American Tower (AMT) 8-K Other events

Exhibit 99.1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)	September 30, 2003			December 31, 2002
ASSETS
Current Assets:
Cash and cash equivalents	$	66,131		$	127,292
Restricted cash and investments		283,722
Accounts receivable, net		52,623			64,889
Other current assets		67,414			84,390
Assets held for sale		138,264			314,205
Total current assets		608,154			590,776
Property and equipment, net		2,617,408			2,694,999
Goodwill and other intangible assets, net		1,662,595			1,731,001
Deferred income taxes		428,151			383,431
Other long-term assets		273,999			261,996
Total	$	5,590,307		$	5,662,203
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	92,034		$	113,380
Accrued interest		34,166			63,611
Convertible notes, net – 2.25%		84,089			210,899
Current portion of long-term obligations (excluding 2.25% convertible notes)		101,643			58,959
Other current liabilities		39,359			38,733
Liabilities held for sale		130,977			200,696
Total current liabilities		482,268			686,278
Long-term obligations		3,304,866			3,178,656
Other long-term liabilities		28,471			41,379
Total liabilities		3,815,605			3,906,313
Minority interest in subsidiaries		17,529			15,567
STOCKHOLDERS' EQUITY:
Class A Common Stock		2,107			1,856
Class B Common Stock		73			79
Class C Common Stock		15			23
Additional paid-in capital		3,905,666			3,642,019
Accumulated deficit		(2,139,230	)		(1,887,030	)
Accumulated other comprehensive loss		(372	)		(5,564	)
Note receivable		(6,720	)		(6,720	)
Treasury stock		(4,366	)		(4,340	)
Total stockholders' equity		1,757,173			1,740,323
Total	$	5,590,307		$	5,662,203

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except per share data)	2003			2002			2003			2002
REVENUES:
Rental and management	$	158,193		$	138,160		$	456,571		$	396,778
Network development services		28,681			36,786			67,052			100,879
Total operating revenues		186,874			174,946			523,623			497,657
OPERATING EXPENSES:
Rental and management		56,758			56,605			165,659			170,618
Network development services		26,274			35,060			62,486			90,312
Depreciation and amortization		77,687			78,699			236,965			232,342
Corporate general, administrative and development expense		6,493			6,822			20,106			23,592
Restructuring expense					1,190						6,964
Impairments and net loss on sale of long-lived assets		7,646			83,202			19,344			84,513
Total operating expenses		174,858			261,578			504,560			608,341
INCOME (LOSS) FROM OPERATIONS		12,016			(86,632	)		19,063			(110,684	)
OTHER INCOME (EXPENSE):
Interest income, TV Azteca, net		3,523			3,514			10,553			10,414
Interest income		1,177			755			4,033			2,552
Interest expense		(68,906	)		(62,718	)		(211,849	)		(192,025	)
Loss on investments and other expense		(1,449	)		(5,302	)		(27,050	)		(24,670	)
Gain (loss) on retirement of long-term obligations (A)		3,255						(41,068	)		(8,869	)
Minority interest in net earnings of subsidiaries		(907	)		(639	)		(2,270	)		(1,373	)
Total other expense		(63,307	)		(64,390	)		(267,651	)		(213,971	)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(51,291	)		(151,022	)		(248,588	)		(324,655	)
INCOME TAX BENEFIT		13,593			3,168			50,453			52,891
LOSS FROM CONTINUING OPERATIONS BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE		(37,698	)		(147,854	)		(198,135	)		(271,764	)
LOSS FROM DISCONTINUED OPERATIONS, NET (B)		(15,164	)		(206,023	)		(54,065	)		(255,053	)
LOSS BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE		(52,862	)		(353,877	)		(252,200	)		(526,817	)
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF INCOME TAX BENEFIT OF $14,438 (C)											(562,618	)
NET LOSS	$	(52,862	)	$	(353,877	)	$	(252,200	)	$	(1,089,435	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE AMOUNTS
Loss from continuing operations before cumulative effect of change in accounting principal	$	(0.18	)	$	(0.76	)	$	(0.97	)	$	(1.39	)
Discontinued operations		(0.07	)		(1.05	)		(0.27	)		(1.31	)
Cumulative effect of change in accounting principle											(2.88	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(0.25	)	$	(1.81	)	$	(1.24	)	$	(5.58	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		213,788			195,565			204,201			195,404

NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS

(A) Gain (loss) on retirement of long-term obligations is the result of the Company's repurchase and/or conversion of its long-term obligations during 2003.

(B) In August 2003, the Company consummated the sale of its Galaxy Engineering Services division (Galaxy). Revenues related to Galaxy were approximately $1.9 million and $4.6 million for the three months ended September 30, 2003 and 2002, respectively, and approximately $8.3 million and $11.3 million for the nine months ended September 30, 2003 and 2002, respectively. Segment operating (loss) profit related to Galaxy was approximately $(0.4) million and $0.9 million for the three months ended September 30, 2003 and 2002 , respectively, and $(0.3) million and $0.5 million for the nine months ended September 30, 2003 and 2002, respectively. The above statements of operations have been adjusted to reflect the results of Galaxy's operations, as well as other previously announced dispositions as discontinued operations.

(C) Effective January 1, 2002, the Company adopted SFAS No. 142 "Goodwill and Intangible Assets" and recognized a $562.6 million charge as the cumulative effect of a change in accounting principle related to the write-down of goodwill to its fair value.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)	Nine Months Ended September 30,
	2003			2002
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net loss	$	(252,200	)	$	(1,089,435	)
Cumulative effect of change in accounting principle, net					562,618
Other non-cash items reflected in statements of operations		368,255			551,301
Decrease in assets		12,546			54,589
Decrease in liabilities		(48,576	)		(43,934	)
Cash provided by operating activities		80,025			35,139
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Payments for purchase of property and equipment and construction activities		(45,934	)		(155,856	)
Payments for acquisitions		(75,990	)		(21,651	)
Proceeds from sale of businesses and other long-term assets		74,296			39,726
Deposits, investments and other long-term assets		(10,048	)		(16,765	)
Cash used for investing activities		(57,676	)		(154,546	)
CASH FLOWS (USED FOR) PROVIDED BY FINANCING ACTIVITIES:
Borrowings under credit facilities					160,000
Proceeds from issuance of debt securities and notes payable		632,384
Net proceeds from equity offering, stock options and employee stock purchase plan		125,205			910
Repayment of long-term obligations		(528,745	)		(106,672	)
Restricted cash and investments		(283,722	)		94,071
Deferred financing costs and other		(28,632	)
Cash (used for) provided by financing activities		(83,510	)		148,309
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(61,161	)		28,902
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		127,292			35,958
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	66,131		$	64,860
CASH PAID FOR INCOME TAXES	$	1,613		$	896
CASH PAID FOR INTEREST	$	168,729		$	215,373