American Tower (AMT) 8-K Results of Operations and Financial Condition

Exhibit 99.1

UNAUDITED CONDENSED

CONSOLIDATED BALANCE SHEETS

(In thousands)

	September 30, 2004			December 31, 2003
ASSETS
Current Assets:
Cash and cash equivalents	$	126,833		$	105,465
Restricted cash and investments					170,036
Accounts receivable, net		41,704			57,735
Other current assets		73,203			68,160
Assets held for sale		3,389			10,119
Total current assets		245,129			411,515
Property and equipment, net		2,391,203			2,546,525
Goodwill and other intangible assets, net		1,627,506			1,649,760
Deferred income taxes		516,060			449,180
Notes receivable and other long-term assets		288,536			275,508
Total	$	5,068,434		$	5,332,488
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	104,833		$	107,557
Accrued interest		31,162			59,734
Current portion of long-term obligations		6,722			77,622
Other current liabilities		33,154			41,449
Liabilities held for sale					8,416
Total current liabilities		175,871			294,778
Long-term obligations		3,211,635			3,283,603
Other long-term liabilities		47,037			23,961
Total liabilities		3,434,543			3,602,342
Minority interest in subsidiaries		11,863			18,599
STOCKHOLDERS’ EQUITY
Class A Common Stock		2,267			2,119
Class B Common Stock					70
Class C Common Stock					12
Additional paid-in capital		3,973,893			3,910,879
Accumulated deficit		(2,349,766	)		(2,190,447	)
Note receivable					(6,720	)
Treasury stock		(4,366	)		(4,366	)
Total stockholders’ equity		1,622,028			1,711,547
Total	$	5,068,434		$	5,332,488

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2004			2003			2004			2003
REVENUES:
Rental and management	$	174,946		$	158,193		$	507,109		$	456,571
Network development services		24,242			28,681			71,230			67,052
Total operating revenues		199,188			186,874			578,339			523,623
OPERATING EXPENSES:
Rental and management		56,969			56,758			168,186			165,659
Network development services		23,216			26,274			68,213			62,486
Depreciation, amortization and accretion		78,695			77,687			237,754			236,965
Corporate general, administrative and development expense		6,861			6,493			20,391			20,106
Impairments, net loss on sale of long-lived assets and restructuring expense		8,815			7,646			18,102			19,344
Total operating expenses		174,556			174,858			512,646			504,560
INCOME FROM OPERATIONS		24,632			12,016			65,693			19,063
OTHER INCOME (EXPENSE):
Interest income, TV Azteca, net		3,584			3,523			10,776			10,553
Interest income		1,166			1,177			3,402			4,033
Interest expense		(65,653	)		(68,906	)		(202,870	)		(211,849	)
(Loss) gain on retirement of long-term obligations		(47,951	)		3,255			(87,392	)		(41,068	)
Loss on investments and other expense		(1,787	)		(1,449	)		(3,886	)		(27,050	)
Minority interest in net earnings of subsidiaries		(271	)		(907	)		(2,184	)		(2,270	)
Total other expense		(110,912	)		(63,307	)		(282,154	)		(267,651	)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		(86,280	)		(51,291	)		(216,461	)		(248,588	)
INCOME TAX BENEFIT		29,076			13,593			56,720			50,453
LOSS FROM CONTINUING OPERATIONS		(57,204	)		(37,698	)		(159,741	)		(198,135	)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET		1,300			(15,164	)		422			(54,065	)
NET LOSS	$	(55,904	)	$	(52,862	)	$	(159,319	)	$	(252,200	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE AMOUNTS
Loss from continuing operations	$	(0.25	)	$	(0.18	)	$	(0.72	)	$	(0.97	)
Income (loss) from discontinued operations					(0.07	)		0.01			(0.27	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(0.25	)	$	(0.25	)	$	(0.71	)	$	(1.24	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		224,839			213,788			222,948			204,201

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Nine Months Ended September 30,
	2004			2003
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(159,319	)	$	(252,200	)
Non-cash items reflected in statements of operations		350,853			368,255
(Increase) decrease in assets		(132	)		12,546
Decrease in liabilities		(42,239	)		(48,576	)
Cash provided by operating activities		149,163			80,025
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Payments for purchase of property and equipment and construction activities		(28,612	)		(45,934	)
Payments for acquisitions		(27,843	)		(75,990	)
Payment for acquisition of Mexico minority interest		(3,947	)
Proceeds from sale of businesses and other long-term assets		23,499			74,296
Deposits, investments and other long-term assets		325			(10,048	)
Cash used for investing activities		(36,578	)		(57,676	)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Proceeds from issuance of debt securities and notes payable		570,000			632,384
Net proceeds from equity offering, stock options and other		23,460			125,205
Repayment of notes payable, credit facility and capital leases		(1,523,835	)		(528,745	)
Borrowings under credit facility		700,000
Restricted cash and investments		170,036			(283,722	)
Deferred financing costs		(30,878	)		(28,632	)
Cash used for financing activities		(91,217	)		(83,510	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		21,368			(61,161	)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		105,465			127,292
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	126,833		$	66,131
CASH PAID FOR INCOME TAXES	$	1,902		$	1,613
CASH PAID FOR INTEREST	$	173,718		$	198,658