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

Exhibit 99.1

UNAUDITED CONDENSED

CONSOLIDATED BALANCE SHEETS

(In thousands)

	March 31, 2005			December 31, 2004
ASSETS
Current Assets:
Cash and cash equivalents	$	122,797		$	215,557
Accounts receivable, net		30,424			38,634
Other current assets		41,910			51,457
Assets held for sale		3,389			3,389
Total current assets		198,520			309,037
Property and equipment, net		2,231,278			2,273,356
Goodwill and other intangible assets, net		1,559,912			1,577,986
Deferred income taxes		642,145			633,814
Notes receivable and other long-term assets		293,045			291,779
Total	$	4,924,900		$	5,085,972
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	120,666		$	121,672
Accrued interest		43,586			39,466
Current portion of long-term obligations		5,350			138,386
Other current liabilities		28,422			32,681
Total current liabilities		198,024			332,205
Long-term obligations		3,141,835			3,155,228
Other long-term liabilities		126,740			121,505
Total liabilities		3,466,599			3,608,938
Minority interest in subsidiaries		5,970			6,081
STOCKHOLDERS’ EQUITY
Class A Common Stock		2,308			2,297
Additional paid-in capital		4,025,353			4,012,425
Accumulated deficit		(2,570,964	)		(2,539,403	)
Treasury stock		(4,366	)		(4,366	)
Total stockholders’ equity		1,452,331			1,470,953
Total	$	4,924,900		$	5,085,972

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three Months Ended March 31,
	2005			2004
REVENUES:
Rental and management	$	181,570		$	164,576
Network development services		2,785			4,215
Total operating revenues		184,355			168,791
OPERATING EXPENSES:
Rental and management		60,180			58,876
Network development services		2,202			3,561
Depreciation, amortization and accretion		81,971			81,345
Corporate general, administrative and development expense		6,973			6,879
Impairments, net loss on sale of long-lived assets and restructuring expense		2,777			3,914
Total operating expenses		154,103			154,575
INCOME FROM OPERATIONS		30,252			14,216
OTHER INCOME (EXPENSE):
Interest income, TV Azteca, net		3,498			3,540
Interest income		699			1,114
Interest expense		(54,716	)		(69,157	)
Loss on retirement of long-term obligations		(15,042	)		(8,053	)
Other income (expense)		670			(204	)
Total other expense		(64,891	)		(72,760	)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES, MINORITY INTEREST AND EQUITY METHOD INVESTMENTS		(34,639	)		(58,544	)
Income tax benefit		4,338			13,018
Minority interest in net earnings of subsidiaries		(55	)		(1,423	)
Loss on equity method investments		(1,098	)		(618	)
LOSS FROM CONTINUING OPERATIONS		(31,454	)		(47,567	)
LOSS FROM DISCONTINUED OPERATIONS, NET		(107	)		(671	)
NET LOSS	$	(31,561	)	$	(48,238	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE AMOUNTS
Loss from continuing operations	$	(0.14	)	$	(0.22	)
Loss from discontinued operations
NET LOSS PER COMMON SHARE	$	(0.14	)	$	(0.22	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		230,158			220,408

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Three Months Ended March 31,
	2005			2004
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net loss	$	(31,561	)	$	(48,238	)
Other non-cash items reflected in statements of operations		109,829			102,720
Decrease in assets		13,606			10,829
Increase (decrease) in liabilities		681			(33,595	)
Cash provided by operating activities		92,555			31,716
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Payments for purchase of property and equipment and construction activities		(15,881	)		(10,832	)
Payments for acquisitions		(932	)		(13,373	)
Payment for acquisition of Mexico minority interest		(7,270	)
Proceeds from sale of businesses and other long-term assets		910			20,818
Deposits, investments and other long-term assets		(310	)		(2,586	)
Cash used for investing activities		(23,483	)		(5,973	)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Repayment of notes payable, credit facility and capital leases		(169,086	)		(307,704	)
Proceeds from issuance of debt securities					225,000
Net proceeds from stock options		7,500			4,271
Restricted cash and investments					50,899
Deferred financing costs and other financing activities		(246	)		(4,976	)
Cash used for financing activities		(161,832	)		(32,510	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(92,760	)		(6,767	)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		215,557			105,465
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	122,797		$	98,698
CASH PAID FOR INCOME TAXES	$	958		$	279
CASH PAID FOR INTEREST	$	37,255		$	75,149