SBA Communications (SBAC) 8-K Consolidated Statements of Operations

Exhibit 99.1

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except per share data)

(unaudited)

	For the three months ended March 31,
	2005			2004
Revenues:
Site leasing	$	38,342		$	33,934
Site development		19,962			16,925
Total revenues		58,304			50,859
Cost of revenues (exclusive of depreciation, accretion and amortization shown below):
Cost of site leasing		12,045			11,651
Cost of site development		19,249			16,363
Total cost of revenues		31,294			28,014
Gross profit		27,010			22,845
Operating expenses:
Selling, general and administrative		7,200			7,181
Restructuring and other charges		17			163
Asset impairment charges		214			17
Depreciation, accretion and amortization		21,643			22,815
Total operating expenses		29,074			30,176
Operating loss from continuing operations		(2,064	)		(7,331	)
Other income (expense):
Interest income		247			142
Interest expense		(10,004	)		(13,828	)
Non-cash interest expense		(7,342	)		(7,257	)
Amortization of debt issuance costs		(798	)		(838	)
Write-off of deferred financing fees and extinguishment of debt		(1,486	)		(22,217	)
Other		150			62
Total other expense		(19,233	)		(43,936	)
Loss from continuing operations before provision for income taxes		(21,297	)		(51,267	)
Provision for income taxes		(246	)		(233	)
Loss from continuing operations		(21,543	)		(51,500	)
(Loss) gain from discontinued operations, net of income taxes		(170	)		75
Net loss	$	(21,713	)	$	(51,425	)

	For the three months ended March 31,
	2005			2004
Basic and diluted loss per common share amounts:
Loss from continuing operations	$	(0.33	)	$	(0.92	)
Loss from discontinued operations		—			—
Net loss per common share	$	(0.33	)	$	(0.92	)
Weighted average number of common shares		65,260			55,684

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	March 31, 2005			December 31, 2004
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	19,017		$	69,627
Restricted cash		2,024			2,017
Accounts receivable, net of allowances of $1,261 and $1,731 in 2005 and 2004, respectively		13,292			21,125
Other current assets		22,268			23,393
Assets held for sale		10			10
Total current assets		56,611			116,172
Property and equipment, net		742,827			745,831
Deferred financing fees, net		17,834			19,421
Other long-term assets		36,764			35,820
Total assets	$	854,036		$	917,244
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued expenses	$	24,732		$	30,201
Interest payable		7,101			3,729
Long-term debt, current portion		3,250			3,250
Other current liabilities		12,253			13,823
Total current liabilities		47,336			51,003
Long-term liabilities:
Long-term debt		879,091			924,456
Deferred revenue		393			384
Other long-term liabilities		31,519			30,072
Total long-term liabilities		911,003			954,912
Shareholders’ deficit		(104,303	)		(88,671	)
Total liabilities and shareholders’ deficit	$	854,036		$	917,244

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	For the three months ended March 31,
	2005			2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(21,713	)	$	(51,425	)
Depreciation, accretion and amortization		21,643			22,815
Other non-cash items reflected in Statements of Operations		8,088			8,130
Loss from write-off of deferred financing fees and extinguishment of debt		1,486			22,217
Changes in operating assets and liabilities		6,494			748
Net cash provided by operating activities		15,998			2,485
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(3,130	)		(1,994	)
Acquisitions and related earn-outs		(10,206	)		(39	)
Proceeds from sale of fixed assets		570			398
Receipt (payment) of restricted cash		(234	)		(31	)
Net cash used in investing activities		(13,000	)		(1,666	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from employee stock purchase/option plans		277			1
Borrowings under senior credit facility, net of financing fees		—			294,402
Repayment of senior credit facility and notes payable		(813	)		(151,758	)
Redemption of 12% senior discount and 10¼% senior notes		(52,546	)		(132,638	)
Repayment of bank overdraft		(526	)		—
Net cash provided by (used in) financing activities		(53,608	)		10,007
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:		(50,610	)		10,826
Beginning of period		69,627			8,338
End of period	$	19,017		$	19,164