BOCA RATON, Fla.-SBA Communications Corp. reported strong results for the third quarter ended Sept. 30 with revenues of $63 million, an increase from the $45.4 million reported for third-quarter 2000.
The company reported a net loss of $49.1 million, or $1.03 per share, compared with a net loss of $5.9 million, or 14 cents per share, for the same period last year. SBA took a nonrecurring developmental charge of $24.4 million in connection with its previously announced reduction in the scale of new tower build operations.
SBA said revenues were higher because of the increase in site leasing revenue, which rose to $27.7 million, a 102-percent increase from third-quarter 2000.
“We continue to be very happy with the operational performance of SBA, despite a very challenging business environment,” said Steven Bernstein, SBA’s chairman.
Raymond James & Associates Inc. said it believes SBA will become free cash-flow positive in 2003, and it has a fully funded business plan and will not need to access additional capital to meet expectations going forward.
Shares of SBA were trading at $10.10 at RCR Wireless News press time, up 29 cents from the previous day’s close.
