minority
interests..........     (2,756)         --         (2,756)       --       1,224(h)     (1,532)        --              --
                     ---------    --------      ---------   -------     -------     ---------    -------         -------
Income (loss)
before cumulative
effect of change in
accounting
principle..........    (94,347)    (36,947)      (131,294)   (3,553)     (1,334)     (136,181)    (5,095)         (4,358)
Cumulative effect
of change in
accounting
principle for costs
of start-up
activities.........     (2,414)         --         (2,414)       --          --        (2,414)        --              --
                     ---------    --------      ---------   -------     -------     ---------    -------         -------
Net income (loss)..    (96,761)    (36,947)      (133,708)   (3,553)     (1,334)     (138,595)    (5,095)         (4,358)
Dividends on
preferred stock....    (28,881)    (14,916)(b)    (43,797)       --          --       (43,797)        --              --
                     ---------    --------      ---------   -------     -------     ---------    -------         -------
Net income (loss)
after deduction of
dividends on
preferred stock....  $(125,642)   $(51,863)     $(177,505)  $(3,553)    $(1,334)    $(182,392)   $(5,095)        $(4,358)
                     =========    ========      =========   =======     =======     =========    =======         =======
Per common share--
basic and diluted:
 Loss before
 cumulative effect
 of change in
 accounting
 principle.........  $   (0.94)                 $   (1.23)                          $   (1.19)
 Cumulative effect
 of change in
 accounting
 principle.........      (0.02)                     (0.02)                              (0.01)
                     ---------                  ---------                           ---------
 Net loss..........  $   (0.96)                 $   (1.25)                          $   (1.20)
                     =========                  =========                           =========
Common shares
outstanding--basic
and diluted (in
thousands).........    131,466                    142,201                             151,496
                     =========                  =========                           =========


                      Adjustments
                        for        Pro Forma
                      Powertel      for the
                     Acquisition  Transactions
                     ------------ ------------
<S>                  <C>          <C>
Net revenues:
 Site rental and
 broadcast
 transmission......    $6,185(m)   $ 309,134
 Network services
 and other.........        --         77,865
                     ------------ ------------
   Total net
   revenues........     6,185        386,999
                     ------------ ------------
Operating expenses:
 Costs of
 operations:
   Site rental and
   broadcast
   transmission....        --(e)     129,591
   Network services
   and other.......        --         42,312
 General and
 administrative....        --(e)      43,823
 Corporate
 development.......        --          5,403
 Restructuring
 charges...........        --          5,645
 Non-cash
 compensation
 charges...........        --          2,173
 Depreciation and
 amortization......     2,383(n)     163,525
                     ------------ ------------
                        2,383        392,472
                     ------------ ------------
Operating income
(loss).............     3,802         (5,473)
Other income
(expense):
 Interest and
 other income
 (expense).........        --         17,731
 Interest expense
 and amortization
 of deferred
 financing costs...        --       (152,283)
                     ------------ ------------
Income (loss)
before income
taxes, minority
interests and
cumulative effect
of change in
accounting
principle..........     3,802       (140,025)
Provision for
income taxes.......        --           (275)
Minority
interests..........        --         (1,532)
                     ------------ ------------
Income (loss)
before cumulative
effect of change in
accounting
principle..........     3,802       (141,832)
Cumulative effect
of change in
accounting
principle for costs
of start-up
activities.........        --         (2,414)
                     ------------ ------------
Net income (loss)..     3,802       (144,246)
Dividends on
preferred stock....        --        (43,797)
                     ------------ ------------
Net income (loss)
after deduction of
dividends on
preferred stock....    $3,802      $(188,043)
                     ============ ============
Per common share--
basic and diluted:
 Loss before
 cumulative effect
 of change in
 accounting
 principle.........                $   (1.17)
 Cumulative effect
 of change in
 accounting
 principle.........                    (0.02)
                                  ------------
 Net loss..........                $   (1.19)
                                  ============
Common shares
outstanding--basic
and diluted (in
thousands).........                  158,016
                                  ============
</TABLE>

     See Notes to Unaudited Pro Forma Condensed Consolidated Statement of
                                  Operations

                                       2
<PAGE>

  Notes to Unaudited Pro Forma Condensed Consolidated Statement of Operations
                             (Dollars in thousands)

(a) Reflects:
  (1) increase in interest expense as a result of the issuance of the notes
      in the recent debt offerings of $36,132 for the year ended December 31,
      1999; and
  (2) amortization of deferred financing costs related to the notes issued in
      the recent debt offerings of $815 for the year ended December 31, 1999.
(b) Reflects the increase in dividends attributable to the issuance of the
    convertible preferred stock.
(c) Reflects the historical results of operations of the tower operations
    contributed to the Bell Atlantic joint venture.
(d) Reflects additional revenues to be recognized by the Bell Atlantic joint
    venture under the global lease and the formation agreement.
(e) We expect that the Bell Atlantic joint venture will incur incremental
    operating expenses as a stand-alone entity. Such incremental expenses are
    currently estimated to amount to approximately $5,137 per year. In
    addition, we expect that we will incur incremental operating expenses as a
    result of the BellSouth transaction and the Powertel acquisition. Such
    incremental expenses are currently estimated to amount to approximately
    $15,917 per year. These incremental operating expenses are based on
    management's best estimates rather than any contractual obligations; as
    such, these amounts have not been presented as adjustments in the
    accompanying pro forma financial statement.
(f) Reflects the incremental depreciation of property and equipment as a result
    of the Bell Atlantic joint venture. Property and equipment is being
    depreciated over twenty years.
(g) Reflects additional interest expense attributable to borrowings under the
    credit facility entered into by the Bell Atlantic joint venture. Such
    borrowings were initially estimated to incur interest at a rate of 9.25%
    per annum.
(h) Reflects the minority partner's 38.5% interest in the joint venture's
    operations.
(i) Reflects additional revenues to be recognized by CCIC in connection with
    the BellSouth transaction for the sublease of tower space by BellSouth.
    This amount includes: $16,842 in revenues to be received from BellSouth and
    $4,552 in revenues to be received from other tenants for the year ended
    December 31, 1999.
(j) Reflects additional costs to be incurred for ground rents in connection
    with the BellSouth agreement.
(k) Reflects the incremental depreciation of property and equipment as a result
    of the BellSouth transaction. Property and equipment is being depreciated
    over twenty years.
(l) Reflects the historical results of operations of the tower operations
    acquired in the Powertel acquisition.
(m) Reflects additional revenues to be recognized by CCIC in connection with
    the Powertel acquisition under the master site agreements.
(n) Reflects the incremental depreciation of property and equipment as a result
    of the Powertel acquisition. Property and equipment is being depreciated
    over twenty years.

                                       3
<PAGE>

   The following table summarizes the unaudited pro forma results of operations
for the restricted group under our high yield debt instruments. Such
information is not intended as an alternative measure of the operating results
as would be determined in accordance with generally accepted accounting
principles.


<TABLE>
<CAPTION>
                                                   Year Ended  December 31, 1999
                         -----------------------------------------------------------------------------------
                                                 Restricted  Adjustments                         Restricted
                                                   Group         for                Adjustments  Group Pro
                         Pro Forma  Exclusion of Pro Forma    Proposed                  for      Forma for
                            for     Unrestricted    for       BellSouth  Historical  Powertel       the
                         Offerings  Subsidiaries Offerings   Transaction  Powertel  Acquisition Transactions
                         ---------  ------------ ----------  ----------- ---------- ----------- ------------
<S>                      <C>        <C>          <C>         <C>         <C>        <C>         <C>
Net revenues:
 Site rental and
  broadcast
  transmission.......... $ 267,894   $(209,601)  $  58,293     $21,394    $ 1,864     $6,185     $  87,736
 Network services and
  other.................    77,865     (31,981)     45,884          --         --         --        45,884
                         ---------   ---------   ---------     -------    -------     ------     ---------
   Total net revenues...   345,759    (241,582)    104,177      21.394      1,864      6,185       133,620
                         ---------   ---------   ---------     -------    -------     ------     ---------
Operating expenses:
 Costs of operations:
   Site rental and
    broadcast
    transmission........   114,436     (93,736)     20,700       7,207      2,589         --        30,496
   Network services and
    other...............    42,312     (20,275)     22,037          --         --         --        22,037
 General and
  administrative........    43,823     (10,771)     33,052          --         --         --        33,052
 Corporate
  development...........     5,403        (819)      4,584          --         --         --         4,584
 Restructuring
  charges...............     5,645          --       5,645          --         --         --         5,645
 Non-cash compensation
  charges...............     2,173        (769)      1,404          --         --         --         1,404
 Depreciation and
  amortization..........   130,106     (87,752)     42,354      19,282      3,633      2,383        67,652
                         ---------   ---------   ---------     -------    -------     ------     ---------
                           343,898    (214,122)    129,776      26,489      6,222      2,383       164,870
                         ---------   ---------   ---------     -------    -------     ------     ---------
 Operating income
  (loss)................     1,861     (27,460)    (25,599)     (5,095)    (4,358)     3,802       (31,250)
Other income (expense):
 Interest and other
  income (expense)......    17,731      (7,797)      9,934          --         --         --         9,934
 Interest expense and
  amortization of
  deferred financing
  costs.................  (147,855)     40,567    (107,288)         --         --         --      (107,288)
                         ---------   ---------   ---------     -------    -------     ------     ---------
 Income (loss) before
  income taxes,
  minority interests
  and cumulative effect
  of change in
  accounting
  principle.............  (128,263)      5,310    (122,953)     (5,095)    (4,358)     3,802      (128,604)
 Provision for income
  taxes.................      (275)         --        (275)         --         --         --          (275)
 Minority interests.....    (2,756)      2,756          --          --         --         --            --
                         ---------   ---------   ---------     -------    -------     ------     ---------
 Income (loss) before
  cumulative effect of
  change in accounting
  principle.............  (131,294)      8,066    (123,228)     (5,095)    (4,358)     3,802      (128,879)
 Cumulative effect of
  change in accounting
  principle for costs
  of start-up
  activities............    (2,414)         --      (2,414)         --         --         --        (2,414)
                         ---------   ---------   ---------     -------    -------     ------     ---------
 Net income (loss)......  (133,708)      8,066    (125,642)     (5,095)    (4,358)     3,802      (131,293)
 Dividends on preferred
  stock.................   (43,797)         --     (43,797)         --         --         --       (43,797)
                         ---------   ---------   ---------     -------    -------     ------     ---------
 Net income (loss)
  after deduction of
  dividends on
  preferred stock....... $(177,505)  $   8,066   $(169,439)    $(5,095)   $(4,358)    $3,802     $(175,090)
                         =========   =========   =========     =======    =======     ======     =========
</TABLE>

                                       4
<PAGE>

            UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

                            As of December 31, 1999
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                    Adjustments
                                                        for
                                                     Proposed       Pro Forma
                                         Historical  BellSouth       for the
                                            CCIC    Transaction    Transaction
                                         ---------- -----------    -----------
<S>                                      <C>        <C>            <C>
Assets:
Current assets:
  Cash and cash equivalents............. $  549,328  $(62,660)(a)  $  486,668
  Receivables...........................     78,617        --          78,617
  Inventories...........................     19,178        --          19,178
  Prepaid expenses and other current
   assets...............................     14,922        --          14,922
                                         ----------  --------      ----------
    Total current assets................    662,045   (62,660)        599,385
Property and equipment, net.............  2,468,101    89,514(b)    2,557,615
Escrow deposit for acquisition..........     50,000        --          50,000
Goodwill and other intangible assets,
 net....................................    596,147        --         596,147
Deferred financing costs and other
 assets, net............................     60,357        --          60,357
                                         ----------  --------      ----------
                                         $3,836,650  $ 26,854      $3,863,504
                                         ==========  ========      ==========
Liabilities and Stockholders' Equity:
Current liabilities:
  Accounts payable...................... $   45,998  $     --      $   45,998
  Other current liabilities.............     85,283        --          85,283
  Long-term debt, current maturities....         --        --              --
                                         ----------  --------      ----------
    Total current liabilities...........    131,281        --         131,281
Long-term debt, less current
 maturities.............................  1,542,343        --       1,542,343
Other liabilities.......................     67,064        --          67,064
                                         ----------  --------      ----------
    Total liabilities...................  1,740,688        --       1,740,688
                                         ----------  --------      ----------
Minority interests......................     55,292        --          55,292
Redeemable preferred stock..............    422,923        --         422,923
Stockholders' equity....................  1,617,747    26,854(c)    1,644,601
                                         ----------  --------      ----------
                                         $3,836,650  $ 26,854      $3,863,504
                                         ==========  ========      ==========
</TABLE>

     See Notes to Unaudited Pro Forma Condensed Consolidated Balance Sheet

                                       5
<PAGE>

       Notes to Unaudited Pro Forma Condensed Consolidated Balance Sheet
                             (Dollars in thousands)

(a)   Reflects the payment of the remaining cash portion of the purchase price
      for the BellSouth transaction.
(b)   Reflects the basis of property and equipment recorded in connection with
      the BellSouth transaction.
(c)   Reflects the increase resulting from the issuance of common stock for a
      portion of the remaining purchase price for the BellSouth transaction.

                                       6
<PAGE>

    The following table summarizes the adjustments for the BellSouth
transaction, with the increase to the stockholders' equity balance shown as a
negative amount:

<TABLE>
<CAPTION>
                                                            Adjustment Reference
                                                            --------------------
                                                                (a),(b),(c)
                                                            --------------------
   <S>                                                      <C>
   Cash and cash equivalents...............................       $(62,660)
   Property and equipment, net.............................         89,514
   Stockholders' equity....................................        (26,854)
                                                                  --------
                                                                  $     --
                                                                  ========
</TABLE>

   The following table summarizes the unaudited pro forma balance sheet for the
restricted group under our high yield debt instruments. Such information is not
intended as an alternative measure of financial position as determined in
accordance with generally accepted accounting principles.

<TABLE>
<CAPTION>
                                           As of December 31, 1999
                          -----------------------------------------------------------
                                                              Adjustments Restricted
                                                                  for        Group
                                     Exclusion of  Historical  Proposed    Pro Forma
                          Historical Unrestricted  Restricted  BellSouth    for the
                             CCIC    Subsidiaries    Group    Transaction Transaction
                          ---------- ------------  ---------- ----------- -----------
<S>                       <C>        <C>           <C>        <C>         <C>
Assets:
Current assets:
  Cash and cash
   equivalents..........  $  549,328 $   (54,604)  $  494,724  $(62,660)  $  432,064
  Receivables...........      78,617     (30,472)      48,145        --       48,145
  Inventories...........      19,178     (12,279)       6,899        --        6,899
  Prepaid expenses and
   other current
   assets...............      14,922     (10,860)       4,062        --        4,062
                          ---------- -----------   ----------  --------   ----------
    Total current
     assets.............     662,045    (108,215)     553,830   (62,660)     491,170
Property and equipment,
 net....................   2,468,101  (1,117,491)   1,350,610    89,514    1,440,124
Escrow deposit for
 acquisition............      50,000          --       50,000        --       50,000
Investments in
 Unrestricted
 Subsidiaries...........          --     991,261      991,261        --      991,261
Goodwill and other
 intangible assets,
 net....................     596,147    (463,594)     132,553        --      132,553
Deferred financing costs
 and other assets, net..      60,357     (11,779)      48,578        --       48,578
                          ---------- -----------   ----------  --------   ----------
                          $3,836,650 $  (709,818)  $3,126,832  $ 26,854   $3,153,686
                          ========== ===========   ==========  ========   ==========
Liabilities and
 Stockholders' Equity:
Current liabilities:
  Accounts payable......  $   45,998 $   (22,517)  $   23,481  $     --   $   23,481
  Other current
   liabilities..........      85,283     (58,859)      26,424        --       26,424
  Long-term debt,
   current maturities...          --          --           --        --           --
                          ---------- -----------   ----------  --------   ----------
    Total current
     liabilities........     131,281     (81,376)      49,905        --       49,905
Long-term debt, less
 current maturities.....   1,542,343    (509,155)   1,033,188        --    1,033,188
Other liabilities.......      67,064     (63,995)       3,069        --        3,069
                          ---------- -----------   ----------  --------   ----------
    Total liabilities...   1,740,688    (654,526)   1,086,162        --    1,086,162
                          ---------- -----------   ----------  --------   ----------
Minority interests......      55,292     (55,292)          --        --           --
Redeemable preferred
 stock..................     422,923          --      422,923        --      422,923
Stockholders' equity....   1,617,747          --    1,617,747    26,854    1,644,601
                          ---------- -----------   ----------  --------   ----------
                          $3,836,650 $  (709,818)  $3,126,832  $ 26,854   $3,153,686
                          ========== ===========   ==========  ========   ==========
</TABLE>

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