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Pinnacle Holdings has been aggressively acquiring tower sites. After completing pending transactions, including a closed deal with Motorola (1850 sites), they will be managing 3600 communications tower sites all over the country. This will place it second to Crown Castle which has 6100 sites.

Pinnacle leases tower space for cellular, paging, wireless data xmission, radio & TV xmission. Their clients include Sprint, BellSouth, Skytel & the FBI.

Sites recently acquired include towers atop the World Trade center in NY, Sears Tower in Chicago & the Allied Bank building in Houston.

Pinnacle went public in Feb & has appreciated in price 92% since then. In the second quarter sales rose 93% to 13.7 million. but the company posted a loss of $12.1 million, ($0.38/share). Cash flow was $11.1 Million or 81% of revenue.

I'm considering establishing a position in this stock. Anyone out there have any thoughts about this company &/or the long term prospects for tower operators? Other competition?

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