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TheStreet Open House

SBA Communications Corporation Reports 1st Quarter 2013 Results; Provides 2nd Quarter And Updated 2013 Outlook

Stock quotes in this article: SBAC

BOCA RATON, Fla., April 29, 2013 (GLOBE NEWSWIRE) -- SBA Communications Corporation (Nasdaq:SBAC) ("SBA" or the "Company") today reported results for the quarter ended March 31, 2013. Highlights of the results include:

First quarter over year earlier period:

  • Site leasing revenue growth of 58%
  • Tower Cash Flow growth of 49%
  • Net loss decreased from $23 million to $22 million
  • Adjusted EBITDA growth of 55%
  • AFFO Per Share growth of 46%

"We posted excellent first quarter results, and are off to a strong start for 2013," commented Jeffrey A. Stoops, President and Chief Executive Officer. "Our customers remain extremely busy with LTE deployments in the U.S. and with a variety of activity internationally. The combination of organic growth and a materially larger portfolio of towers drove strong year over year gains in both our leasing and services segments, as well as in adjusted EBITDA and AFFO per share. These results, combined with our current backlogs and our positive views on future customer activity, allow us to increase our 2013 Outlook for key metrics. In addition, we expect to continue to produce strong year over year growth in AFFO per share as we move through 2013 and beyond."

Operating Results

Total revenues in the first quarter of 2013 were $313.1 million compared to $192.5 million in the year earlier period, an increase of 62.6%. Site leasing revenue of $273.5 million (including $9.9 million of pass through reimbursable expenses) was up 58.2% over the year earlier period. Site leasing Segment Operating Profit of $205.4 million was up 49.4% over the year earlier period. Site leasing contributed 96.7% of the Company's total Segment Operating Profit in the first quarter of 2013. Site development revenues were $39.6 million in the first quarter of 2013 compared to $19.6 million in the year earlier period, a 102.0% increase. Site development Segment Operating Profit Margin was 17.6% in the first quarter of 2013 compared to 14.2% in the year earlier period.

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