Crown Castle (CCI) 8-K Financial statements and exhibits

Exhibit 99.1

Contacts:	W. Benjamin Moreland, CFO
	Jay Brown, VP Finance
	Crown Castle International Corp.
	713-570-3000

CROWN CASTLE INTERNATIONAL TO

RECOGNIZE CHARGE RELATED TO TENDERED

SENIOR NOTES IN THE FIRST QUARTER OF 2004

March 1, 2004 – HOUSTON, TEXAS – Crown Castle International Corp. (NYSE:CCI) today announced it will recognize the loss related to the extinguishment of the tendered 9% and 9.5% Senior Notes (together “Senior Notes”) in the first quarter of 2004, which will decrease its previously reported fourth quarter and full year 2003 net loss. The changes have no effect on site rental and broadcast transmission revenue, total revenue, adjusted EBITDA, net cash from operating activities, free cash flow (defined as cash from operating activities less capital expenditures) and 2004 outlook reported on February 18, 2004.

The revision will move the recognition of a loss on the extinguishment of tendered Senior Notes from the fourth quarter of 2003 to the first quarter of 2004. On December 5, 2003, Crown Castle announced cash tender offers for its Senior Notes. The tender offers for these notes expired on January 6, 2004 and Crown Castle paid for these notes on January 7, 2004. In its February 18, 2004 press release reporting fourth quarter and full year 2003 results, Crown Castle reported a loss of $122.8 million for the extinguishment of certain debt and preferred securities in the fourth quarter, inclusive of $22.5 million related to the extinguishment of the Senior Notes that had been irrevocably tendered as of December 31, 2003. Crown Castle’s determination to record the loss of $22.5 million in the fourth quarter of 2003 was made in consultation and with the concurrence of KPMG LLP, its external auditor.

In conjunction with the preparation of Crown Castle’s Form 10-K, Crown Castle, together with KPMG LLP, determined that it is appropriate to recognize the loss of $22.5 million on the extinguishment of such tendered Senior Notes in the first quarter of 2004. The effect of recognizing

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the loss on the extinguishment of such tendered Senior Notes in the first quarter of 2004 will decrease the previously reported net loss by $22.5 million and the net loss per share by $0.10 per share in the fourth quarter of 2003. The Senior Notes tendered at December 31, 2003 remain classified as current maturities of long-term debt at year-end.

The revised net loss and net loss per share for fourth quarter and full year 2003 follows:

Net loss was $148.8 million for the fourth quarter of 2003, inclusive of $100.3 million in losses from the retirement of debt and preferred securities, compared to a net loss of $34.9 million for the same period in 2002, inclusive of $49.1 million of gains from the retirement of debt. Net loss after deduction of dividends on preferred stock was $158.8 million in the fourth quarter of 2003, inclusive of $100.3 million in losses from the retirement of debt and preferred securities, compared to a loss of $4.2 million for the same period last year, inclusive of $98.8 million in gains from the retirement of debt and preferred securities. Fourth quarter net loss per share was $(0.73) compared to a loss per share of $(0.02) in last year’s fourth quarter of 2002. Prior to July 1, 2003, gains and losses from purchases of our 12 ³/4 % Senior Exchangeable Preferred Stock were presented as part of dividends on preferred stock in our consolidated statement of operations. Since that date, such gains and losses are presented as part of interest and other income (expense) due to the adoption of a new accounting standard for mandatorily redeemable financial instruments.

Net loss for full year 2003 was $398.4 million, inclusive of $137.8 million in losses from the retirement of debt and preferred securities, compared to a net loss of $272.5 million for the same period in 2002, inclusive of $79.1 million of gains from the retirement of debt. Net loss after deduction of dividends on preferred stock was $452.3 million for the full year 2003, inclusive of $137.5 million in losses from the retirement of debt and preferred securities, compared to a loss of $252.9 million for the same period last year, inclusive of $178.6 million in gains from the retirement of debt and preferred securities. Full year 2003 net loss per share was $(2.09) compared to a loss per share of $(1.16) for full year 2002.

Crown Castle’s outlook for first quarter and full year 2004 remains unchanged from the February 18, 2004 press release.

Crown Castle International Corp. engineers, deploys, owns and operates technologically advanced shared wireless infrastructure, including extensive networks of towers and rooftop sites as well as analog and digital audio and television broadcast transmission systems. Crown Castle offers near-universal broadcast coverage in the United Kingdom and significant wireless communications coverage in the United States, United Kingdom and Australia. The company owns, operates and manages over 15,500 wireless communication sites internationally. For more information on Crown Castle visit:http://www.crowncastle.com.

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Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based on our management’s current expectations. Such forward-looking statements include references to the Company’s previously provided outlook. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission.

Non-GAAP Financial Measures:

This press release includes presentations of Free Cash Flow and Adjusted EBITDA, which are non-GAAP financial measures. Crown Castle defines Free Cash Flow as net cash provided by operating activities less capital expenditures (both amounts from the Consolidated Statement of Cash Flows). Crown Castle defines Adjusted EBITDA as net loss plus cumulative effect of change in accounting principle, minority interests, provision for income taxes, interest expense, amortization of deferred financing costs and dividends on preferred stock, interest and other income (expense), depreciation, amortization and accretion, non-cash general and administrative compensation charges, asset write-down charges and restructuring charges (credits). Free Cash Flow and Adjusted EBITDA are not intended as alternative measures of operating results or cash flow from operations (as determined in accordance with generally accepted accounting principles). Further, our measure of Free Cash Flow and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Free Cash Flow is presented as additional information because management believes it to be a useful indicator of our ability to execute our business strategy without reliance on additional borrowing or the use of our cash and liquid investments. Adjusted EBITDA is presented as additional information because management believes it to be a useful indicator of the current financial performance of our core businesses. In addition, Adjusted EBITDA is the measure of current financial performance generally used in our debt covenant calculations. The tables set forth below reconcile these non-GAAP financial measures to comparable GAAP financial measures. Our results under GAAP are set forth in the financial statements following this press release.

Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures

Adjusted EBITDA is computed as follows:

	Three Months Ended December 31,						Twelve Months Ended December 31,
(in thousands of dollars)	2003			2002			2003			2002
Net loss	$	(148,840	)	$	(34,902	)	$	(398,365	)	$	(272,521	)
Cumulative effect of change in accounting principle		—			—			2,035			—
Minority interests		1,258			849			2,394			(2,498	)
Provision for income taxes		(4,102	)		6,832			7,518			12,276
Interest expense, amortization of deferred financing costs and dividends on preferred stock		73,645			71,736			289,647			302,570
Interest and other income (expense)		101,605			(48,089	)		148,474			(66,418	)
Depreciation, amortization and accretion		82,893			76,761			324,152			301,928
Non-cash general and administrative compensation charges		84			1,358			20,654			5,349
Asset write-down charges		6,800			8,550			14,317			55,796
Restructuring charges (credits)		—			10,538			1,291			17,147
Adjusted EBITDA	$	113,343		$	93,633		$	412,117		$	353,629

CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER FINANCIAL DATA (in thousands, except per share data) Page 4 of 6

	Three Months Ended December 31,						Years Ended December 31,
	2003			2002			2003			2002
Net revenues:
Site rental and broadcast transmission	$	213,971		$	179,280		$	786,788		$	677,839
Network services and other		39,875			48,681			143,560			223,694
Total net revenues		253,846			227,961			930,348			901,533
Costs of operations:
Site rental and broadcast transmission		83,425			71,421			307,511			270,024
Network services and other		30,089			39,215			110,268			176,175
Total costs of operations		113,514			110,636			417,779			446,199
General and administrative		25,002			22,241			94,888			94,222
Corporate development		1,987			1,451			5,564			7,483
Restructuring charges		—			10,538			1,291			17,147
Asset write-down charges		6,800			8,550			14,317			55,796
Non-cash general and administrative compensation charges		84			1,358			20,654			5,349
Depreciation, amortization and accretion		82,893			76,761			324,152			301,928
Operating income (loss)		23,566			(3,574	)		51,703			(26,591	)
Interest and other income (expense)		(101,605	)		48,089			(148,474	)		66,418
Interest expense, amortization of deferred financing costs and dividends on preferred stock		(73,645	)		(71,736	)		(289,647	)		(302,570	)
Loss before income taxes, minority interests and cumulative effect of change in accounting principle		(151,684	)		(27,221	)		(386,418	)		(262,743	)
Provision for income taxes		4,102			(6,832	)		(7,518	)		(12,276	)
Minority interests		(1,258	)		(849	)		(2,394	)		2,498
Loss before cumulative effect of change in accounting principle		(148,840	)		(34,902	)		(396,330	)		(272,521	)
Cumulative effect of change in accounting principle for asset retirement obligations, net of related tax benefit of $636		—			—			(2,035	)		—
Net loss		(148,840	)		(34,902	)		(398,365	)		(272,521	)
Dividends on preferred stock, net of gains (losses) on purchases of preferred stock		(9,997	)		30,672			(53,945	)		19,638
Net loss after deduction of dividends on preferred stock, net of gains (losses) on purchases of preferred stock	$	(158,837	)	$	(4,230	)	$	(452,310	)	$	(252,883	)
Per common share – basic and diluted:
Loss before cumulative effect of change in accounting principle	$	(0.73	)	$	(0.02	)	$	(2.08	)	$	(1.16	)
Cumulative effect of change in accounting principle		—			—			(0.01	)		—
Net loss	$	(0.73	)	$	(0.02	)	$	(2.09	)	$	(1.16	)
Common shares outstanding – basic and diluted		218,241			215,138			216,947			218,028
Adjusted EBITDA (before restructuring and asset write-down charges):
Site rental and broadcast transmission	$	121,737		$	101,009		$	447,099		$	374,491
Network services and other (before corporate development expenses)		(6,407	)		(5,925	)		(29,418	)		(13,379	)
Adjusted EBITDA before corporate development expenses		115,330			95,084			417,681			361,112
Corporate development		(1,987	)		(1,451	)		(5,564	)		(7,483	)
Total Adjusted EBITDA	$	113,343		$	93,633		$	412,117		$	353,629

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CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED BALANCE SHEET (in thousands)

	December 31,
	2003		2002
ASSETS
Current assets:
Cash and cash equivalents	$	462,427	$	516,172
Receivables, net of allowance for doubtful accounts		82,053		135,864
Short-term investments		—		115,697
Inventories		15,542		45,616
Prepaid expenses and other current assets		81,738		53,732
Total current assets		641,760		867,081
Property and equipment, net of accumulated depreciation		4,741,945		4,828,033
Goodwill		1,206,713		1,067,041
Deferred financing costs and other assets, net of accumulated amortization		147,173		130,446
	$	6,737,591	$	6,892,601
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	40,749	$	63,852
Accrued interest		49,063		59,811
Accrued compensation and related benefits		19,117		14,661
Deferred rental revenues and other accrued liabilities		267,459		208,195
Long-term debt, current maturities		267,142		14,250
Total current liabilities		643,530		360,769
Long-term debt, less current maturities		3,182,850		3,212,710
Other liabilities		211,763		183,227
Total liabilities		4,038,143		3,756,706
Minority interests		208,333		171,383
Redeemable preferred stock		506,702		756,014
Stockholders’ equity		1,984,413		2,208,498
	$	6,737,591	$	6,892,601

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CROWN CASTLE INTERNATIONAL CORP. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in thousands)

	Three Months Ended December 31,
	2003			2002
Cash flows from operating activities:
Net loss	$	(148,840	)	$	(34,902	)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gains) losses on purchases and redemption of long-term debt		97,170			(49,140	)
Depreciation, amortization and accretion		82,893			76,761
Amortization of deferred financing costs, discounts on long-term debt and dividends on preferred stock		17,633			19,708
Asset write-down charges		6,800			8,550
Losses on purchases and redemptions of preferred stock		3,085			—
Minority interests		1,258			849
Equity in losses (earnings) and write-downs of unconsolidated affiliates		1,010			1,398
Non-cash general and administrative compensation charges		84			1,358
Changes in assets and liabilities:
Increase in deferred rental revenues and other liabilities		39,241			8,316
Increase in accrued interest		15,377			27,277
Decrease in receivables		12,880			39,959
Decrease in accounts payable		(8,856	)		(13,350	)
(Increase) decrease in inventories, prepaid expenses and other assets		(3,750	)		39,775
Net cash provided by operating activities		115,985			126,559
Cash flows from investing activities:
Proceeds from disposition of property and equipment		1,828			7,845
Capital expenditures		(23,697	)		(39,983	)
Investments in affiliates and other		(63	)		2,647
Maturities of investments		—			29,500
Purchases of investments		—			(36,893	)
Acquisition of assets		—			(3,252	)
Net cash used for investing activities		(21,932	)		(40,136	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		1,302,000			—
Proceeds from issuance of capital stock		3,460			123
Purchases and redemptions of long-term debt		(913,171	)		(97,520	)
Principal payments on long-term debt		(102,750	)		(30,910	)
Net borrowings (payments) under revolving credit agreements		(94,948	)		—
Purchases and redemption of capital stock		(62,266	)		(49,017	)
Incurrence of financing costs		(22,093	)		(2,673	)
Net cash provided by (used for) financing activities		110,232			(179,997	)
Effect of exchange rate changes on cash		2,470			4,427
Net increase (decrease) in cash and cash equivalents		206,755			(89,147	)
Cash and cash equivalents at beginning of period		255,672			605,319
Cash and cash equivalents at end of period	$	462,427		$	516,172
Supplemental disclosure of cash flow information:
Interest paid	$	35,946		$	23,733
Income taxes paid		138			109