American Tower (AMT) 8-K Financial statements and exhibits

EXHIBIT 99.1

UNAUDITED CONDENSED

CONSOLIDATED BALANCE SHEETS

(In thousands)	June 30, 2004			December 31, 2003
ASSETS
Current Assets:
Cash and cash equivalents	$	197,856		$	105,465
Restricted cash and investments					170,036
Accounts receivable, net		44,193			57,735
Other current assets		68,232			68,160
Assets held for sale		3,389			10,119
Total current assets		313,670			411,515
Property and equipment, net		2,450,921			2,546,525
Goodwill and other intangible assets, net		1,636,389			1,649,760
Deferred income taxes		479,469			449,180
Notes receivable and other long-term assets		285,821			275,508
Total	$	5,166,270		$	5,332,488
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	104,285		$	107,557
Accrued interest		52,639			59,734
Current portion of long-term obligations		6,495			77,622
Other current liabilities		34,445			41,449
Liabilities held for sale					8,416
Total current liabilities		197,864			294,778
Long-term obligations		3,260,322			3,283,603
Other long-term liabilities		46,228			23,961
Total liabilities		3,504,414			3,602,342
Minority interest in subsidiaries		11,697			18,599
STOCKHOLDERS’ EQUITY
Class A Common Stock		2,243			2,119
Class B Common Stock					70
Class C Common Stock					12
Additional paid-in capital		3,946,144			3,910,879
Accumulated deficit		(2,293,862	)		(2,190,447	)
Note receivable					(6,720	)
Treasury stock		(4,366	)		(4,366	)
Total stockholders’ equity		1,650,159			1,711,547
Total	$	5,166,270		$	5,332,488

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)	Three Months Ended June 30,						Six Months Ended June 30,
	2004			2003			2004			2003
REVENUES:
Rental and management	$	167,587		$	151,916		$	332,163		$	298,378
Network development services		25,385			23,366			46,988			38,371
Total operating revenues		192,972			175,282			379,151			336,749
OPERATING EXPENSES:
Rental and management		55,551			54,205			111,217			108,901
Network development services		24,183			21,500			44,997			36,212
Depreciation, amortization and accretion		81,925			79,624			159,059			159,278
Corporate general, administrative and development expense		6,651			6,965			13,530			13,613
Impairments, net loss on sale of long-lived assets and restructuring expense		5,373			8,002			9,287			11,698
Total operating expenses		173,683			170,296			338,090			329,702
INCOME FROM OPERATIONS		19,289			4,986			41,061			7,047
OTHER INCOME (EXPENSE):
Interest income, TV Azteca, net		3,652			3,528			7,192			7,030
Interest income		1,122			1,930			2,236			2,856
Interest expense		(68,045	)		(71,201	)		(137,217	)		(142,943	)
Loss on retirement of long-term obligations		(31,388	)		(35,832	)		(39,441	)		(44,323	)
Loss on investments and other expense		(1,277	)		(402	)		(2,099	)		(25,601	)
Minority interest in net earnings of subsidiaries		(490	)		(793	)		(1,913	)		(1,363	)
Total other expense		(96,426	)		(102,770	)		(171,242	)		(204,344	)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(77,137	)		(97,784	)		(130,181	)		(197,297	)
INCOME TAX BENEFIT		17,194			17,585			27,644			36,860
LOSS FROM CONTINUING OPERATIONS		(59,943	)		(80,199	)		(102,537	)		(160,437	)
LOSS FROM DISCONTINUED OPERATIONS, NET		(592	)		(27,516	)		(878	)		(38,901	)
NET LOSS	$	(60,535	)	$	(107,715	)	$	(103,415	)	$	(199,338	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE AMOUNTS
Loss from continuing operations	$	(0.27	)	$	(0.40	)	$	(0.46	)	$	(0.80	)
Loss from discontinued operations		(0.00	)		(0.13	)		(0.01	)		(0.20	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(0.27	)	$	(0.53	)	$	(0.47	)	$	(1.00	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		223,578			202,913			221,993			199,328

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
(In thousands)	2004			2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(103,415	)	$	(199,338	)
Other non-cash items reflected in statements of operations		224,028			265,104
Decrease in assets		2,934			7,558
Decrease in liabilities		(18,157	)		(22,737	)
Cash provided by operating activities		105,390			50,587
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for purchase of property and equipment and construction activities		(18,666	)		(32,691	)
Payments for acquisitions		(18,353	)		(41,096	)
Payment for acquisition of Mexico minority interest		(3,947	)
Proceeds from sale of businesses and other long-term assets		21,288			77,317
Deposits, investments and other long-term assets		548			635
Cash (used for) provided by investing activities		(19,130	)		4,165
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt securities		225,000			419,884
Net proceeds from stock options and other		8,780			1,584
Repayment of notes payable, credit facilities and capital leases		(1,076,978	)		(281,799	)
Borrowings under credit facilities		700,000
Restricted cash and investments		170,036			(192,885	)
Deferred financing costs		(20,707	)		(21,231	)
Cash provided by (used for) financing activities		6,131			(74,447	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		92,391			(19,695	)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		105,465			127,292
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	197,856		$	107,597
CASH PAID FOR INCOME TAXES	$	989		$	1,158
CASH PAID FOR INTEREST	$	103,979		$	122,399