BOCA RATON, Fla.-SBA Communications Corp. said it will restate some financial statements from 2001, 2002 and 2003 to reflect this year’s sale of towers to AAT Communications Corp. and other towers held for sale.
The re-audit showed the company overstated its 2002 net loss by $24 million, decreasing net loss for 2002 to $249 million. SBA also understated its loss from discontinued operations for the three and six months ended June 30, 2003, by about $2 million, increasing net loss for those six months to $92 million.
Overall, the adjustments should result in shareholder equity increasing by approximately $17 million, SBA said. The company does not expect the adjustments to impact its revenues, cash position, tower cash flow or adjusted earnings before interest, taxes, depreciation and amortization.
