[SBA LOGO]
NEWS
FOR IMMEDIATE RELEASE
SBA COMMUNICATIONS CORPORATION REPORTS
RECORD 1st QUARTER RESULTS
SBA COMMUNICATIONS CORPORATION (NASDAQ: SBAC); BOCA RATON, FLORIDA,
TUESDAY, MAY 8, 2001
SBA Communications Corporation ("SBA" or the "Company") announced significant
increases in revenue, EBITDA and tower cash flow for the three months ended
March 31, 2001, over the same period in 2000. EBITDA and tower cash flow amounts
for the three months ended March 31, 2001 were quarterly highs in the Company's
history.
For the three months ended March 31, 2001, revenues increased 74.0% to $53.0
million from the first quarter of 2000, due to both higher site leasing revenue
and site development revenue. Site leasing revenue increased to $20.3 million
for the quarter, a 101.1% increase over the comparable quarter of 2000. Gross
profit for the quarter increased 89.3% to $20.8 million from the first quarter
of 2001, due to both higher site leasing and site development gross profit. Site
leasing gross profit, or tower cash flow, increased to $13.2 million for the
quarter, a 111.4% increase over the first quarter of 2000. Earnings before
interest, taxes, depreciation, amortization, non-cash compensation charges and
an extraordinary charge of $5.1 million for the write-off of deferred financing
fees (EBITDA) for the quarter were $11.0 million, a 115.7% increase over the
first quarter of 2000. Loss per share, including the effects of the $5.1 million
extraordinary charge, was $(0.49) for the three months ended March 31, 2001
compared to $(0.27) in the 2000 period.
Steven E. Bernstein, Chief Executive Officer commented: "We continue to
successfully implement our business plan. By doubling our leasing revenues and
tower cash flows for the quarter ended March 31, 2001 as compared to the prior
comparable period, we continue to move the revenue stream to more of a recurring
nature. We believe our success here is due in large part to the excellent
lease-up we have been experiencing which is attributable to the prime tower
locations we have chosen to build or acquire."
A conference call to discuss these results and the Company's Second Quarter 2001
and Fiscal 2001 Outlook has been scheduled for Wednesday, May 9, 2001 at 9:30 AM
EDT. The USA toll free dial-in number is (877) 777-1973. The international
dial-in number is (612) 288-0337. The name of the conference call is "SBA First
Quarter Earnings." You may also listen to this conference call via a webcast
that can be accessed via the Internet at: www.sbasite.com
A replay will be available from May 9, 2001 at 3:30 PM to March 23, 2001 at
11:59 PM. The USA replay number is (800) 475-6701. The international replay
number is (320) 365-3844. The access code is 584963.
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 15,000
antenna sites in the United States.
For additional information, please contact Pamela J. Kline, Vice President,
Investor Relations, at: (561) 995-7670.
Information Concerning Forward-Looking Statements
Some information in this release is forward looking, including statements
regarding the implementation of our business plan, the movement of our revenue
stream to more of a recurring nature and the effect of our tower locations in
our lease-up and earnings success. 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
factor disclosure contained in the Company's Securities and Exchange Commission
filings, including the Company's report on Form 10-K filed with the Commission
on April 2, 2001. 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. Such factors include, but are not limited to, (1)
our ability to secure as many site leasing tenants as planned; (2) our ability
to expand our site leasing business and maintain or expand our site development
business; (3) our ability to continue and expand synergies between our site
leasing and site development businesses; (4) our ability to complete
construction of new towers on a timely and cost-efficient basis, including our
ability to successfully address zoning issues, carrier design changes, changing
local market conditions and the impact of adverse weather conditions; (5) our
ability to identify and acquire new towers, including our capability to timely
complete due diligence and obtain third party consents; (6) our ability to
retain current lessees on newly acquired towers; (7) our ability to realize
economies of scale for newly acquired towers; (8) the continued dependence on
towers and outsourced site development services by the wireless communications
industry; (9) our ability to compete effectively for new tower opportunities and
site development services in light of increased competition; (10) our ability to
raise substantial additional financing to expand our tower holdings; and (11)
the business climate for the wireless communications industry in general and the
wireless communications infrastructure providers in particular. The Company
undertakes no obligation to update forward-looking statements to reflect events
or circumstances after the date hereof.
SUMMARY HISTORICAL FINANCIAL DATA
For the three months ended March 31,
2001 2000
---- ----
Operating Data: (in thousands except per share data)
Revenues:
Site development revenue $32,673 $20,342
Site leasing revenue 20,283 10,087
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Total revenues 52,956 30,429
Cost of revenues:
Cost of site development revenue 25,018 15,570
Cost of site leasing revenue
7,128 3,865
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Total cost of revenues 32,146 19,435
-------- --------
Gross Profit 20,810 10,994
Operating expenses:
Selling, general and administrative 10,641 6,118
Depreciation and amortization 15,007 6,830
-------- --------
Total operating expenses 25,648 12,948
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Operating loss
(4,838) (1,954)
Other expense, net (12,735) (7,545)
-------- --------
Loss before income taxes and extraordinary item (17,573) (9,499)
Provision for income taxes (354) (224)
-------- --------
Net loss before extraordinary item (17,927) (9,723)
Extraordinary item, write-off of deferred
financing fees (5,069) -
-------- --------
Net loss ($22,996) ($9,723)
========= ========
Basic and diluted loss per common share before
extraordinary item ($0.38) ($0.27)
Extraordinary item (0.11) -
-------- --------
Basic and diluted loss per common share ($0.49) ($0.27)
========= ========
Basic and diluted weighted average number of
shares of common stock 46,801 35,382
========= ========
Other Data:
Earnings before interest, taxes, depreciation,
amortization, non-cash compensation charges
and extraordinary item $10,957 $5,079
========= ========
Annualized Tower Cash Flow $52,620 $24,888
========= ========
As of As of
March 31, 2001 December 31, 2000
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Balance Sheet Data:
Cash and cash equivalents $ 250,365 $ 14,980
Total assets $ 1,349,674 $ 948,818
Total debt $ 715,360 $ 284,273
Common shareholders' equity $ 528,401 $ 538,160