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 May 9, 2000
SBA COMMUNICATIONS CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 000-30110 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 5 Other Events
SBA Communications Corporation ("SBA") announced significant
increases in revenue and EBITDA for the three months ended
March 31, 2000 over the same period in 1999.
For the three months ended March 31, 2000, revenues increased
122% to $30.4 million from the first quarter of 1999. Site
leasing revenue increased to $10.1 million for the quarter, a
96% increase over the first quarter of 1999. Gross profit for
the quarter increased 130% to $10.9 million from the first
quarter of 1999, due to both higher site leasing and site
development gross profit. Site leasing gross profit, or tower
cash flow, increased to $6.2 million for the quarter, 125%
increase over the first quarter of 1999. Earnings before
interest, taxes, depreciation, amortization and non-cash
compensation charges (EBITDA) for the quarter was $5.1
million, a 667% increase over the first quarter of 1999.
Earnings (loss) per share were $(.27) for the three months
ended March 31, 2000 compared to $(1.01) in the year earlier
period.
"The first quarter of 2000 has been very successful and
exciting for us," commented Steven E. Bernstein, Chief
Executive Officer. "We continue to have significant and record
growth in all aspects of our business including total
revenues, tower cash flows and EBITDA. Our backlog of new
tower builds, tower acquisitions and services business are at
all-time highs. Including the expected results from our
recently announced build-to-suit agreement with Telecorp PCS,
we are involved in projects for over 1,600 new tower builds
for our ownership throughout the nation, consisting of over
700 build-to-suit mandates from wireless carriers and over 900
sites SBA is developing through its strategic siting efforts.
With this backlog and our capital resources, which have never
been better, we are well positioned for continued growth."
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated May 8, 2000
SUMMARY HISTORICAL FINANCIAL DATA
For the three months ended March 31,
1999 2000
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Operating Data:
Revenue:
Site development revenue $8,574,687 $20,341,580
Site leasing revenue 5,141,614 10,087,445
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Total revenues 13,716,301 30,429,025
Cost of revenues:
Cost of site development revenue 6,623,195 15,712,237
Cost of site leasing revenue 2,377,506 3,865,641
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Total cost of revenues 9,000,701 19,577,878
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Gross Profit 4,715,600 10,851,147
Operating expenses:
Selling, general and administrative 4,077,573 5,974,932
Depreciation and amortization 3,131,301 6,830,274
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Total operating expenses 7,208,874 12,805,206
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Operating loss (2,493,274) (1,954,059)
Other income (expense): (5,499,576) (7,544,872)
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Loss before income taxes and extraordinary item (7,992,850) (9,498,931)
(Provision) benefit for income taxes 785,582 (224,486)
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Net loss before extraordinary item (7,207,268) (9,723,417)
Extraordinary item (1,149,954) -
Dividends on preferred stock (712,500) -
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Net loss to common shareholders ($9,069,722) ($9,723,417)
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Basic and diluted loss per common share ($1.01) ($0.27)
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Weighted average number of shares 8,955,922 35,382,348
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Other Data:
Earnings before interest,
taxes, depreciation, amortization and
non-cash compensation charges $662,589 $5,078,915
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Annualized Tower Cash Flow $11,056,432 $24,887,216
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As of As of
December 31, March 31,
1999 2000
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(IN THOUSANDS)
Balance Sheet Data:
Cash and cash equivalents $ 3,131 $ 111,697
Total assets $ 429,823 $ 602,504
Total debt $ 318,268 $ 266,730
Common shareholders equity $ 48,582 $ 274,717
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.
May 9, 2000 /s/ Pamela J. Kline
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Pamela J. Kline
Chief Accounting Officer