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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 February 22, 2000
SBA COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
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Florida 333-50219 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 2 Other Events
SBA Communications Corporation ("SBA") announced significant
increases in revenue and EBITDA for the three months and
fiscal year ended December 31, 1999.
For the three months ended December 31, 1999, revenues
increased 68.7% to $29.3 million from the fourth quarter of
1998, 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
$8.4 million for the quarter, also a record for the company,
and a 97.3% increase over the fourth quarter of 1998. Gross
profit for the quarter increased 107.1% to $9.6 million from
the fourth quarter of 1998, due to both higher site leasing
and site development gross profit. Site leasing gross profit,
or tower cash flow, increased to $4.7 million for the quarter,
again a record for SBA and a 131.1% increase over the fourth
quarter of 1998. Earnings before interest, taxes,
depreciation, amortization and non-cash compensation charges
(EBITDA) for the quarter increased to $4.1 million from a loss
of $(0.1) million in the same period last year. Earnings
(loss) per share were $(.33) compared to $(.90) in the year
earlier period.
Total revenues for the year increased 47.2% over 1998 to $87.0
million. Site leasing revenues increased 113.2% to $26.4
million. Total gross profit increased 86.6% over 1998 to $28.6
million. Site leasing gross profit increased 179.3% to $14.3
million. EBITDA increased to $9.6 million in 1999 from a loss
of $(2.4) million in 1998. Earnings (loss) per share were
$(1.76) in 1999 compared to $(2.64) in 1998.
Item 7 Financial Statements and Exhibits
(c) Exhibits
99.1 Press release dated February 21, 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.
February 22, 2000 /s/ Jeffrey A. Stoops
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Jeffrey A. Stoops
Chief Financial Officer
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[SBA LOGO]
NEWS
FOR IMMEDIATE RELEASE
SBA COMMUNICATIONS CORPORATION REPORTS RECORD 4th QUARTER RESULTS
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SBA COMMUNICATIONS CORPORATION (NASDAQ: SBAC); BOCA RATON, FL; MONDAY, FEBRUARY 21, 2000
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SBA Communications Corporation ("SBA") announced significant increases in
revenue and EBITDA for the three months and fiscal year ended December 31, 1999.
For the three months ended December 31, 1999, revenues increased 68.7% to $29.3
million from the fourth quarter of 1998, 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 $8.4 million for the
quarter, also a record for the company, and a 97.3% increase over the fourth
quarter of 1998. Gross profit for the quarter increased 107.1% to $9.6 million
from the fourth quarter of 1998, due to both higher site leasing and site
development gross profit. Site leasing gross profit, or tower cash flow,
increased to $4.7 million for the quarter, again a record for SBA and a 131.1%
increase over the fourth quarter of 1998. Earnings before interest, taxes,
depreciation, amortization and non-cash compensation charges (EBITDA) for the
quarter increased to $4.1 million from a loss of $(0.1) million in the same
period last year. Earnings (loss) per share were $(.33) compared to $(.90) in
the year earlier period.
Total revenues for the year increased 47.2% over 1998 to $87.0 million. Site
leasing revenues increased 113.2% to $26.4 million. Total gross profit increased
86.6% over 1998 to $28.6 million. Site leasing gross profit increased 179.3% to
$14.3 million. EBITDA increased to $9.6 million in 1999 from a loss of $(2.4)
million in 1998. Earnings (loss) per share were $(1.76) in 1999 compared to
$(2.64) in 1998.
"We had a great year in 1999," commented Steven E. Bernstein, Chief Executive
Officer. "We exceeded our plan, achieving record financial results and tower
additions to the portfolio. As importantly, we entered 2000 with our largest
backlog ever for new tower builds, tower acquisitions and services business.
With that backlog and our recently completed $243 million equity offering, we
are very excited about our prospects for 2000 and beyond."
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A conference call to discuss these results will be held on Tuesday, February 22,
2000 at 10:00 AM EST. The call-in number is (800) 230-1093. The name of the
conference call is "SBA Fourth Quarter Earnings Release." The replay will be
available from February 22 at 4:00 PM to February 29 at 11:59 PM. The replay
number is (800) 475-6701. The access code is 501527.
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 13,000
antenna sites in the United States.
For additional information, please contact Jeffrey A. Stoops, Chief Financial
Officer, (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 new tower builds, tower
acquisitions and services business 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-Q for the third quarter of 1999. 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 with out 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 December 31, For the year ended December 31,
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1998 1999 1998 1999
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Operating Data:
Revenue:
Site development revenue $ 13,080,859 $ 20,846,481 $ 46,704,641 $ 60,569,614
Site leasing revenue 4,264,053 8,413,688 12,396,268 26,423,121
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Total revenues 17,344,912 29,260,169 59,100,909 86,992,735
Cost of revenues:
Cost of site development revenue 10,485,224 15,956,594 36,499,980 46,279,066
Cost of site leasing revenue 2,241,712 3,741,032 7,280,786 12,133,678
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Total cost of revenues 12,726,936 19,697,626 43,780,766 58,412,744
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Gross Profit 4,617,976 9,562,543 15,320,143 28,579,991
Operating expenses 5,174,508 5,470,095 18,302,226 19,184,414
Depreciation and amortization 2,998,154 5,573,821 5,802,090 16,556,533
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Total operating expenses 8,172,662 11,043,916 24,104,316 35,740,947
Operating loss (3,554,686) (1,481,373) (8,784,173) (7,160,956)
Other income (expense) (5,204,040) (7,728,159) (12,641,228) (26,378,618)
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Loss before income taxes and extraordinary item (8,758,726) (9,209,532) (21,425,401) (33,539,574)
(Provision) benefit for income taxes 1,524,306 (180,347) 1,524,306 222,656
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Net loss before extraordinary item (7,234,420) (9,389,879) (19,901,095) (33,316,918)
Extraordinary item - - - (1,149,954)
Dividends on preferred stock (712,500) - (2,575,000) 733,403
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Net loss to common shareholders $ (7,946,920) $ (9,389,879) $ (22,476,095) $(33,733,469)
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Basic and diluted loss per common share $ (0.90) $ (0.33) $ (2.64) $ (1.76)
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Weighted average number of shares 8,878,620 28,286,911 8,526,052 19,156,027
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Other Data:
Earnings before interest
taxes, depreciation, amortization and
non-cash compensation charges $ (96,266) $ 4,092,448 $ (2,377,442) $ 9,582,223
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Annualized Tower Cash Flow $ 8,089,364 $ 18,690,624
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As of As of
December 31, December 31,
1998 1999
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(IN THOUSANDS)
Balance Sheet Data:
Cash and cash equivalents $ 26,743 $ 3,133
Total assets $ 214,573 $ 429,823
Total debt $ 182,573 $ 318,268
Common Stockholders' Equity $ (26,095) $ 48,582
