BOCA RATON, Fla.-SBA Communications Corp. has released its third-quarter 2003 financial earnings. The company also released the results of a re-audit of its fiscal year 2001 and 2002 financial statements to reflect the sale of towers to AAT Communications Corp. and other towers held for sale.
SBA said its total revenues for the third quarter were $52.4 million, down from $60.8 million in the third quarter of 2002. Site leasing revenue was up 8.3 percent to $32.2 million, but site development revenues were down from $31.1 million last year to $20.2 million this year. Adjusted EBITDA (defined as loss from continuing operations plus net interest expenses, taxes, depreciation, accretion and amortization) was $15.8 million compared with $16 million for the third quarter of 2002. Net loss was $19.7 million, or 38 cents per share, compared with $31.7 million, or 62 cents per share, for the year-ago quarter. The company ended the quarter with total debt of $875.9 million, down from $1.019 billion at year-end 2002.
SBA expects to report total revenues of $51.5 million to $56 million for the fourth quarter of 2003 and $205 million to $210 million for full-year 2003; adjusted EBITDA of $15.5 million to $17.5 million for the fourth quarter and $62.5 million to $64.5 million EBITDA for full-year 2003; and net loss of $26 million to $29 million for the fourth quarter and $146 million to $149 million for full-year 2003.
The company’s restated financial statements for 2001 and 2002 show total revenues for 2001 and 2002 were unchanged at $225.1 million and $240 million, respectively. Net loss for 2001 was up slightly from the previous report to $125.8 million and net loss for 2002 was $249 million, down from $273 million as previously reported.
Shares of SBA fell about 11 percent following the earnings news to trade at $3.42 per share. The rest of the tower sector was also slightly down, with American Tower Corp. trading at $10.98 per share, Crown Castle International Corp. at $12.03 per share and SpectraSite Inc. at $36.52 per share.
