BOCA RATON, Fla.—SBA Communications Corp. reported increased revenues for the fourth quarter and year ended Dec. 31, but the company’s net loss increased as well.
SBA said revenues for the fourth quarter totaled $69.15 million, compared with $53.6 million for fourth-quarter 2000. Year-end revenues totaled $242.9 million, compared with $167.9 million for 2000.
SBA said it had a net loss of $29.7 million, or 62 cents per share, for the quarter and a net loss of $125.1 million, or $2.64 per share, for the year. Net loss for the fourth quarter and year ended Dec. 31, 2000, was $5.4 million, or 12 cents per share, and $28.9 million, or 70 cents per share, respectively.
Jeffrey Stoops, SBA’s president and chief executive officer, said he was pleased with the results, highlighting the company’s continued revenue growth.
“Our wireless carrier customers continue to have a healthy demand for our tower space and services. We believe that demand will continue, even in the current environment, at a pace that will allow us to achieve or exceed our business plan and attain positive free cash flow in early 2003. With our recently announced reduction in new tower development and corresponding cash savings, we are confident that our liquidity and capital resources are more than sufficient to support our business plan,” Stoops said.
SBA built 143 towers and acquired 127 towers during the fourth quarter, ending the year with 3,734 towers.
