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Thursday, November 11, 1999 - 3:27 PM PT
SBA Communications Corporation Reports Record 3rd Quarter Results
11/11/99 2:31:00 PM
Source: PR Newswire
BOCA RATON, Fla., Nov. 11 /PRNewswire/ -- SBA Communications Corporation (Nasdaq: SBAC) ("SBA") announced its financial condition and results of operations for the third quarter ended September 30, 1999. Total revenues for the quarter increased 85.1% to $24.6 million from the third quarter of 1998, due to both higher site leasing revenue and site development revenue. The quarterly revenues were the highest in the company's history. Site leasing revenue increased to $7.1 million for the quarter, also a record for the company, and a 113.6% increase over the third quarter of 1998. Gross profit for the quarter increased 130.7% to $7.7 million from the third quarter of 1998, due to higher site leasing and site development gross profit. Site leasing gross profit, or tower cash flow, increased to $3.9 million for the quarter, again a record for SBA and a 174.9% increase over the third quarter of 1998. Earnings before interest, taxes, depreciation, amortization and non- cash compensation charges (EBITDA) for the quarter increased to $3.0 million from a loss of ($0.9 million) in the same period last year. As of the end of the quarter, SBA owned 956 towers, compared to 494 towers owned as of December 31, 1998. In addition, SBA experienced a record number of new tenant additions to its tower portfolio in the quarter. On a pro forma basis, same tower revenue increased 31% from September 30, 1998 to September 30, 1999.
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"The third quarter was a very successful quarter for us," commented Steven E. Bernstein, Chief Executive Officer, "and was a continuation of the strong operational execution and financial performance we have enjoyed all year. We added a record number of towers to our portfolio, and enjoyed many synergies between our site development and site leasing businesses which resulted in record quarterly revenue, gross profit and EBITDA. We are well-positioned for continued growth. There remain an abundance of opportunities to add quality tower assets and the demand for our services is very strong. Most importantly, we are enjoying great success in adding new tenants to our towers. Demand from wireless voice carriers is very high, and we are starting to see increased activity from the newer wireless technologies. We believe our portfolio of mostly newly built, high capacity towers, in locations specifically selected by us, will continue to have very good lease-up."
SBA is a leading independent owner and operator of wireless communications infrastructure in the United States. SBA generates revenue from two primary businesses -- site leasing and site development services. The primary focus of the company is the leasing of antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts. Since it was founded in 1989, SBA has participated in the development of over 13,000 antenna sites in the United States. At September 30, 1999, SBA was involved in projects for over 700 new tower builds throughout the nation and had agreements to acquire 63 additional existing towers in 14 separate transactions for an aggregate purchase price of $19.1 million, representing a 13.1 times multiple of current tower cash flow. These acquisitions are anticipated to close by March 31, 2000.
SBA will host a conference call Friday, November 12 at 10:00 a.m. Eastern Time to discuss its financial results for the quarter ended September 30, 1999. The conference call number is 800-230-1092.
Information Concerning Forward-Looking Statements
Some information in this release is forward looking. These forward-
looking statements may be affected by the risks and uncertainties in the
company's business. This information is qualified in its entirety by
cautionary statements and risk factors disclosure contained in certain of the
company's Securities and Exchange Commission filings. The company wishes to
caution readers that certain important factors may have affected and could in
the future affect the company's actual results and could cause the company's
actual results for subsequent periods to differ materially from those
expressed in any forward-looking statement made by or on behalf of the
company. With respect to proposed acquisitions, a number of factors,
including without limitation, ongoing due diligence, third party consents and
the lack of definitive documentation will affect the timing of consummation or
whether such acquisitions are ever consummated (of which there can be no
assurance). With respect to pending new tower build projects, a number of
factors will affect the timing and number of new build completions, including
without limitation, zoning difficulty, carrier design changes, changing local
market conditions and weather. The company undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the date
hereof.
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