SBA Communications Corporation Reports 4th Quarter 2010 Results; Provides 1st Quarter, And Updated Full Year 2011 Outlook

BOCA RATON, Fla., Feb. 24, 2011 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today reported results for the quarter ended December 31, 2010. Highlights of the results include:

-- Fourth quarter over year earlier period:

• Site leasing revenue growth of 13.3%
• Tower Cash Flow growth of 14.2%
• Net loss decreased from $43.6 million to $38.6 million
• Adjusted EBITDA growth of 15.9%
• Equity Free Cash Flow Per Share growth of 26.2%

Operating Results

Total revenues in the fourth quarter of 2010 were $165.5 million compared to $145.0 million in the year earlier period, an increase of 14.2%. Site leasing revenue of $140.1 million was up 13.3% over the year earlier period. Site leasing Segment Operating Profit of $110.4 million was up 15.6% over the year earlier period. Site leasing contributed 97.1% of the Company's total Segment Operating Profit in the fourth quarter of 2010. Site development revenues were $25.4 million in the fourth quarter of 2010 compared to $21.3 million in the year earlier period, a 19.2% increase. Site development Segment Operating Profit Margin was 12.8% in the fourth quarter of 2010 compared to 12.2% in the year earlier period.

Tower Cash Flow for the fourth quarter of 2010 was $111.2 million, a 14.2% increase over the year earlier period. Tower Cash Flow Margin for the fourth quarter of 2010 was 80.3% compared to 79.5% in the year earlier period.

Net loss for the fourth quarter of 2010 was $38.6 million compared to $43.6 million in the year earlier period. Net loss attributable to SBA Communications Corporation for the fourth quarter of 2010 was $39.2 million or $(0.34) per share compared to $43.5 million or $(0.37) per share in the year earlier period.