OJ- SBAC killer revs and earnings, oh mama!
(COMTEX) B: SBA COMMUNICATIONS CORPORATION REPORTS RECORD 3RD QUARTER
B: SBA COMMUNICATIONS CORPORATION REPORTS RECORD 3RD QUARTER RESULTS
BOCA RATON, Fla., Nov 11, 1999 /PRNewswire via COMTEX/ -- 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
(COMTEX) B: SBA COMMUNICATIONS CORPORATION REPORTS RECORD 3RD QUARTER
B: SBA COMMUNICATIONS CORPORATION REPORTS RECORD 3RD QUARTER RESULTS
BOCA RATON, Fla., Nov 11, 1999 /PRNewswire via COMTEX/ -- 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.
"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.
SBA Communications Corporation
SUMMARY HISTORICAL FINANCIAL DATA
For the three months For the nine months
ended September 30, ended September 30,
1998 1999 1998 1999
Operating Data:
Revenue:
Site development
revenue $ 9,965,367 $17,500,989 $33,623,782 $39,723,133
Site leasing
revenue 3,327,964 7,110,004 8,132,215 18,009,433
Total revenues 13,293,331 24,610,993 41,755,997 57,732,566
Cost of revenues:
Cost of site
development revenue 8,044,084 13,689,711 26,014,756 30,322,472
Cost of site
leasing revenue 1,919,516 3,238,123 5,039,074 8,392,646
Total cost of
revenues 9,963,600 16,927,834 31,053,830 38,715,118
Gross Profit 3,329,731 7,683,159 10,702,167 19,017,448
Operating expenses 4,325,787 4,781,248 13,127,718 13,714,319
Depreciation and
amortization 1,326,467 4,313,319 2,803,936 10,982,712
Total operating
expenses 5,652,254 9,094,567 15,931,654 24,697,031
Operating loss (2,322,523) (1,411,408) (5,229,487) (5,679,583)
Other income
(expense) (3,409,694) (6,401,375) (7,437,188) (18,650,459)
Loss before income
taxes and
extraordinary item (5,732,217) (7,812,783) (12,666,675) (24,330,042)
(Provision) benefit
for income taxes 612,229 (172,898) --- 403,003
Net loss before
extraordinary item (5,119,988) (7,985,681) (12,666,675) (23,927,039)
Extraordinary item --- --- --- (1,149,954)
Dividends on preferred
stock (712,500) --- (1,862,500) 733,403
Net loss to common
shareholders $(5,832,488) $(7,985,681) $(14,529,175) $(24,343,590)
Basic and diluted
loss per common
share $ (0.66) $ (0.28) $ (1.73) $(1.49)
Weighted average
number of shares 8,877,738 28,450,537 8,407,238 16,348,073
Other Data:
Earnings before interest
taxes, depreciation,
amortization and
non-cash compensation
charges $(947,931) $ 2,951,907 $(2,281,176) $5,489,775
Annualized Tower
Cash Flow $ 5,633,792 $15,487,524
As of As of
December 31, September 30,
1998 1999
(IN THOUSANDS)
Balance Sheet Data:
Cash and cash
equivalents $26,743 $ 2,705
Total assets $214,573 $347,184
Working capital $ 8,803 $(8,321)
Total debt $182,573 $255,912
SOURCE SBA Communications Corporation
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Jeffrey A. Stoops, Chief Financial Officer, SBA Communications
Corporation, 561-995-7670
/Company News On-Call:
prnewswire.com or fax,
800-758-5804, ext. 120891
WEB PAGE: sbasite.com
GEOGRAPHY: Florida
INDUSTRY CODE: TLS
SUBJECT CODE: ERN
OTC
*** end of story ***
*** end of story ***
(COMTEX) B: SBA COMMUNICATIONS CORPORATION REPORTS RECORD 3RD QUARTER
B: SBA COMMUNICATIONS CORPORATION REPORTS RECORD 3RD QUARTER RESULTS
BOCA RATON, Fla., Nov 11, 1999 /PRNewswire via COMTEX/ -- 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.
"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.
SBA Communications Corporation
SUMMARY HISTORICAL FINANCIAL DATA
For the three months For the nine months
ended September 30, ended September 30,
1998 1999 1998 1999
Operating Data:
Revenue:
Site development
revenue $ 9,965,367 $17,500,989 $33,623,782 $39,723,133
Site leasing
revenue 3,327,964 7,110,004 8,132,215 18,009,433
Total revenues 13,293,331 24,610,993 41,755,997 57,732,566
Cost of revenues:
Cost of site
development revenue 8,044,084 13,689,711 26,014,756 30,322,472
Cost of site
leasing revenue 1,919,516 3,238,123 5,039,074 8,392,646
Total cost of
revenues 9,963,600 16,927,834 31,053,830 38,715,118
Gross Profit 3,329,731 7,683,159 10,702,167 19,017,448
Operating expenses 4,325,787 4,781,248 13,127,718 13,714,319
Depreciation and
amortization 1,326,467 4,313,319 2,803,936 10,982,712
Total operating
expenses 5,652,254 9,094,567 15,931,654 24,697,031
Operating loss (2,322,523) (1,411,408) (5,229,487) (5,679,583)
Other income
(expense) (3,409,694) (6,401,375) (7,437,188) (18,650,459)
Loss before income
taxes and
extraordinary item (5,732,217) (7,812,783) (12,666,675) (24,330,042)
(Provision) benefit
for income taxes 612,229 (172,898) --- 403,003
Net loss before
extraordinary item (5,119,988) (7,985,681) (12,666,675) (23,927,039)
Extraordinary item --- --- --- (1,149,954)
Dividends on preferred
stock (712,500) --- (1,862,500) 733,403
Net loss to common
shareholders $(5,832,488) $(7,985,681) $(14,529,175) $(24,343,590)
Basic and diluted
loss per common
share $ (0.66) $ (0.28) $ (1.73) $(1.49)
Weighted average
number of shares 8,877,738 28,450,537 8,407,238 16,348,073
Other Data:
Earnings before interest
taxes, depreciation,
amortization and
non-cash compensation
charges $(947,931) $ 2,951,907 $(2,281,176) $5,489,775
Annualized Tower
Cash Flow $ 5,633,792 $15,487,524
As of As of
December 31, September 30,
1998 1999
(IN THOUSANDS)
Balance Sheet Data:
Cash and cash
equivalents $26,743 $ 2,705
Total assets $214,573 $347,184
Working capital $ 8,803 $(8,321)
Total debt $182,573 $255,912
SOURCE SBA Communications Corporation
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Jeffrey A. Stoops, Chief Financial Officer, SBA Communications
Corporation, 561-995-7670
/Company News On-Call:
prnewswire.com or fax,
800-758-5804, ext. 120891
WEB PAGE: sbasite.com
GEOGRAPHY: Florida
INDUSTRY CODE: TLS
SUBJECT CODE: ERN
OTC
*** end of story ***
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