BOCA RATON-SBA Communications Corp. late Thursday rounded out the public tower sector’s first-quarter 2004 financial earnings.
The company recorded revenues of $57.3 million, up from $51.7 million in last year’s first quarter. Of that, site leasing revenue made up $33.9 million and site development revenues were $23.4 million, both up from last year. Net loss was $47.9 million, or 86 cents per share, up from last year’s first-quarter $33.8 million, 66-cents-per-share loss. SBA attributed that increase to its refinancing activities. Earnings before interest, taxes, depreciation and amortization were $17.2 million compared with $15.1 million last year.
Along with its first-quarter results, SBA announced its decision to sell its services business in the western United States. SBA has stood by its services division while other public tower companies divested theirs in an effort to focus on the core tower ownership model. The company last year sold its entire western tower portfolio, so this marks its complete exit of that region.
SBA also raised its financial guidance for full-year 2004. The company now expects total revenues for the year to be between $208 million and $222 million, with $138 million to $142 million from site leasing and $70 million to $80 million from site development.
Shares SBA were trading down at $3.70 at press time.
