Crown Castle (CCI) 8-K Reports Second Quarter 2004 Results

Exhibit 99.2

[Crown Castle Letterhead]

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

CROWN CASTLE INTERNATIONAL

ADJUSTS SECOND QUARTER 2004 SITE RENTAL

REVENUE AND COST OF OPERATIONS

July 29, 2004 – HOUSTON, TEXAS – Crown Castle International Corp. (NYSE:CCI) adjusted its previously reported site rental revenue upward by $1.2 million to $131.4 million and site rental cost of operations upward by $1.2 million to $41.8 million for the second quarter ended June 30, 2004. The adjustments correct a computational error Crown Castle discovered in the consolidating entries of its US operations.

The revised site rental revenue and site rental cost of operations for the second quarter of 2004 follows:

Consolidated site rental revenue for the second quarter of 2004 increased 12.7 percent to $131.4 million, up $14.8 million from $116.6 million for the same period in the prior year. Consolidated site rental cost of operations for the second quarter of 2004 was $41.8 million compared to $40.0 million for the same period in the prior year. US site rental revenue for the second quarter of 2004 increased $10.3 million, or 9.3 percent, to $120.8 million, from $110.5 million for the same period in 2003. US site rental cost of operations for the second quarter of 2004 was $38.3 million compared to $37.5 million for the same period in 2003.

The adjustments have no effect on any other previously reported second quarter 2004 numbers, including Adjusted EBITDA, net loss, net loss per share, cash provided by operating activities or Free Cash Flow, which is defined as cash from operating activities less capital expenditures. Crown Castle’s outlook for third quarter 2004 and full years 2004 and 2005 remains unchanged from the July 28, 2004 press release.

Pro forma for the previously announced sale of Crown Castle UK, Crown Castle International Corp. engineers, deploys, owns and operates technologically advanced shared wireless infrastructure, including extensive networks of towers and rooftops. Crown Castle offers

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significant wireless communications coverage to 68 of the top 100 United States markets and to substantially all of the Australian population. Crown Castle owns, operates and manages over 10,600 and over 1,300 wireless communication sites in the U.S. and Australia, respectively. For more information on Crown Castle visit:http://www.crowncastle.com.

Non-GAAP Financial Measures:

This press release includes presentations of Adjusted EBITDA, which is a non-GAAP financial measure. 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, income (loss) from discontinued operations, 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). Adjusted EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with generally accepted accounting principles). Further, our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is presented as additional information because management believes it is 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 Adjusted EBITDA to comparable GAAP financial measures. Our results under GAAP are set forth in the financial statements following this press release.

Adjusted EBITDA is computed as follows:

(in thousands of dollars)	Three Months Ended June 30,
	2004			2003
Net loss	$	(39,594	)	$	(80,831	)
Income from discontinued operations, net of tax		(16,455	)		(2,099	)
Minority interests		1,463			730
Provision for income taxes		184			127
Interest expense and amortization of deferred financing costs		56,568			63,809
Interest and other income (expense)		1,349			8,271
Depreciation, amortization and accretion		61,119			60,763
Non-cash general and administrative compensation charges		6,203			5,834
Asset write-down charges		1,868			1,380
Restructuring charges (credits)		—			2,349
Adjusted EBITDA	$	72,705		$	60,333

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Adjusted EBITDA is computed as follows:

(in thousands of dollars)	Six Months Ended June 30,
	2004			2003
Net loss	$	(104,561	)	$	(149,847	)
Cumulative effect of change in accounting principle		—			551
Income from discontinued operations, net of tax		(30,999	)		(7,541	)
Minority interests		2,809			1,287
Provision for income taxes		337			243
Interest expense and amortization of deferred financing costs		113,890			127,520
Interest and other income (expense)		26,376			10,834
Depreciation, amortization and accretion		122,344			122,226
Non-cash general and administrative compensation charges		8,418			7,728
Asset write-down charges		3,816			1,380
Restructuring charges (credits)		(33	)		2,349
Adjusted EBITDA	$	142,397		$	116,730

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CROWN CASTLE INTERNATIONAL CORP.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

AND OTHER FINANCIAL DATA

(in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2004			2003			2004			2003
Net revenues:
Site rental	$	131,363		$	116,646		$	260,332		$	230,481
Network services and other		18,513			19,629			33,216			36,548
Total net revenues		149,876			136,275			293,548			267,029
Costs of operations:
Site rental		41,843			39,985			82,778			80,593
Network services and other		12,272			12,819			23,268			24,430
Total costs of operations		54,115			52,804			106,046			105,023
General and administrative		22,685			22,220			44,295			42,738
Corporate development		371			918			810			2,538
Restructuring charges (credits)		—			2,349			(33	)		2,349
Asset write-down charges		1,868			1,380			3,816			1,380
Non-cash general and administrative compensation charges		6,203			5,834			8,418			7,728
Depreciation, amortization and accretion		61,119			60,763			122,344			122,226
Operating income (loss)		3,515			(9,993	)		7,852			(16,953	)
Interest and other income (expense)		(1,349	)		(8,271	)		(26,376	)		(10,834	)
Interest expense and amortization of deferred financing costs		(56,568	)		(63,809	)		(113,890	)		(127,520	)
Loss from continuing operations before income taxes, minority interests and cumulative effect of change in accounting principle		(54,402	)		(82,073	)		(132,414	)		(155,307	)
Provision for income taxes		(184	)		(127	)		(337	)		(243	)
Minority interests		(1,463	)		(730	)		(2,809	)		(1,287	)
Loss from continuing operations before cumulative effect of change in accounting principle		(56,049	)		(82,930	)		(135,560	)		(156,837	)
Income from discontinued operations, net of tax		16,455			2,099			30,999			7,541
Loss before cumulative effect of change in accounting principle		(39,594	)		(80,831	)		(104,561	)		(149,296	)
Cumulative effect of change in accounting principle for asset retirement obligations		—			—			—			(551	)
Net loss		(39,594	)		(80,831	)		(104,561	)		(149,847	)
Dividends on preferred stock, net of gains (losses) on purchases of preferred stock		(9,332	)		(20,081	)		(19,028	)		(34,452	)
Net loss after deduction of dividends on preferred stock, net of gains (losses) on purchases of preferred stock	$	(48,926	)	$	(100,912	)	$	(123,589	)	$	(184,299	)
Per common share – basic and diluted:
Loss from continuing operations before cumulative effect of change in accounting principle	$	(0.29	)	$	(0.48	)	$	(0.70	)	$	(0.88	)
Income from discontinued operations		0.07			0.01			0.14			0.03
Cumulative effect of change in accounting principle		—			—			—			—
Net loss	$	(0.22	)	$	(0.47	)	$	(0.56	)	$	(0.85	)
Common shares outstanding – basic and diluted		221,853			215,969			220,574			216,464
Adjusted EBITDA (before restructuring and asset write-down charges):
Site rental	$	82,197		$	69,933		$	163,609		$	136,881
Network services and other (before corporate development expenses)		(9,121	)		(8,682	)		(20,402	)		(17,613	)
Adjusted EBITDA before corporate development expenses		73,076			61,251			143,207			119,268
Corporate development		(371	)		(918	)		(810	)		(2,538	)
Total Adjusted EBITDA	$	72,705		$	60,333		$	142,397		$	116,730

CROWN CASTLE INTERNATIONAL CORP.

Summary Fact Sheet

(in $ thousands)

	Quarter Ended 9/30/03						Quarter Ended 12/31/03
	US		AUS		CCIC		US		AUS		CCIC
Revenues
Site Rental	113,387		6,740		120,127		117,686		7,860		125,546
Services	16,361		1,035		17,396		17,561		811		18,372
Total Revenues	129,748		7,775		137,523		135,247		8,671		143,918
Operating Expenses
Site Rental	37,298		2,764		40,062		39,353		3,167		42,520
Services	9,668		510		10,178		11,604		534		12,138
Total Operating Expenses	46,966		3,274		50,240		50,957		3,701		54,658
General & Administrative
Site Rental	4,319		2,037		6,356		4,889		2,451		7,340
Services	15,066		—		15,066		15,561		—		15,561
Total General & Administrative	19,385		2,037		21,422		20,450		2,451		22,901
Operating Cash Flow
Site Rental	71,770		1,939		73,709		73,444		2,242		75,686
Services	(8,373	)	525		(7,848	)	(9,604	)	277		(9,327	)
Total Pre-Overhead Cash Flow	63,397		2,464		65,861		63,840		2,519		66,359
Corporate Overhead	1,039		—		1,039		1,987		—		1,987
Adjusted EBITDA	62,358		2,464		64,822		61,853		2,519		64,372
	Quarter Ended 9/30/03						Quarter Ended 12/31/03
	US		AUS		CCIC		US		AUS		CCIC
Gross Margins:
Site Rental	67	%	59	%	67	%	67	%	60	%	66	%
Services	41	%	51	%	41	%	34	%	34	%	34	%
Operating Cash Flow Margins
Site Rental	63	%	29	%	61	%	62	%	29	%	60	%
Services	-51	%	51	%	-45	%	-55	%	34	%	-51	%
Adjusted EBITDA Margin	48	%	32	%	47	%	46	%	29	%	45	%
	Quarter Ended 3/31/04						Quarter Ended 6/30/04
	US		AUS		CCIC		US		AUS		CCIC
Revenues
Site Rental	120,695		8,274		128,969		120,827		10,536		131,363
Services	13,499		1,204		14,703		17,390		1,123		18,513
Total Revenues	134,194		9,478		143,672		138,217		11,659		149,876
Operating Expenses
Site Rental	37,233		3,702		40,935		38,332		3,511		41,843
Services	10,268		728		10,996		11,591		681		12,272
Total Operating Expenses	47,501		4,430		51,931		49,923		4,192		54,115
General & Administrative
Site Rental	4,242		2,380		6,622		4,693		2,630		7,323
Services	14,988		—		14,988		15,362		—		15,362
Total General & Administrative	19,230		2,380		21,610		20,055		2,630		22,685
Operating Cash Flow
Site Rental	79,220		2,192		81,412		77,802		4,395		82,197
Services	(11,757	)	476		(11,281	)	(9,563	)	442		(9,121	)
Total Pre-Overhead Cash Flow	67,463		2,668		70,131		68,239		4,837		73,076
Corporate Overhead	439		—		43		371		—		371
Adjusted EBITDA	67,024		2,668		69,692		67,868		4,837		72,705
	Quarter Ended 3/31/04						Quarter Ended 6/30/04
	US		AUS		CCIC		US		AUS		CCIC
Gross Margins:
Site Rental	69	%	55	%	68	%	68	%	67	%	68	%
Services	24	%	40	%	25	%	33	%	39	%	34	%
Operating Cash Flow Margins
Site Rental	66	%	26	%	63	%	64	%	42	%	63	%
Services	-87	%	40	%	-77	%	-55	%	39	%	-49	%
Adjusted EBITDA Margin	50	%	28	%	49	%	49	%	41	%	49	%

Reconciliation of Non-GAAP Financial Measure (Adjusted EBITDA) to GAAP

Financial Measure:

(in $ thousands)

	Quarter Ended
	09/30/2003			12/31/2003			03/31/2004			06/30/2004
Net loss	$	(99,678	)	$	(148,840	)	$	(64,967	)	$	(39,594	)
Income from discontinued operations, net of tax		(5,076	)		2,159			(14,544	)		(16,455	)
Cumulative effect of change in accounting principle for asset retirement obligations, net of related income tax benefits		—			—			—			—
Minority interests		(151	)		1,258			1,346			1,463
Provision for income taxes		85			137			153			184
Interest expense, amortization of deferred financing costs and dividends on preferred stock		62,408			68,906			57,322			56,568
Interest and other income (expense)		35,104			72,521			25,027			1,349
Depreciation, amortization and accretion		60,846			61,378			61,225			61,119
Non-cash general and administrative compensation charges		6,205			53			2,215			6,203
Asset write-down charges		6,137			6,800			1,948			1,868
Restructuring charges (credits)		(1,058	)		—			(33	)		—
Adjusted EBITDA	$	64,822		$	64,372		$	69,692		$	72,705

CROWN CASTLE INTERNATIONAL CORP.

Summary Fact Sheet

Restricted and Unrestricted Subsidiaries

(in $ thousands)

	Quarter Ended 9/30/03
	Restricted		Crown Atlantic		Other		CCIC
Revenues
Site Rental	94,620		25,507		—		120,127
Services	14,034		3,362		—		17,396
Total Revenues	108,654		28,869		—		137,523
Operating Expenses
Site Rental	31,162		8,900		—		40,062
Services	9,349		829		—		10,178
Total Operating Expenses	40,511		9,729		—		50,240
General & Administrative
Site Rental	5,899		457		—		6,356
Services	12,664		988		1,414		15,066
Total General & Administrative	18,563		1,445		1,414		21,422
Operating Cash Flow
Site Rental	57,559		16,150		—		73,709
Services	(7,979	)	1,545		(1,414	)	(7,848	)
Total Pre-Overhead Cash Flow	49,580		17,695		(1,414	)	65,861
Corporate Overhead	1,039		—		—		1,039
Adjusted EBITDA	48,541		17,695		(1,414	)	64,822
	Quarter Ended 9/30/03
	Restricted		Crown Atlantic		Other		CCIC
Gross Margins:
Site Rental	67	%	65	%	—		67	%
Services	33	%	75	%	—		41	%
Operating Cash Flow Margins
Site Rental	61	%	63	%	—		61	%
Services	-57	%	46	%	—		-45	%
Adjusted EBITDA Margin	45	%	61	%	N/A		47	%
	Quarter Ended 12/31/03
	Restricted		Crown Atlantic		Other		CCIC
Revenues
Site Rental	98,047		27,499		—		125,546
Services	15,227		3,145		—		18,372
Total Revenues	113,274		30,644		—		143,918
Operating Expenses
Site Rental	32,724		9,796		—		42,520
Services	10,010		2,128		—		12,138
Total Operating Expenses	42,734		11,924		—		54,658
General & Administrative
Site Rental	6,769		571		—		7,340
Services	12,680		1,198		1,683		15,561
Total General & Administrative	19,449		1,769		1,683		22,901
Operating Cash Flow
Site Rental	58,554		17,132		—		75,686
Services	(7,463	)	(181	)	(1,683	)	(9,327	)
Total Pre-Overhead Cash Flow	51,091		16,951		(1,683	)	66,359
Corporate Overhead	1,987		—		—		1,987
Adjusted EBITDA	49,104		16,951		(1,683	)	64,372

	Quarter Ended 12/31/03
	Restricted		Crown Atlantic		Other		CCIC
Gross Margins:
Site Rental	67	%	64	%	—		66	%
Services	34	%	32	%	—		34	%
Operating Cash Flow Margins
Site Rental	60	%	62	%	—		60	%
Services	-49	%	-6	%	—		-51	%
Adjusted EBITDA Margin	43	%	55	%	N/A		45	%
	Quarter Ended 3/31/04
	Restricted		Crown Atlantic		Other		CCIC
Revenues
Site Rental	100,896		28,073		—		128,969
Services	13,178		1,525		—		14,703
Total Revenues	114,074		29,598		—		143,672
Operating Expenses
Site Rental	31,427		9,508		—		40,935
Services	9,373		1,623		—		10,996
Total Operating Expenses	40,800		11,131		—		51,931
General & Administrative
Site Rental	6,163		459		—		6,622
Services	12,325		989		1,674		14,988
Total General & Administrative	18,488		1,448		1,674		21,610
Operating Cash Flow
Site Rental	63,306		18,106		—		81,412
Services	(8,520	)	(1,087	)	(1,674	)	(11,281	)
Total Pre-Overhead Cash Flow	54,786		17,019		(1,674	)	70,131
Corporate Overhead	439		—		—		439
Adjusted EBITDA	54,347		17,019		(1,674	)	69,692
	Quarter Ended 3/31/04
	Restricted		Crown Atlantic		Other		CCIC
Gross Margins:
Site Rental	69	%	66	%	—		68	%
Services	29	%	-6	%	—		25	%
Operating Cash Flow Margins
Site Rental	63	%	64	%	—		63	%
Services	-65	%	-71	%	—		-77	%
Adjusted EBITDA Margin	48	%	58	%	N/A		49	%
	Quarter Ended 6/30/04
	Restricted		Crown Atlantic		Other		CCIC
Revenues
Site Rental	103,650		27,713		—		131,363
Services	16,110		2,138		265		18,513
Total Revenues	119,760		29,851		265		149,876
Operating Expenses
Site Rental	32,561		9,282		—		41,843
Services	10,284		1,670		318		12,272
Total Operating Expenses	42,845		10,952		318		54,115
General & Administrative
Site Rental	6,847		476		—		7,323
Services	13,365		802		1,195		15,362
Total General & Administrative	20,212		1,278		1,195		22,685
Operating Cash Flow
Site Rental	64,242		17,955		—		82,197
Services	(7,539	)	(334	)	(1,248	)	(9,121	)
Total Pre-Overhead Cash Flow	56,703		17,621		(1,248	)	73,076
Corporate Overhead	371		—		—		371
Adjusted EBITDA	56,332		17,621		(1,248	)	72,705
	Quarter Ended 6/30/04
	Restricted		Crown Atlantic		Other		CCIC
Gross Margins:
Site Rental	69	%	67	%	—		68	%
Services	36	%	22	%	-20	%	34	%
Operating Cash Flow Margins
Site Rental	62	%	65	%	—		63	%
Services	-47	%	-16	%	-471	%	-49	%
Adjusted EBITDA Margin	47	%	59	%	-471	%	49	%

Reconciliation of Non-GAAP Financial Measure (Adjusted EBITDA) to GAAP

Financial Measure:

(in $ thousands)

	Quarter Ended
	09/30/2003			12/31/2003			03/31/2004			06/30/2004
Net loss	$	(99,678	)	$	(148,840	)	$	(64,967	)	$	(39,594	)
Income from discontinued operations, net of tax		(5,076	)		2,159			(14,544	)		(16,455	)
Cumulative effect of change in accounting principle for asset retirement obligations, net of related income tax benefits		—			—			—			—
Minority interests		(151	)		1,258			1,346			1,463
Provision for income taxes		85			137			153			184
Interest expense, amortization of deferred financing costs and dividends on preferred stock		62,408			68,906			57,322			56,568
Interest and other income (expense)		35,104			72,521			25,027			1,349
Depreciation, amortization and accretion		60,846			61,378			61,225			61,119
Non-cash general and administrative compensation charges		6,205			53			2,215			6,203
Asset write-down charges		6,137			6,800			1,948			1,868
Restructuring charges (credits)		(1,058	)		—			(33	)		—
Adjusted EBITDA	$	64,822		$	64,372		$	69,692		$	72,705

CCI FACT SHEET Q2 2004

$ in thousands

	Q2 ‘03		Q2 ‘04		% Change
CCUSA and Crown Atlantic
Site Rental Revenue	$	110,504	$	120,827	9	%
Ending Sites		10,718		10,608	-1	%
CCAUS
Site Rental Revenue	$	6,142	$	10,536	72	%
Ending Sites		1,387		1,388	0	%
TOTAL CCIC
Site Rental Revenue	$	116,646	$	131,363	13	%
Ending Sites		12,105		11,996	-1	%
Ending Cash and Investments	$	523,158	$	232,503
Debt
Bank Debt	$	1,019,424	$	1,455,385
Bonds	$	2,167,414	$	1,718,752
12 3/4% Preferred Stock	$	223,904	$	0
6 1/4% & 8 1/4% Convertible Preferred Stock	$	506,033	$	507,371
Total Debt	$	3,916,775	$	3,681,508
Leverage Ratios
Net Bank Debt / EBITDA*		2.1X		4.2X
Net Bank Debt + Bonds / EBITDA*		12.0X		10.1X
Total Net Debt / EBITDA*		14.1X		11.9X
*Last Quarter Annualized Adjusted EBITDA	$	241,332	$	290,820