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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 May 9, 2000
SBA COMMUNICATIONS CORPORATION
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(Exact name of registrant as specified in its charter)
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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
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SUMMARY HISTORICAL FINANCIAL DATA
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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
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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.
May 9, 2000 /s/ Pamela J. Kline
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Pamela J. Kline
Chief Accounting Officer
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[SBA Logo]
NEWS
FOR IMMEDIATE RELEASE
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SBA COMMUNICATIONS CORPORATION REPORTS
RECORD 1st QUARTER RESULTS
SBA COMMUNICATIONS CORPORATION (NASDAQ: SBAC); BOCA RATON, FLORIDA,
MONDAY, MAY 8, 2000
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, 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 $10.1 million for the
quarter, also a record for the company, and 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, again a record for SBA and a 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."
A conference call to discuss these results will be held on Tuesday, May 9, 2000
at 10:00 AM EDT. The call-in number is (800) 230-1059. The name of the
conference call is "SBA First Quarter Earnings Release." The replay will be
available from May 9 at 4:00 PM to May 16 at 11:59 PM. The replay number is
(800) 475-6701. The access code is 513976.
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
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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 13,500 antenna sites in the United States.
For additional information, please contact Jeffrey A. Stoops, President, (561)
995-7670.
Information Concerning Forward-Looking Statements
This release contains forward-looking statements, including statements about the
Company's ability to capitalize on its backlog for services, new tower builds
and tower acquisitions and the impact of the backlog on the Company's prospects
in 2000 and beyond. 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,
including its Registration Statement on Form S-3 and its Form 10-K for the 1999
fiscal year. 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 proposed acquisitions, a number of
factors, including without limitation, ongoing due diligence, third party
consents and the lack of definitive documentation will affect the timing of
consummation or whether such acquisitions are ever consummated (of which there
can be no assurance). With respect to the Company's ability to realize its
backlog of pending new tower build or services projects, a number of factors
will affect the timing and number of new build completions and the success and
profitability of services projects, including without limitation, zoning
difficulty, carrier design changes, changing local market conditions and
weather.
