SBA Communications Corporation Reports 3rd Quarter 2010 Results; Provides 4th Quarter, Updated 2010 And Initial 2011 Outlook

BOCA RATON, Fla., Oct. 28, 2010 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today reported results for the quarter ended September 30, 2010. Highlights of the results include:

-- Third quarter over year earlier period:

• Site leasing revenue growth of 13%
• Tower Cash Flow growth of 14%
• Net loss decreased from $50.2 million to $34.6 million
• Adjusted EBITDA growth of 15%
• Equity Free Cash Flow Per Share growth of 26%

Operating Results

Total revenues in the third quarter of 2010 were $158.6 million compared to $139.3 million in the year earlier period, an increase of 13.9%. Site leasing revenue of $135.7 million was up 12.6% over the year earlier period. Site leasing Segment Operating Profit of $105.4 million was up 14.6% over the year earlier period. Site leasing contributed 97.5% of the Company's total Segment Operating Profit in the third quarter of 2010. Site development revenues were $23.0 million in the third quarter of 2010 compared to $18.7 million in the year earlier period, a 22.5% increase. Site development Segment Operating Profit Margin was 11.7% in the third quarter of 2010 compared to 11.2% in the year earlier period.

Tower Cash Flow for the third quarter of 2010 was $106.5 million, a 13.8% increase over the year earlier period. Tower Cash Flow Margin for the third quarter of 2010 was 79.4% compared to 78.6% in the year earlier period.

Net loss for the third quarter of 2010 was $34.6 million compared to $50.2 million in the year earlier period. Net loss attributable to SBA Communications Corporation for the third quarter of 2010 was $34.5 million or $(0.30) per share compared to a net loss attributable to SBA Communications Corporation of $50.1 million or $(0.43) per share in the year earlier period.