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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 August 14, 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 Commission File Number (I.R.S. Employer
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 announced significant increases
in revenue and EBITDA for the three months ended June 30, 2000
over the same period in 1999.
For the three months ended June 30, 2000, revenues increased
98% to $38.5 million from the second 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 $11.8 million for
the quarter, also a record for the company, a 105% increase
over the second quarter of 1999. Gross profit for the quarter
increased 102% to $13.4 million from the second quarter of
1999, due to both higher site leasing and site development
gross profit. Site leasing gross profit, or tower cash flow,
increased to $7.4 million for the quarter, again a record for
SBA and a 147% increase over the second quarter of 1999.
Earnings before interest, taxes, depreciation, amortization
and non-cash compensation charges (EBITDA) for the quarter was
$7.1 million, a 276% increase over the second quarter of 1999.
Earnings (loss) per share were $(.20) for the three months
ended June 30, 2000 compared to $(.64) in the year earlier
period.
"We are very pleased with our second quarter results,"
commented Steven E. Bernstein, Chief Executive Officer. "We
continue to have significant and record growth in all areas,
and are enjoying increasing synergies between our tower
ownership and services businesses. Reflecting the very
favorable business climate for integrated tower companies such
as SBA, our backlog of new tower builds, tower acquisitions
and services business are at all-time highs. With this backlog
and the proceeds from our recently completed issuance of
5,000,000 shares of Class A common stock, we are well
positioned for continued growth."
"Our financial results for the quarter, as well as our
previously announced operational results, were ahead of our
plan," added Jeffrey A. Stoops, SBA's President. "Once again
we posted strong sequential gains in the most important
financial metrics; which we believe are total revenues, site
leasing revenues, site leasing gross profit margin, EBITDA,
EBITDA margin and after-tax cash flow. Perhaps most pleasing
is the fact that we achieved positive after-tax cash flow this
quarter, well ahead of schedule."
A conference call to discuss these results will be held on
Friday, August 11, 2000 at 10:00 AM EDT. The call-in number is
(800) 230-1085. The name of the conference call is "SBA Second
Quarter Earnings Release." The replay will be available from
August 11 at 5:00 PM to August 18 at 11:59 PM. The replay
number is (800) 475-6701. The access code is 529409.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated August 10, 2000
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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.
August 14, 2000 /s/ Pamela J. Kline
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Pamela J. Kline
Chief Accounting Officer
