SBA Communications Corporation Reports 1st Quarter Results BOCA
RATON, Fla., May 2 /PRNewswire-FirstCall/ -- SBA Communications
Corporation (NASDAQ:SBAC) ("SBA" or the "Company") today reported
results for the quarter ended March 31, 2005. Highlights of the
results include: * First quarter over year earlier period: Site
leasing revenue growth of 13% Site leasing gross profit growth of
18% Loss from continuing operations reduced from $51.5 million to
$21.5 million Adjusted EBITDA growth of 23% All historical
financial results presented herein for the three months ended March
31, 2004 have been restated to reflect the Company's change in its
method of accounting for ground lease expense as detailed in our
Form 10-K for fiscal year 2004. Additionally, as previously
announced in the first half of 2004, the Company adopted a plan to
sell all of its services business in the western United States and
completed the sale of all portions of its western services business
in 2004. The results of the Company's western services segment are
reflected as discontinued operations in accordance with generally
accepted accounting principles for the three months ended March 31,
2004. Other than the net loss information presented below, all
other financial information contained in the text of this press
release is from the Company's continuing operations. Operating
Results Total revenues in the first quarter of 2005 were $58.3
million, compared to $50.9 million in the year earlier period, an
increase of 14.6%. Site leasing revenue of $38.3 million and site
leasing gross profit of $26.3 million were up 13.0% and 18.0%,
respectively, over the year earlier period. Cost of site leasing
revenue for the three months ended March 31, 2005 and 2004 included
approximately $1.4 million and $1.5 million, respectively, of
non-cash ground lease expense calculated pursuant to the Company's
revised method of accounting for ground lease expense. Same tower
revenue and site leasing gross profit growth on the 3,045 towers
owned at March 31, 2005 and March 31, 2004 were 12% and 18%
respectively. Site leasing contributed 97.4% of the Company's gross
profit in the first quarter of 2005. As a result of the Company's
change in its method of accounting for ground lease expense, SBA
modified its definition of Tower Cash Flow and Adjusted EBITDA to
exclude the non-cash impact from straight-line calculations used to
determine leasing revenue and ground rent expense. Reconciliations
of these non-GAAP terms to reported GAAP financial results are
provided below. Tower Cash Flow for the three months ended March
31, 2005 was $27.3 million, a 16.2% increase over the year earlier
period. Tower Cash Flow margin for the three months ended March 31,
2005 was 71.9%, a 210 basis point improvement over the year earlier
period. Site development revenues were $20.0 million in the first
quarter of 2005, compared to $16.9 million in the year earlier
period, a 17.9% increase. Site development gross profit margin was
3.6% in the first quarter of 2005, compared to 3.3% in the year
earlier period. Selling, general and administrative expenses were
$7.2 million in both the first quarter of 2005 and 2004. Loss from
continuing operations for the first quarter of 2005 was $21.5
million or $(.33) per share, compared to $51.5 million or $(.92)
per share in the year earlier period. Net loss in the first quarter
of 2005 was $21.7 million, or $(.33) per share, compared to a net
loss of $51.4 million, or $(.92) per share, in the year earlier
period. Excluding $1.7 million relating to non-cash asset
impairment charges and the write-off of deferred financing fees and
extinguishment of debt charges, first quarter 2005 loss from
continuing operations was $19.8 million or $(.31) per share.
Adjusted EBITDA was $20.9 million, compared to $16.9 million in the
year earlier period, or a 23.2% increase. Adjusted EBITDA margin
was 36.1% in the first quarter of 2005. Net cash interest expense
and non-cash interest expense was $9.8 million and $7.3 million,
respectively, in the first quarter of 2005, compared to $13.7
million and $7.3 million in the year earlier period. Cash provided
by operating activities for the three months ended March 31, 2005
was $16.0 million, compared to cash provided by operating
activities of $2.5 million for the three months ended March 31,
2004. Equity free cash flow (defined below) for the three months
ended March 31, 2005 was $7.6 million compared to $(5.8) million in
the year earlier period. "Once again we produced strong and
consistent growth in leasing, our primary business segment," said
Jeffrey A. Stoops, SBA's President and Chief Executive Officer.
"Our strong growth and financial results reflect good customer
activity combined with a high quality tower portfolio. We ended the
quarter with solid backlogs in both our leasing and services
segments, and we believe that customer activity and backlogs will
remain solid. We are very excited about the towers we added to our
portfolio in the first quarter. We intend to continue to pursue a
moderate pace of portfolio additions, focusing on building and
buying towers that have growth characteristics similar to our
existing portfolio. We remain very optimistic about continued
growth through the remainder of 2005." Investing Activities During
the first quarter of 2005, SBA purchased 51 towers, built two
towers and sold or otherwise disposed of one tower, which was
previously held for sale. As a result of these activities, as of
March 31, 2005 SBA owned 3,113 towers in continuing operations,
excluding five towers that were held for sale. Total cash capital
expenditures for the first quarter of 2005 were $13.3 million,
consisting of $1.1 million of non-discretionary cash capital
expenditures (tower maintenance and general corporate) and $12.2
million of discretionary cash capital expenditures (new tower
builds, tower augmentations, tower acquisitions and related
earn-outs, and ground lease purchases). The 51 towers were
purchased for an aggregate amount of $15.4 million, consisting of
$9.5 million in cash and 0.7 million shares of SBA common stock.
Since April 1, 2005, SBA has purchased three towers for an
aggregate amount of $.7 million, consisting of $.2 million in cash
and approximately 50 thousand shares of SBA common stock. The
Company has agreed to purchase an additional 40 towers for an
aggregate amount of $19.6 million, which we expect to fund from
approximately $8.3 million of our cash and the remainder from the
issuance of SBA common stock. We anticipate that these acquisitions
will be consummated by the end of the third quarter of 2005.
Financing Activities and Liquidity SBA ended the first quarter with
$322.6 million outstanding under its $400.0 million senior credit
facility, $309.8 million of 9 3/4% senior discount notes, $250.0
million of 8 1/2% senior notes, and net debt of $861.3 million. On
February 1, 2005, SBA redeemed the remaining $50.0 million of its
10 1/4% senior notes and paid $55.1 million including accrued
interest from cash on hand. The Company's net debt to annualized
adjusted EBITDA leverage ratio was 10.3x at March 31, 2005.
Liquidity at March 31, 2005 was approximately $68.8 million,
consisting of $21.0 million of cash and restricted cash, and
approximately $47.8 million of additional availability under the
senior credit facility. Outlook The Company is providing its second
quarter and updating its Full Year 2005 Outlook for anticipated
results from continuing operations. The Outlook reflects the
Company's change to its method of accounting for ground lease
expense. Information regarding potential risks that could cause the
actual results to differ from these forward-looking statements is
set forth below and in the Company's filings with the Securities
and Exchange Commission. Current Full Prior Full Quarter ended Year
2005 Year 2005 June 30, 2005 Outlook Outlook ($'s in millions) Site
leasing revenue 38.5 to 39.5 156.0 to 162.0 155.0 to 161.0 Site
development revenue 19.0 to 22.0 80.0 to 90.0 80.0 to 90.0 Total
revenues 57.5 to 61.5 236.0 to 252.0 235.0 to 251.0 Tower cash flow
27.5 to 28.5 111.0 to 117.0 11.0 to 117.0 Adjusted EBITDA 21.0 to
22.0 88.0 to 94.0 88.0 to 94.0 Net cash interest expense (1) 9.5 to
10.5 38.0 to 42.0 38.0 to 42.0 Non-cash interest expense (1) 7.0 to
7.5 30.0 to 31.0 30.0 to 31.0 Cash flow from operating activities
4.0 to 8.0 48.0 to 58.0 48.0 to 58.0 Non-discretionary cash capital
expenditures (2) 1.0 to 1.5 4.0 to 6.0 4.0 to 8.0 Discretionary
cash capital expenditures (3) 11.0 to 13.0 33.0 to 41.0 24.0 to
32.0 Equity free cash flow (4) (5.0) to 0.0 11.0 to 24.0 9.0 to
25.0 (1) Excludes amortization of debt issuance costs. (2) Consists
of maintenance and general corporate capital expenditures. (3)
Consists of new tower builds, augmentation of existing towers,
ground lease purchases, tower acquisitions and related earn-outs.
We plan on building 50 to 75 new towers in 2005 for our ownership.
Guidance includes all completed acquisitions and approximately $8.3
million of cash consideration related to the pending acquisitions
described above. (4) Defined as cash flow from operating activities
less non-cash interest expense less non-discretionary cash capital
expenditures. Conference Call Information SBA Communications
Corporation will host a conference call Tuesday, May 3, 2005, at
10:00 A.M. ET to discuss the quarterly results. The call may be
accessed as follows: When: Tuesday, May 3, 2005 at 10:00 A.M.
Eastern Time Dial-in number: 800-611-1148 Conference call name:
"SBA 1st Quarter Results" Replay: May 3, 2005 at 3:15 P.M. to May
17, 2005 at 11:59 P.M. Number: 800-475-6701 Access Code: 779603
Internet access: http://www.sbasite.com/ Information Concerning
Forward-Looking Statements This press release includes
forward-looking statements, including statements regarding (i) the
Company's expectations regarding customer activity and backlog;
(ii) the Company's second quarter 2005 and full year 2005 guidance;
(iii) the Company's expectations regarding the consummation of
pending tower acquisitions by the end of the third quarter of 2005
and the type of consideration to be paid in such pending tower
acquisitions; (iv) the Company's expectations for continued growth
and improvements in cash flows through the remainder of 2005; (v)
the Company's expectation that it will continue to pursue a
moderate pace of tower portfolio additions focused on building and
buying towers with similar growth characteristics to its existing
tower portfolio; and (vi) the Company's plan to build 50 to 75 new
towers in 2005. These forward-looking statements may be affected by
the risks and uncertainties in the Company's business. This
information is qualified in its entirety by cautionary statements
and risk factor disclosure contained in the Company's Securities
and Exchange Commission filings, including the Company's report on
Form 10-K filed with the Commission on March 16, 2005. The Company
wishes to caution readers that certain important factors may have
affected and could in the future affect the Company's actual
results and could cause the Company's actual results for subsequent
periods to differ materially from those expressed in any
forward-looking statement made by or on behalf of the Company. With
respect to the Company's expectations regarding all of these
statements, including its financial guidance, such risk factors
include, but are not limited to: (1) the ability and willingness of
wireless service providers to maintain or increase their capital
expenditures, (2) the Company's ability to secure as many site
leasing tenants as planned at anticipated lease rates, (3) the
Company's ability to expand its site leasing business, (4) the
Company's ability to retain current lessees on towers, (5) the
Company's ability to secure and deliver anticipated services
business at contemplated margins, (6) the Company's ability to
increase revenues and maintain or decrease expenses and cash
capital expenditures, (7) the Company's ability to continue to
comply with covenants and the terms of its senior credit facility
and to access sufficient capital to fund its operations, (8) the
business climate for the wireless communications industry in
general and the wireless communications infrastructure providers in
particular, (9) the continued dependence on towers and outsourced
site development services by the wireless communications industry,
(10) the number of uncertainties, contingencies, agreements and
closing requirements associated with the Company's pending tower
acquisitions as well as the Company's ability to consummate the
pending tower acquisitions by the end of the third quarter of 2005,
(11) the Company's ability to pursue a moderate pace of tower
portfolio additions meeting its growth criteria; and (12) the
Company's ability to build 50 to 75 new towers in 2005. Information
on non-GAAP financial measures is presented below under "Unaudited
Consolidated Statements of Operations." This press release will be
available on our website at http://www.sbasite.com/ . For
additional information about SBA, please contact Pam Kline, Vice-
President-Capital Markets, at (561) 995-7670, or visit our website
at http://www.sbasite.com/ . SBA is a leading independent owner and
operator of wireless communications infrastructure in the United
States. SBA generates revenue from two primary businesses -- site
leasing and site development services. The primary focus of the
Company is the leasing of antenna space on its multi-tenant towers
to a variety of wireless service providers under long-term lease
contracts. Since it was founded in 1989, SBA has participated in
the development of over 25,000 antenna sites in the United States.
Non-GAAP Financial Measures This press release, including our 2005
Outlook, includes disclosures regarding Adjusted EBITDA, and
Adjusted EBITDA margin, Net Debt and Leverage ratio, each of which
are non-GAAP financial measures. Adjusted EBITDA is defined as loss
from continuing operations plus net interest expenses, taxes,
depreciation, accretion and amortization, asset impairment charges,
non-cash compensation, restructuring and other charges, and other
expenses and excluding non-cash leasing revenue and non-cash ground
lease expense. We have included these non-GAAP financial measures
because we believe these items are indicators of the profitability,
and performance of our core operations and reflect the changes in
our operating results. In addition, Adjusted EBITDA is a component
of the calculation used by our lenders to determine compliance with
some of our debt instruments, particularly our senior credit
facility. Neither Adjusted EBITDA, nor Adjusted EBITDA margin are
intended to be alternative measures of operating income or gross
profit margin as determined in accordance with generally accepted
accounting principles. The Non-GAAP measurements of Adjusted EBITDA
and the Adjusted EBITDA margin have certain material limitations,
including: * They do not include interest expense. Because we have
borrowed money in order to finance our operations, interest expense
is a necessary element of our costs and ability to generate profits
and cash flows. Therefore any measure that excludes interest
expense has material limitations; * They do not include
depreciation and amortization expense. Because we use capital
assets, depreciation and amortization expense is a necessary
element of our costs and ability to generate profits. Therefore any
measure that excludes depreciation and amortization expense has
material limitations; * They do not include taxes. Because the
payment of taxes is a necessary element of our costs, particularly
in the future, any measure that excludes tax expense has material
limitations; and * They do not include non-cash expenses such as
asset impairment charges, non-cash compensation, restructuring and
other charges, and other expenses and non-cash leasing revenue and
non-cash ground lease expense. Because these non-cash expenses are
a necessary element of our costs and our ability to generate
profits, any measure that excludes these non-cash expenses has
material limitations. We compensate for these limitations by using
Adjusted EBITDA and the Adjusted EBITDA margin as only two of
several comparative tools, together with GAAP measurements, to
assist in the evaluation of our profitability and operating
results. Adjusted EBITDA, Annualized Adjusted EBITDA, and Adjusted
EBITDA margin for the three months ended March 31, 2005 and 2004 is
calculated below: For the three months ended March 31, ($'s in
thousands) 2005 2004 Loss from continuing operations $(21,543)
$(51,500) Interest income (247) (142) Interest expense 18,144
21,923 Depreciation, accretion and amortization 21,643 22,815 Asset
impairment charges 214 17 Provision for income taxes 246 233 Loss
from write off of deferred financing fees and extinguishment of
debt 1,486 22,217 Non-cash compensation (included in selling,
general, and administrative) 115 115 Non-cash leasing revenue (421)
(316) Non-cash ground lease expense 1,378 1,485 Restructuring and
other charges 17 163 Other income (150) (62) Adjusted EBITDA (1)
$20,882 $16,948 Annualized Adjusted EBITDA (2) $83,522 $67,792
Adjusted EBITDA margin (3) 36.1% 33.5% (1) Adjusted EBITDA for the
three months ended June 30, 2005 and fiscal year 2005 will be
calculated the same way. (2) Annualized Adjusted EBITDA is
calculated as Adjusted EBITDA for the most recent quarter
multiplied by four. (3) Adjusted EBITDA Margin is calculated by
dividing Adjusted EBITDA by the sum of total revenues minus
non-cash leasing revenue. The Non-GAAP measurements of Net Debt and
Leverage ratio (which is defined as our Net Debt divided by our
Annualized Adjusted EBITDA) have certain material limitations.
Specifically these measurements net cash out of our debt position.
Because we may not be able to use our cash to reduce our debt on a
one-for-one basis, this measure may have material limitations. In
addition since a component of our Leverage ratio is Annualized
Adjusted EBITDA, this measure is subject to the same material
limitations associated with Adjusted EBITDA discussed above. We
compensate for these limitations by using Net Debt and our Leverage
ratio as only two of several comparative tools, together with GAAP
measurements, to assist in the evaluation of our financial
condition. Our net debt to Annualized Adjusted EBITDA leverage
ratio as of March 31, 2005 is calculated below: March 31, 2005 (in
thousands) Long term debt $879,091 Current portion of long-term
debt 3,250 Less: Cash and cash equivalents (19,017) Restricted cash
(2,024) Net debt $861,300 Divided by: Annualized Adjusted EBITDA
$83,528 Leverage ratio 10.3x Tower Cash Flow and Tower Cash Flow
Margin This press release, including our 2005 Outlook, includes
disclosures regarding Tower Cash Flow and Tower Cash Flow margin,
which are non-GAAP financial measures. Tower Cash Flow is defined
as site leasing gross profit excluding non-cash leasing revenue and
non-cash ground lease expense and Tower Cash Flow margin is defined
as Tower Cash Flow divided by the sum of site leasing revenue minus
non-cash site leasing revenue. We have included these non-GAAP
financial measures because we believe these items are indicators of
the profitability of our site leasing operations. In addition,
Tower Cash Flow is a component of the calculation used by our
lenders to determine compliance with some of our debt instruments,
particularly our senior credit facility. Neither Tower Cash Flow
nor Tower Cash Flow margin are intended to be alternative measures
of site leasing gross profit nor of site leasing gross profit
margin as determined in accordance with generally accepted
accounting principles. The Non-GAAP measurements of Tower Cash Flow
and Tower Cash Flow margin have certain material limitations.
Specifically these measurements do not include non-cash leasing
revenue and non-cash ground lease expense. Because these non-cash
leasing revenue and non-cash ground lease expenses are required by
GAAP as they are deemed to reflect the straight-line impact of our
site leasing operations, any measure that excludes these non-cash
items has material limitations. We compensate for these limitations
by using Tower Cash Flow and Tower Cash Flow margin as only two of
several comparative tools, together with GAAP measurements, to
assist in the evaluation of the cash generation of our site leasing
operations. The reconciliation of Tower Cash Flow and Tower Cash
Flow margin for the three months ended March 31, 2005 and 2004 is
calculated below: For the three months ended March 31, 2005 2004
($'s in thousands) Site leasing revenue $38,342 $33,934 Site
leasing cost of revenue 12,045 11,651 Site leasing gross profit
26,297 22,283 Non-cash leasing revenue (421) (316) Non-cash-ground
lease expense 1,378 1,485 Tower Cash Flow (1) $27,254 $23,452 Tower
Cash Flow Margin (2) 71.9% 69.8% (1) Tower Cash Flow for the three
months ended June 30, 2005 and fiscal year 2005 will be calculated
the same way. (2) Tower Cash Flow margin for a particular quarterly
period is Tower Cash Flow divided by the sum of site leasing
revenues minus non-cash leasing revenue for such period. Equity
Free Cash Flow This press release, including our 2005 Outlook, also
includes disclosures regarding Equity Free Cash Flow which is a
non-GAAP financial measure. Equity Free Cash Flow is defined as
cash flow from operating activities minus non- cash interest
expense minus non-discretionary cash capital expenditures. Equity
Free Cash Flow is in our opinion an indicator of the amount of cash
produced by our business (after treating our 9.75% senior discount
notes as bearing current cash interest) that may be available for
reinvestment in the business through discretionary capital
expenditures, repayment of indebtedness or return to shareholders.
Equity Free Cash Flow is not intended to be an alternative measure
of cash flow from operations or operating income as determined in
accordance with generally accepted accounting principles. The use
of Equity Free Cash Flow has certain material limitations.
Specifically this measurement does not include discretionary
capital expenditures. Because the determination of which capital
expenditures are discretionary is subject to various
interpretations and because these type of capital expenditures are
an integral part of our normal operations, any measure that
excludes these items has material limitations. We compensate for
this limitation by using Equity Free Cash Flow as only one of
several comparative tools, together with GAAP measurements, to
assist in the evaluation of our cash flow. Equity Free Cash Flow
for the three months ended March 31, 2005 and 2004 is calculated
below: For the three months ended March 31, 2005 2004 (in
thousands) Cash flow from operating activities $15,998 $2,485
Non-cash interest expense (7,342) (7,257) Non-discretionary cash
capital expenditures (1,102) (1,019) Equity free cash flow (1)
$7,554 $(5,791) (1) Equity free cash flow for the three months
ended June 30, 2005 and fiscal year 2005 will be calculated the
same way. CONSOLIDATED STATEMENTS OF OPERATIONS ($'s in thousands)
(unaudited) For the three months ended March 31, 2005 2004
Revenues: Site leasing $38,342 $33,934 Site development 19,962
16,925 Total revenues 58,304 50,859 Cost of revenues (exclusive of
depreciation, accretion and amortization shown below): Cost of site
leasing 12,045 11,651 Cost of site development 19,249 16,363 Total
cost of revenues 31,294 28,014 Gross profit 27,010 22,845 Operating
expenses: Selling, general and administrative 7,200 7,181
Restructuring and other charges 17 163 Asset impairment charges 214
17 Depreciation, accretion and amortization 21,643 22,815 Total
operating expenses 29,074 30,176 Operating loss from continuing
operations (2,064) (7,331) Other income (expense): Interest income
247 142 Interest expense (10,004) (13,828) Non-cash interest
expense (7,342) (7,257) Amortization of debt issuance costs (798)
(838) Write-off of deferred financing fees and extinguishment of
debt (1,486) (22,217) Other 150 62 Total other expense (19,233)
(43,936) Loss from continuing operations before provision for
income taxes (21,297) (51,267) Provision for income taxes (246)
(233) Loss from continuing operations (21,543) (51,500) (Loss) gain
from discontinued operations, net of income taxes (170) 75 Net loss
$(21,713) $(51,425) For the three months ended March 31, 2005 2004
Basic and diluted loss per common share amounts: Loss from
continuing operations $(0.33) $(0.92) Loss from discontinued
operations -- -- Net loss per common share $(0.33) $(0.92) Weighted
average number of common shares 65,260 55,684 Other Data: Tower
Cash Flow $27,254 $23,452 Adjusted EBITDA $20,882 $16,948 Equity
Free Cash Flow $7,554 $(5,791) CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands) March 31, December 31, 2005 2004 (unaudited)
ASSETS Current assets: Cash and cash equivalents $19,017 $69,627
Restricted cash 2,024 2,017 Accounts receivable, net of allowances
of $1,261 and $1,731 in 2005 and 2004, respectively 13,292 21,125
Other current assets 22,268 23,393 Assets held for sale 10 10 Total
current assets 56,611 116,172 Property and equipment, net 742,827
745,831 Deferred financing fees, net 17,834 19,421 Other long-term
assets 36,764 35,820 Total assets $854,036 $917,244 LIABILITIES AND
SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable and
accrued expenses $24,732 $30,201 Interest payable 7,101 3,729
Long-term debt, current portion 3,250 3,250 Other current
liabilities 12,253 13,823 Total current liabilities 47,336 51,003
Long-term liabilities: Long-term debt 879,091 924,456 Deferred
revenue 393 384 Other long-term liabilities 31,519 30,072 Total
long-term liabilities 911,003 954,912 Shareholders' deficit
(104,303) (88,671) Total liabilities and shareholders' deficit
$854,036 $917,244 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited) For the three months ended March 31,
2005 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $(21,713)
$(51,425) Depreciation, accretion and amortization 21,643 22,815
Other non-cash items reflected in Statements of Operations 8,088
8,130 Loss from write-off of deferred financing fees and
extinguishment of debt 1,486 22,217 Changes in operating assets and
liabilities 6,494 748 Net cash provided by operating activities
15,998 2,485 CASH FLOWS FROM INVESTING ACTIVITIES: Capital
expenditures (3,130) (1,994) Acquisitions and related earn-outs
(10,206) (39) Proceeds from sale of fixed assets 570 398 Receipt
(payment) of restricted cash (234) (31) Net cash used in investing
activities (13,000) (1,666) CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from employee stock purchase/option plans 277 1 Borrowings
under senior credit facility, net of financing fees -- 294,402
Repayment of senior credit facility and notes payable (813)
(151,758) Redemption/redemption of 12% senior discount and 10 1/4%
senior notes (52,546) (132,638) Repayment of bank overdraft (526)
-- Net cash provided by (used in) financing activities (53,608)
10,007 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:
(50,610) 10,826 Beginning of period 69,627 8,338 End of period
$19,017 $19,164 For the three months ended March 31, 2005 2004
SELECTED CASH CAPITAL EXPENDITURE DETAIL: Tower new build
construction: Towers completed in period $265 $-- Towers completed
in prior periods 202 482 Work in process 652 110 1,119 592
Operating tower expenditures: Tower upgrades/augmentations 909 383
Maintenance/improvement capital expenditures 712 480 1,621 863
General corporate expenditures 390 539 Total cash capital
expenditures $3,130 $1,994 DATASOURCE: SBA Communications
Corporation CONTACT: Pam Kline, Vice-President-Capital Markets, SBA
Communications Corporation, +1-561-995-7670 Web site:
http://www.sbasite.com/
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SBA Communications (NASDAQ:SBAC)
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