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NEWS
FOR IMMEDIATE RELEASE
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SBA COMMUNICATIONS CORPORATION REPORTS
RECORD 3rd QUARTER RESULTS
SBA COMMUNICATIONS CORPORATION (NASDAQ: SBAC); BOCA RATON, FLORIDA,
TUESDAY, NOVEMBER 13, 2001
SBA Communications Corporation ("SBA" or the "Company") announced significant
increases in total revenues, EBITDA and tower cash flow for the three months
ended September 30, 2001, over the same period in 2000. The total revenues,
EBITDA and tower cash flow amounts for the three months ended September 30, 2001
were all quarterly highs in the Company's history.
For the three months ended September 30, 2001, total revenues increased 38.9% to
$63.0 million from the third quarter of 2000, due to both higher site leasing
revenue and site development revenue. Site leasing revenue increased to $27.7
million for the quarter, a 102.7% increase over the comparable quarter of 2000.
Gross profit for the quarter increased 56.5% to $25.9 million from the third
quarter of 2000, due to both higher site leasing and site development gross
profit. Site leasing gross profit, or tower cash flow, increased to $17.8
million for the quarter, a 105.6% increase over the third quarter of 2000.
EBITDA, or earnings before interest, taxes, depreciation, amortization, non-cash
compensation charges and the non-recurring developmental charge, for the quarter
was $16.8 million, a 75.9% increase over the third quarter of 2000. The
non-recurring developmental charge was $24.4 million, and was incurred in
connection with the Company's previously announced reduction in the scale of its
new tower build operations.
Steven E. Bernstein, SBA's Chairman, stated, "We continue to be very happy with
the operational performance of SBA, despite a very challenging business
environment. Once again, we enjoyed strong total revenue growth, site leasing
revenue growth and EBITDA growth." Added Jeffrey A. Stoops, SBA's President, "We
are pleased with our solid financial results. We are particularly pleased that
we have demonstrated that we can reduce costs, expand margins, delever the
balance sheet, maintain good liquidity and still be a high revenue growth, high
EBITDA growth company."
A conference call to discuss the company's Third Quarter 2001 earnings, Fourth
Quarter 2001 Outlook and Fiscal 2002 Outlook has been scheduled for Tuesday,
November 13, 2001 at 10:00 AM ET. The call-in number is (800) 230-1093. The name
of the conference call is "SBA Third Quarter Earnings." The replay will be
available from November 13, 2001 at 5:00 PM to November 27, 2001 at 11:59 PM.
The replay number is (800) 475-6701. The access code is 609442. You may also
listen to this conference call via a webcast that can be accessed via the
Internet at: www.sbasite.com.
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,
Capital Markets, at: (561) 995-7670.
Information Concerning Forward-Looking Statements
This press release includes forward looking information, including statements
regarding the Company's future financial performance and its ability to be a
high revenue growth, high EBITDA growth company. 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. With respect to the Company's
future financial performance, such factors include, but are not limited to, (1)
the business climate for the wireless communications industry in general and the
wireless communications infrastructure providers in particular; (2) our ability
and the ability of our customers to access, and the client's willingness to
expend, sufficient capital to fund expansion of networks and new tower builds
and acquisitions; (3) our ability to secure as many site leasing tenants as
planned; (4) our ability to expand our site leasing business and maintain or
expand our site development business; (5) 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; (6) our ability
to identify and acquire new towers, including our capability to timely complete
due diligence and obtain third party consents; (7) our ability to retain current
lessees on newly acquired towers; (8) our ability to realize economies of scale
for newly acquired towers; (9) the continued dependence on towers and outsourced
site development services by the wireless communications industry; (10) our
ability to compete effectively for new tower opportunities and site development
services in light of increased competition; (11) our ability to continue to
comply with covenants and the terms of our senior secured facility; and (12) our
ability to raise substantial additional financing to expand our tower holdings.
The Company undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date hereof.