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 February 22, 2000
SBA COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Florida 333-50219 65-0716501
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(State or other jurisdiction of incorporation or organization) Commission File Number (I.R.S. Employer
Identification No.)
One Town Center Road, Boca Raton, Florida 33486
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(Address of principal executive offices) (Zip code)
(561) 995-7670
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(Registrant's telephone number, including area code)
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Item 2 Other Events
SBA Communications Corporation ("SBA") announced significant
increases in revenue and EBITDA for the three months and
fiscal year ended December 31, 1999.
For the three months ended December 31, 1999, revenues
increased 68.7% to $29.3 million from the fourth 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
$8.4 million for the quarter, also a record for the company,
and a 97.3% increase over the fourth quarter of 1998. Gross
profit for the quarter increased 107.1% to $9.6 million from
the fourth quarter of 1998, due to both higher site leasing
and site development gross profit. Site leasing gross profit,
or tower cash flow, increased to $4.7 million for the quarter,
again a record for SBA and a 131.1% increase over the fourth
quarter of 1998. Earnings before interest, taxes,
depreciation, amortization and non-cash compensation charges
(EBITDA) for the quarter increased to $4.1 million from a loss
of $(0.1) million in the same period last year. Earnings
(loss) per share were $(.33) compared to $(.90) in the year
earlier period.
Total revenues for the year increased 47.2% over 1998 to $87.0
million. Site leasing revenues increased 113.2% to $26.4
million. Total gross profit increased 86.6% over 1998 to $28.6
million. Site leasing gross profit increased 179.3% to $14.3
million. EBITDA increased to $9.6 million in 1999 from a loss
of $(2.4) million in 1998. Earnings (loss) per share were
$(1.76) in 1999 compared to $(2.64) in 1998.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated February 21, 2000
SIGNATURES
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, thereunto duly authorized.
February 22, 2000 /s/ Jeffrey A. Stoops
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Jeffrey A. Stoops
Chief Financial Officer