BOCA RATON, Fla.-SBA Communications Corp. rounded out the tower company fourth-quarter 2003 earnings with mixed results, released late Thursday.
Total revenues stood at $57.6 million, compared with $57.4 million a year ago. Net loss was $51.2 million, or 95 cents per share, increased from a net loss of $30.3 million, or 59 cents per share a year ago, which SBA blamed on its refinancing activities during the quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $16.8 million, up from $15.4 million in the year-ago period. Cash from operating activities was $12.5 million, down from $38 million in the third quarter 2002.
The company sold 787 towers in 2003 and is holding 61 other towers for sale. During the fourth quarter, SBA built three towers and sold 19 towers. Excluding the 61 still for sale, the company currently owns 3,032 towers.
Next quarter, SBA expects total revenues to be $53 million to $58.5 million; adjusted EBITDA to be $17 million to $19 million; and cash flow from operating activities to be an expense of (or minus) $30 million to $35 million. For the full year 2004, the company expects total revenues to be $224 million to $260 million; adjusted EBITDA to be $72 million to $80 million; and cash flow from operating activities to be $100,000 to $7 million.
Shares of SBA were trading up at $4.33 per share Friday morning.
In other tower news, SpectraSite Inc. held a conference call to discuss its fourth-quarter earnings, released earlier this month. The company discussed its transaction with SBC in which SpectraSite said it would acquire 600 towers by the end of the third quarter of this year. SpectraSite said 115 towers were closed on during 2004. With only six more acquired in the first quarter, analysts speculate the company will not acquire the full 600 included in the deal.
SpectraSite was trading at $36.65 per share Friday.
