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SBA Communications Corporation Reports 4th Quarter 2012 Results; Provides 1st Quarter, And Updated Full Year 2013 Outlook

Stocks in this article: SBAC

BOCA RATON, Fla., Feb. 21, 2013 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today reported results for the quarter ended December 31, 2012. Highlights of the results include:

  • Fourth quarter over year earlier period:
  • Site leasing revenue growth of 58%
  • Tower Cash Flow growth of 47%
  • Net loss increased from $29 million to $53 million
  • Adjusted EBITDA growth of 51%
  • AFFO Per Share growth of 38%

"The fourth quarter was a very strong finish to a remarkable year for SBA", commented Jeff Stoops, President and CEO. "We produced exceptional year over year growth in all key metrics, including Adjusted EBITDA and AFFO per share. Domestic customer activity in the fourth quarter was the highest of the year, and that level of activity has continued into 2013. We finished the highest portfolio growth year in our Company's history by entering Brazil with an 800-tower acquisition. We increased the size of our tower portfolio by over 60% in 2012, adding quality towers and entering a new market that we believe will fuel growth for years to come. We accomplished all this portfolio growth while staying within our target leverage levels. Our strong fourth quarter results allow us to increase the mid-points on certain key metrics within our full-year 2013 Outlook. We expect to produce material growth in all key metrics again in 2013, including Adjusted EBITDA and AFFO per share."

Operating Results

Total revenues in the fourth quarter of 2012 were $293.8 million compared to $183.8 million in the year earlier period, an increase of 59.9%. Site leasing revenue of $260.8 million (including $9.8 million of pass through reimbursable expenses) was up 57.9% over the year earlier period. Site leasing Segment Operating Profit of $198.6 million was up 51.3% over the year earlier period. Site leasing contributed 97.2% of the Company's total Segment Operating Profit in the fourth quarter of 2012. Site development revenues were $33.1 million in the fourth quarter of 2012 compared to $18.7 million in the year earlier period, a 76.9% increase. Site development Segment Operating Profit Margin was 17.6% in the fourth quarter of 2012 compared to 12.4% in the year earlier period, an increase of 520 basis points.

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