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[LOGO OF SBA COMMUNICATIONS]
NEWS
FOR IMMEDIATE RELEASE
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SBA COMMUNICATIONS CORPORATION REPORTS
RECORD 2nd QUARTER RESULTS
SBA COMMUNICATIONS CORPORATION (NASDAQ: SBAC); BOCA RATON, FLORIDA,
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THURSDAY, AUGUST 10, 2000
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SBA Communications Corporation ("SBA") 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.
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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 14,000
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 Statements 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.
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SUMMARY HISTORICAL FINANCIAL DATA
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For the three months ended June 30, For the six months ended June 30,
1999 2000 1999 2000
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<S> <C> <C> <C> <C>
Operating Data:
Revenue:
Site development revenue $ 13,647,457 $ 26,691,944 $ 22,222,144 $ 47,033,524
Site leasing revenue 5,757,815 11,810,942 10,899,429 21,898,387
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Total revenues 19,405,272 38,502,886 33,121,573 68,931,911
Cost of revenues:
Cost of site development revenue 10,009,566 20,650,015 16,632,761 36,219,364
Cost of site leasing revenues 2,777,017 4,458,372 5,154,523 8,324,014
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Total cost of revenues 12,786,583 25,108,387 21,787,284 44,543,378
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Gross profit 6,618,689 13,394,499 11,334,289 24,388,533
Selling, general and administrative 4,855,498 6,338,187 8,933,071 12,456,007
Depreciation and amortization 3,538,092 7,931,956 6,669,393 14,762,230
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Total operating expenses 8,393,590 14,270,143 15,602,464 27,218,237
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Operating loss (1,774,901) (875,644) (4,268,175) (2,829,704)
Other expense, net (6,749,508) (6,679,432) (12,249,085) (14,224,303)
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Loss before income taxes (8,524,409) (7,555,076) (16,517,260) (17,054,007)
(Provision) benefit for income taxes (209,680) (352,551) 575,901 (577,037)
Net loss before extraordinary item
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and dividends (8,734,089) (7,907,627) (15,941,359) (17,631,044)
Extraordinary item - - (1,149,954) -
Dividends on preferred stock 1,445,903 - 733,403 -
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Net loss to common shareholders $ (7,288,186) $ (7,907,627) $ (16,357,910) $(17,631,044)
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Basic and diluted loss per common share
before extraordinary item $ (0.64) $ (0.20) $ (1.49) $ (0.47)
Extraordinary item - - (0.11) -
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Basic and diluted loss per common share $ (0.64) $ (0.20) $ (1.60) $ (0.47)
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Weighted average number of shares 11,423,533 39,234,008 10,196,544 37,308,178
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Other Data:
Earnings before interest, taxes,
depreciation and amortization $ 1,875,280 $ 7,056,311 $ 2,537,868 $ 12,135,227
Annualized tower cash flow $ 11,923,192 $ 29,410,280
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<CAPTION>
As of As of
December 31, June 30,
1999 2000
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Balance Sheet Data:
Cash and cash equivalents $ 3,130,912 $ 27,199,049
Total assets 429,823,226 640,493,584
Working capital (20,945,147) (1,490,700)
Total debt 318,267,334 272,407,225
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