UPDATE 1-SBA Communications Q3 loss widens, sees weak Q4 rev

Thu Oct 29, 2009 5:21pm EDT
 
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* Q3 loss $0.43/shr vs loss $0.26/shr last year

* Q3 revenue up 17 pct at $139.3 mln

* Sees Q4 rev $139.5 mln-$143.5 mln vs est $144.1 mln

Oct 29 (Reuters) - SBA Communications Corp (SBAC.O) posted a wider quarterly loss, hurt by a charge related to early repayment of debt and increased interest expense, and forecast fourth-quarter revenue below analysts' estimates.

Fourth-quarter revenue is expected to be $139.5 million to $143.5 million, the wireless tower operator said in a statement.

Analysts on average expect fourth-quarter revenue of $144.1 million, according to Thomson Reuters I/B/E/S.

Net loss attributable to the company was $50.1 million, or 43 cents a share, compared with a loss of $27.6 million, or 26 cents a share, a year ago.

Revenue rose 17 percent to $139.3 million. Site leasing revenue jumped 20 percent to $120.6 million.

Analysts on average were looking for a loss of 26 cents a share, excluding special items, on revenue of $139.4 million.

The company took a charge of $12.5 million due to early repayment of debt, and interest expense for the quarter was up 36 percent at $36.4 million.

The company expects 2010 revenue of $587 million to $622 million. Analysts on average expect 2010 revenue of $604.2 million.

Shares of Boca Raton, Florida-based SBA Communications closed at $29.38 Thursday on Nasdaq.

For alerts double click. [ID:nWNAB6987] (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Anne Pallivathuckal)

 

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