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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 July 14, 1999
SBA COMMUNICATIONS CORPORATION
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(Exact name of registrant as specified in its charter)
Florida 333-50219 65-0716501
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(State or other jurisdiction Commission File Number (I.R.S. Employer
of incorporation or organization) 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 ("SBAC") announced a record number of
tower additions in the second quarter. These additions represent the
largest number of towers added by the Company in any quarter in its
history. Of the 184 towers added, 126 were multi-tenant towers newly
built by SBAC, and the other 58 were existing multi-tenant acquired by
SBAC in 13 separate transactions. A copy of the press release issued
by SBAC on July 7, 1999 is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated July 7, 1999
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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.
July 14, 1999 /s/ Jeffrey A. Stoops
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Jeffrey A. Stoops
Chief Financial Officer
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EXHIBIT 99.1
NEWS
For additional
information:
Jeffrey A. Stoops
Chief Financial Officer
(561) 995-7670
FOR IMMEDIATE RELEASE
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SBA COMMUNICATIONS CORPORATION ANNOUNCES
RECORD NUMBER OF TOWER ADDITIONS IN 2/ND/ QUARTER
SBA COMMUNICATIONS CORPORATION; BOCA RATON, FL; WEDNESDAY, JULY 7, 1999 (NASDAQ:
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SBAC)
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SBA Communications Corporation ("SBAC") announced today that it added 184 towers
to its portfolio of towers owned in the second quarter ended June 30, 1999,
which is the largest number of towers added by the company in any quarter in its
history. Of the 184 towers added, 126 were multi-tenant towers newly built by
SBAC, and the other 58 were existing multi-tenant towers acquired by SBAC in 13
separate transactions. Anchor tenants on the towers newly built by SBAC include
AT&T, BellSouth, Southwestern Bell, Sprint and VoiceStream. The 58 towers
acquired were purchased for an aggregate cash price of $18.1 million, which
represented a multiple of current run rate tower cash flow of approximately 14.5
x. These additions bring the number of towers owned by SBAC as of June 30, 1999
to 770, a 31% increase over the number of towers owned as of March 31, 1999.
SBAC currently has over 500 new tower builds under various stages of development
throughout the nation which, upon completion, will be owned by SBAC. In
addition, at June 30, 1999, SBAC had 80 towers pending acquisition under letters
of intent or definitive agreements in 20 separate transactions, representing an
aggregate cash purchase price of $22.1 million. The purchase price represents a
multiple of current run rate tower cash flow of approximately 12.9 x. SBAC
expects to complete these acquisitions in the third and fourth quarters of 1999.
SBAC is a leading independent owner and operator of wireless communications
infrastructure in the United States. SBAC 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, SBAC has participated in the development of over 13,000
antenna sites in the United States.
Information Concerning Forward-Looking Statements
Some information in this release is forward looking. 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 factors disclosure contained in certain of the company's Securities and
Exchange Commission filings. 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. The company undertakes no
obligation to update forward-looking statements to reflect events or
circumstances after the date hereof.
