BOCA RATON, Fla.-SBA Communications Corp. has reaffirmed its fourth quarter financial guidance, which it plans to officially release March 24, 2003.
SBA expects to record total revenues of $63.5 million to $70 million and expects earnings before interest, taxes, depreciation and amortization, as well as non-cash charges, restructuring and other charges, of $19 to $21.5 million. The company expects a net loss per share of 58 to 68 cents. The company’s net debt stands at $957 million.
SBA said it added annualized gross leasing revenues of $5,350 per tower. It added eight towers to its portfolio in the fourth quarter, ending the year with 3,877 tower sites. The company has 15 more new towers in progress and expects to complete them in the first half of 2003.
“Although it remains a challenging environment for overall wireless carrier capital expenditures, we are encouraged by these lease-up results and view them as evidence that wireless carriers are continuing to invest in and expand their networks,” said Jeffrey Stoops, president and chief executive officer.
At press time, SBA was trading at 62 cents per share, well below its competition-American Tower Corp. was trading at $4.79 per share and Crown Castle International Corp. at $4.25 per share.
