BOCA RATON, Fla.-Tower company SBA Communications Corp. reported increasing revenues and a shrinking net loss, news that sparked its shares up slightly to $8.50 per share. The company purchased 51 towers during the quarter, bringing its total number of towers to 3,113.
“Once again, we produced strong and consistent growth in leasing, our primary business segment,” said Jeffrey Stoops, SBA’s president and chief executive officer. “Our strong growth and financial results reflect good customer activity combined with a high-quality tower portfolio. We ended the quarter with solid backlogs in both our leasing and services segments, and we believe that customer activity and backlogs will remain solid. We are very excited about the towers we added to our portfolio in the first quarter. We intend to continue to pursue a moderate pace of portfolio additions, focusing on building and buying towers that have growth characteristics similar to our existing portfolio. We remain very optimistic about continued growth through the remainder of 2005.”
SBA reported revenues in the first quarter of $58.3 million, a jump from the $50.9 million it scored in the same quarter a year ago. The company’s net loss slid in at $21.7 million, down from the $51.4 million loss in the year-ago quarter.
SBA owns and operates towers in the eastern one-third of the United States.
