SBA Communications Beats Estimates

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SBA Communications(SBAC Quote), an operator of wireless towers, reported on February 26, 2009 that it swung to a Q4 FY08 profit from a year-ago loss, helped by a one-time gain as well as an increase in revenues. Net income stood at $2.68 million or $0.02 per share compared with a loss of $28.88 million or $0.27 per share in Q4 FY07. The most recent consensus estimate was a loss of $0.11 per share.

During the latest fourth quarter, SBAC's revenue grew 23.4% to $134.43 million from $108.90 million a year ago. Revenue from the Site Leasing segment increased 32.1% to $111.92 million from $84.72 million, driven by an increase in the number of towers acquired and constructed. However, revenue from the Site Development segment dropped 6.9% to $22.51 million from $24.19 million, hurt by substantial slowdown in the activity of one of the company's single services customers. Meanwhile, total operating expenses climbed 23.9% to $122.90 million from $99.20 million a year ago. ...