SBA reports 10% increase in revenues in second quarter

SBA Communications Inc. (SBAC) reported a 10.7% increase in revenues to $171.1 million in the second quarter, driven by a 14% increase in site leasing revenue of $150.2 million during the period.
Site development revenues totaled $20.9 million in the second quarter, an 8.3% decrease from a year ago. Tower cash flow for the period stood at $118.6 million, up 14.3% compared to second-quarter 2010. Net loss for the period was $29.8 million, compared to $83.7 million one year ago. Adjusted earnings before interest, taxes, depreciation and amortization was up 14.6% to $109.5 million.
Going forward, SBA expects total revenues for the year to be between $691 million and $708 million, which includes 9% organic leasing revenue growth. The company bought 140 towers in the second quarter and built 151 towers. Capital expenses for the period totaled $111.3 million.
“We had an outstanding second quarter, exceeding our expectations for site leasing revenue, tower cash flow and adjusted EBITDA,” said Jeffrey A. Stoops, president and CEO. “Our customers were busy and our employees executed well. Strong organic customer activity and operational execution are the primary drivers for our increase to certain items of our full-year outlook. We believe these positive trends will continue through year-end 2011 and through all of 2012. We have also seen an increase in portfolio growth opportunities. We expect some of the benefit from these opportunities will be captured in our 2011 financial results, with the majority of the benefit to be realized in 2012 and beyond. We are finding good portfolio growth opportunities domestically and internationally. With our recently completed $500 million institutional loan placement and reloaded credit facility, we are well positioned and have ample liquidity to grow our company.”