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     <!-- Project:        I:\CONVER\ny14097.eep                                            -->
     <!-- Control Number: NY14097                                                          -->
     <!-- Rev Number:     B. Dailey                                                        -->
     <!-- Client Name:    Global Signal Inc                                                -->
     <!-- Project Name:   NY14097 - 8-K                                                    -->
     <!-- Firm Name:                                                                       -->
     <TITLE>8-K</TITLE>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> UNITED
STATES <BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549 </FONT></H1></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM 8-K</B></FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CURRENT REPORT
<BR>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</B>  </FONT></TD></TR>
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     <TD WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of Report (Date of earliest event reported)&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="55%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 2, 2005<!-- DATE --> </FONT></TD>
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     <TD>&nbsp;</TD>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Global Signal Inc.</U><!-- Name of Registrant --></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
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<TD WIDTH="33%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delaware<!-- State--></FONT></TD>
<TD WIDTH="34%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>001-32168<!-- File No.--></FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>65-0652634<!-- Irs No.--></FONT></TD>
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<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(State or other jurisdiction <BR>of incorporation)</font></td>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(Commission<BR>File Number) </FONT></TD>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(IRS Employer<BR> Identification No.) </FONT></TD>
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     <TD WIDTH="70%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">301 North Cattlemen Road, Suite 300, Sarasota, Florida<!-- ADDRESS --></FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">34232<!-- ZIP CODE --></FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</FONT></TD></TR>
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     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registrant's telephone number, including area code</FONT></TD>
     <TD WIDTH="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="47%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(941) 364-8886 <!-- TELEPHONE NO. --></FONT></TD></TR>
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     <TD>&nbsp;</TD>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- FORMER NAME OR ADDRESS --></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><HR NOSHADE SIZE=1></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Former name or former address, if changed since last report) </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below): </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act<BR> (17 CFR
240.14d-2(b)) </FONT></TD>
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<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act <BR>(17 CFR
240.13e-4(c)) </FONT></TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2.02</B> </FONT></TD>
<TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Results of
Operations and Financial Condition</B></FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 2, 2005, Global Signal Inc. (the &#147;Company&#148;) issued a press release
regarding the matters discussed under Item 4.02(a) below, which include pending
adjustments to previously issued financial statements. The press release is attached as
Exhibit 99.1 hereto. The information under this Item 2.02 in this Current Report,
including Exhibit 99.1, is being furnished and shall not be deemed &#147;filed&#148; for
the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section. </FONT></TD></TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 4.02</B></FONT></TD>
<TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed
Interim Review</B></FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
          On March 2, 2005, the Audit Committee of the Board of Directors of the Company
          concluded that the Company&#146;s previously issued financial statements for
the           two months ended December 31, 2002, the fiscal year ended December 31, 2003
and           the first three fiscal quarters of 2004 should no longer be relied on as a
          result of certain errors contained therein.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
public companies, including several other tower companies, have recently announced their
intention to modify their lease accounting and, as a result, to restate certain of their
financial statements. The staff of the Office of the Chief Accountant of the SEC issued a
statement on February 7, 2005 clarifying its views on certain issues related to lease
accounting. Consistent with other public companies in the tower and other industries, and
in light of this SEC statement, the Company is conducting a review of its accounting for
certain types of ground leases and leasehold improvements on leased ground in consultation
with its independent registered public accounting firm, Ernst &amp; Young LLP. Based on
the Company&#146;s review to date, the Audit Committee believes that the correction of
errors due to these changes in the Company&#146;s lease accounting will have a material
effect on the Company&#146;s previously issued financial statements for the two months
ended December 31, 2002, the fiscal year ended December 31, 2003 and the first three
fiscal quarters of 2004 and that the Company will restate those financial statements. The
Company will restate such financial statements through the filing of its Form 10-K with
the SEC for fiscal year 2004. The Company is continuing to calculate and review the
materiality of the impact of these changes with respect to its financial statements for
earlier periods. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restatements will have no impact on historical or future cash flow provided by operating
activities, compliance with any of the Company&#146;s borrowing facilities, the timing or
amount of payments under related ground leases or the economic value of the Company&#146;s
tower assets. These adjustments were not attributable to any material noncompliance with
any financial reporting requirements under the securities laws by any employee, officer or
director of the Company as a result of any misconduct. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee and certain executive officers of the Company discussed the matters
disclosed in this Item 4.02(a) of this Form 8-K with the Company&#146;s independent
registered public accounting firm on March 2, 2005. </FONT></TD></TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.01</B></FONT></TD>
<TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Financial
Statements and Exhibits</B></FONT></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits </FONT></P></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
Release dated March 2, 2005.</FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></TD></TR>
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    <TD WIDTH="44%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">GLOBAL SIGNAL INC.<BR>
(Registrant)<!-- COMPANY --> </FONT></TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp; </FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;/s/ William T. Freeman<!-- NAME --> </FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">  </FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
   <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;   </FONT></TD>
    <TD WIDTH="44%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">William T. Freeman<BR>
Executive Vice President,<BR>
Chief Financial Officer<BR>
&amp; Assistant Secretary </FONT></TD>
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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date:
&nbsp;&nbsp;&nbsp;&nbsp;March 2, 2005 </FONT></P></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT
INDEX  </FONT></TD></TR>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit Number</U> </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit</U>  </FONT></TD>
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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1  </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press
Release dated March 2, 2005. </FONT></TD>
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{"company-data": {"conformed-name": "GLOBAL SIGNAL INC", "cik": "0001278382", "assigned-sic": "6798", "irs-number": "650652634", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32168", "film-number": "05655938"}, "mail-address": {"street1": "301 N CATTLEMEN RD", "street2": "STE 300", "city": "SARASOTA", "state": "FL", "zip": "34232"}}
8-K
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)
March 2, 2005
Global Signal Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-32168
65-0652634
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
301 North Cattlemen Road, Suite 300, Sarasota, Florida
34232
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(941) 364-8886
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
Item 2.02
Results of
Operations and Financial Condition
On
March 2, 2005, Global Signal Inc. (the "Company") issued a press release
regarding the matters discussed under Item 4.02(a) below, which include pending
adjustments to previously issued financial statements. The press release is attached as
Exhibit 99.1 hereto. The information under this Item 2.02 in this Current Report,
including Exhibit 99.1, is being furnished and shall not be deemed "filed" for
the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section.
Item 4.02
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed
Interim Review
(a)
          On March 2, 2005, the Audit Committee of the Board of Directors of the Company
          concluded that the Company's previously issued financial statements for
the           two months ended December 31, 2002, the fiscal year ended December 31, 2003
and           the first three fiscal quarters of 2004 should no longer be relied on as a
          result of certain errors contained therein.
Many
public companies, including several other tower companies, have recently announced their
intention to modify their lease accounting and, as a result, to restate certain of their
financial statements. The staff of the Office of the Chief Accountant of the SEC issued a
statement on February 7, 2005 clarifying its views on certain issues related to lease
accounting. Consistent with other public companies in the tower and other industries, and
in light of this SEC statement, the Company is conducting a review of its accounting for
certain types of ground leases and leasehold improvements on leased ground in consultation
with its independent registered public accounting firm, Ernst & Young LLP. Based on
the Company's review to date, the Audit Committee believes that the correction of
errors due to these changes in the Company's lease accounting will have a material
effect on the Company's previously issued financial statements for the two months
ended December 31, 2002, the fiscal year ended December 31, 2003 and the first three
fiscal quarters of 2004 and that the Company will restate those financial statements. The
Company will restate such financial statements through the filing of its Form 10-K with
the SEC for fiscal year 2004. The Company is continuing to calculate and review the
materiality of the impact of these changes with respect to its financial statements for
earlier periods.
The
restatements will have no impact on historical or future cash flow provided by operating
activities, compliance with any of the Company's borrowing facilities, the timing or
amount of payments under related ground leases or the economic value of the Company's
tower assets. These adjustments were not attributable to any material noncompliance with
any financial reporting requirements under the securities laws by any employee, officer or
director of the Company as a result of any misconduct.
The
Audit Committee and certain executive officers of the Company discussed the matters
disclosed in this Item 4.02(a) of this Form 8-K with the Company's independent
registered public accounting firm on March 2, 2005.
Item 9.01
Financial
Statements and Exhibits
(c)
     Exhibits
99.1
Press
Release dated March 2, 2005.
SIGNATURE
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.
GLOBAL SIGNAL INC.
(Registrant)
/s/ William T. Freeman
William T. Freeman
Executive Vice President,
Chief Financial Officer
& Assistant Secretary
Date:
    March 2, 2005
EXHIBIT
INDEX
Exhibit Number
Exhibit
99.1
Press
Release dated March 2, 2005.