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

Exhibit 99.1

UNAUDITED CONDENSED

CONSOLIDATED BALANCE SHEETS

(In thousands)

	June 30, 2005			December 31, 2004
ASSETS
Current Assets:
Cash and cash equivalents	$	85,622		$	215,557
Accounts receivable, net		23,118			38,634
Other current assets		44,367			51,457
Assets held for sale		3,389			3,389
Total current assets		156,496			309,037
Property and equipment, net		2,192,453			2,273,356
Goodwill and other intangible assets, net		1,530,811			1,577,986
Deferred income taxes		649,256			633,814
Notes receivable and other long-term assets		296,647			291,779
Total	$	4,825,663		$	5,085,972
					.
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	119,623		$	121,672
Accrued interest		32,339			39,466
Current portion of long-term obligations		87,955			138,386
Other current liabilities		32,281			32,681
Total current liabilities		272,198			332,205
Long-term obligations		2,991,925			3,155,228
Other long-term liabilities		129,446			121,505
Total liabilities		3,393,569			3,608,938
Minority interest in subsidiaries		5,905			6,081
STOCKHOLDERS’ EQUITY
Class A Common Stock		2,312			2,297
Additional paid-in capital		4,031,025			4,012,425
Accumulated deficit		(2,602,782	)		(2,539,403	)
Treasury stock		(4,366	)		(4,366	)
Total stockholders’ equity		1,426,189			1,470,953
Total	$	4,825,663		$	5,085,972

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2005			2004			2005			2004
REVENUES:
Rental and management	$	184,609		$	167,587		$	366,179		$	332,163
Network development services		3,451			4,705			6,236			8,920
Total operating revenues		188,060			172,292			372,415			341,083
OPERATING EXPENSES:
Rental and management		59,388			58,320			119,568			117,196
Network development services		3,331			3,345			5,533			6,906
Depreciation, amortization and accretion		84,784			85,464			166,755			166,809
Corporate general, administrative and development expense		6,443			6,651			13,416			13,530
Impairments, net loss on sale of long-lived assets and restructuring expense		1,473			5,373			4,250			9,287
Total operating expenses		155,419			159,153			309,522			313,728
INCOME FROM OPERATIONS		32,641			13,139			62,893			27,355
OTHER INCOME (EXPENSE):
Interest income, TV Azteca, net		3,584			3,652			7,082			7,192
Interest income		808			1,122			1,507			2,236
Interest expense		(53,043	)		(68,021	)		(107,759	)		(137,178	)
Loss on retirement of long-term obligations		(16,388	)		(31,388	)		(31,430	)		(39,441	)
Other expense		(1,160	)		(655	)		(490	)		(859	)
Total other expense		(66,199	)		(95,290	)		(131,090	)		(168,050	)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES, MINORITY INTEREST AND LOSS ON EQUITY METHOD INVESTMENTS		(33,558	)		(82,151	)		(68,197	)		(140,695	)
Income tax benefit		3,846			19,269			8,184			32,287
Minority interest in net earnings of subsidiaries		(56	)		(490	)		(111	)		(1,913	)
Loss on equity method investments		(952	)		(622	)		(2,050	)		(1,240	)
LOSS FROM CONTINUING OPERATIONS		(30,720	)		(63,994	)		(62,174	)		(111,561	)
LOSS FROM DISCONTINUED OPERATIONS, NET		(1,098	)		(1,203	)		(1,205	)		(1,874	)
NET LOSS	$	(31,818	)	$	(65,197	)	$	(63,379	)	$	(113,435	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE AMOUNTS
Loss from continuing operations	$	(0.13	)	$	(0.29	)	$	(0.27	)	$	(0.50	)
Loss from discontinued operations		(0.01	)					(0.01	)		(0.01	)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$	(0.14	)	$	(0.29	)	$	(0.28	)	$	(0.51	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING		230,793			223,578			230,477			221,993

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Six Months Ended June 30,
	2005			2004
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net loss	$	(63,379	)	$	(113,435	)
Non-cash items reflected in statements of operations		219,926			228,069
Decrease in assets		13,644			2,934
Decrease in liabilities		(5,182	)		(12,178	)
Cash provided by operating activities		165,009			105,390
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Payments for purchase of property and equipment and construction activities		(36,526	)		(18,666	)
Payments for acquisitions		(4,184	)		(18,353	)
Payment for acquisition of Mexico minority interest		(7,270	)		(3,947	)
Proceeds from sale of businesses and other long-term assets		3,625			21,288
Deposits, investments and other long-term assets		(587	)		548
Cash used for investing activities		(44,942	)		(19,130	)
CASH FLOWS (USED FOR) PROVIDED BY FINANCING ACTIVITIES:
Repayment of notes payable, credit facility and capital leases		(260,188	)		(1,076,978	)
Proceeds from issuance of debt securities					225,000
Net proceeds from stock options and other		10,767			8,780
Borrowings under credit facility					700,000
Restricted cash and investments					170,036
Deferred financing costs and other financing activities		(581	)		(20,707	)
Cash (used for) provided by financing activities		(250,002	)		6,131
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(129,935	)		92,391
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		215,557			105,465
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	85,622		$	197,856
CASH PAID FOR INCOME TAXES	$	9,453		$	989
CASH PAID FOR INTEREST	$	90,170		$	103,979