BOCA RATON, Fla.-Tower owner SBA Communications Corp. has reported its second-quarter 2003 financial results.
The company said its total revenues for the quarter were $50.4 million, down from $63.6 million in last year’s second quarter. Site leasing revenue accounted for $31.7 million, up 12.3 percent from the year-ago quarter, and tower cash flow was $21.1 million, up 12.8 percent. Net loss was $56.4 million, or $1.10 per share, compared with a loss of $46.5 million or 92 cents per share last year. Capital expenditures were $3 million.
SBA completed the majority of its sale of 801 towers to AAT during the second quarter and said it now plans to sell an additional 51 towers from its western region. Following that sale, SBA will have 3,022 towers. Also, the company was awarded a network development contract in July from Sprint Spectrum L.P., which SBA believes will generate $70 million to $90 million in site-development revenue during the next two years.
Shares of SBA were down 8.5 percent following the earnings release to trade at $3.66 per share.
The company expects revenues for the third quarter 2003 to be $50.5 million to $55.5 million, with leasing revenue between $31.5 million and $33.5 million and tower cash flow between $21 million and $22.5 million. Net loss should be between $29.5 million, or 58 cents per share, and $34.5 million, or 68 cents per share, and capital expenditures should be between $3 million and $5 million.
For the full-year 2003, SBA predicted total revenues will reach $207 million to $215 million, with leasing revenue between $127 million and $130 million and tower cash flow between $84.5 million and $87 million. Net loss is expected to be $148 million, or $2.90 per share, to $161 million, or $3.15 per share. Capital expenditures should be between $10 million and $15 million.
