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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 April 18, 2000
SBA COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
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<S> <C>
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.)
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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") reported that in the
first quarter it increased its tower portfolio by 188 towers
to 1,351 total towers. Of the 188 towers added in the first
quarter, 112 were newly-built and 76 were acquisitions of
existing towers. The 76 towers were acquired in fifteen
separate transactions at an aggregate price of $30.3 million.
Based on tenant leases executed as of March 31, 2000, same
tower revenue growth for the trailing twelve months on the 586
towers SBA owned as of March 31, 1999 was 33%.
At March 31, 2000, SBA was involved in projects for over 1,500
new tower builds for its ownership throughout the nation,
consisting of over 600 build-to-suit mandates from wireless
carriers and over 900 sites SBA is developing through its
strategic siting efforts. The increase in build-to-suit
mandates reflects new agreements SBA entered into in the first
quarter with Alamosa PCS and Telecorp PCS, which agreements
SBA estimates will each produce at least 100 new towers.
SBA also announced two executive-level management changes.
Jeffrey A. Stoops, previously its Chief Financial Officer, has
been promoted to President, and will be responsible for all
day-to-day operations of SBA. Steven E. Bernstein continues in
the role of Chairman and Chief Executive Officer. John Marino,
previously Vice President - Corporate Development, has been
promoted to Chief Financial Officer.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated April 11, 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.
April 18, 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
SBA COMMUNICATIONS CORPORATION ANNOUNCES
CERTAIN FIRST QUARTER OPERATIONAL RESULTS
BOCA RATON, FLORIDA, April 11, 2000 (NASDAQ: SBAC) - SBA Communications
Corporation ("SBA") reported that in the first quarter it increased its tower
portfolio by 188 towers to 1,351 total towers. Of the 188 towers added in the
first quarter, 112 were newly-built and 76 were acquisitions of existing towers.
The 76 towers were acquired in fifteen separate transactions at an aggregate
price of $30.3 million. Based on tenant leases executed as of March 31, 2000,
same tower revenue growth for the trailing twelve months on the 586 towers SBA
owned as of March 31, 1999 was 33%.
At March 31, 2000, SBA was involved in projects for over 1,500 new tower builds
for its ownership throughout the nation, consisting of over 600 build-to-suit
mandates from wireless carriers and over 900 sites SBA is developing through its
strategic siting efforts. The increase in build-to-suit mandates reflects new
agreements SBA entered into in the first quarter with Alamosa PCS and Telecorp
PCS, which agreements SBA estimates will each produce at least 100 new towers.
At March 31, 2000, SBA had agreements to acquire 124 additional existing towers
in 34 separate transactions for an aggregate purchase price of $45.0 million.
These acquisitions are anticipated to close within the next six months. The
backlog at quarter-end of build-to-suit mandates, strategic sites and
acquisitions is the highest in SBA's history.
SBA also announced two executive-level management changes. Jeffrey A. Stoops,
previously its Chief Financial Officer, has been promoted to President, and will
be responsible for all day-to-day operations of SBA. Steven E. Bernstein
continues in the role of Chairman and Chief Executive Officer. John Marino,
previously Vice President - Corporate Development, has been promoted to Chief
Financial Officer. Prior to joining SBA in March 1999, Mr. Marino was Chief
Financial Officer of 1st United Bancorp, a publicly-traded bank holding company
which was acquired by Wachovia Corporation.
"Once again we executed well in the quarter," commented Steve Bernstein. "We
could not be more pleased with our start in 2000: our successful $243 million
follow-on offering of Class A common stock in January; new build-to-suit
agreements with Alamosa and Telecorp; record backlog and continued strong tenant
demand for our tower space. With respect to the promotions announced today, we
are increasing management depth and positioning ourselves for even faster
growth. Jeff Stoops has been integrally involved in all of our activities for
some time and he is well-prepared for his new role. Given the growth that we
have enjoyed and expect to attain in the future, I will now spend all of my time
externally, pursuing strategic opportunities and growing our business. We are
well-positioned today, the prospects for our industry are very favorable, and we
are very excited about what we can accomplish in the rest of 2000 and beyond."
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SBA is a leading independent owner and operator of wireless communications
infrastructure in the United States. SBA's primary focus is the construction of
new towers and acquisition of existing towers for its own account. 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 Jeff Stoops at 561-995-7670.
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. 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 pending new
tower build projects, a number of factors will affect the timing and number of
new build completions, including without limitation zoning difficulty, carrier
design changes, changing local market conditions and weather. The company
undertakes no obligation to update forward-looking statements to reflect events
or circumstances after the date hereof.
