American Tower (AMT) 8-K Entry into a Material Definitive Agreement

Exhibit 99.1

UNAUDITED CONDENSED

CONSOLIDATED BALANCE SHEETS

(In thousands)

	December 31, 2006			December 31, 2005
ASSETS
Current Assets:
Cash and cash equivalents	$	281,264		$	112,701
Available-for-sale securities		22,986
Accounts receivable, net		29,368			36,995
Prepaid and other current assets		63,919			44,823
Deferred income taxes		88,485			31,359
Total current assets		486,022			225,878
Property and equipment, net		3,218,124			3,460,526
Goodwill		2,189,767			2,142,551
Other intangible assets, net		1,820,876			2,077,312
Deferred income taxes		482,710			523,293
Notes receivable and other long-term assets		415,720			357,294
Total	$	8,613,219		$	8,786,854
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	187,634		$	178,951
Accrued interest		41,319			37,850
Current portion of long-term obligations		253,907			162,153
Unearned revenue		86,769			77,655
Total current liabilities		569,629			456,609
Long-term obligations		3,289,109			3,451,276
Other long-term liabilities		365,974			327,354
Total liabilities		4,224,712			4,235,239
Minority interest in subsidiaries		3,591			9,794
STOCKHOLDERS’ EQUITY
Class A Common Stock		4,378			4,156
Additional paid-in capital		7,502,472			7,383,320
Accumulated deficit		(2,733,920	)		(2,761,404	)
Unearned compensation					(2,497	)
Accumulated other comprehensive income (loss)		16,079			(803	)
Treasury stock		(404,093	)		(80,951	)
Total stockholders’ equity		4,384,916			4,541,821
Total	$	8,613,219		$	8,786,854

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2006			2005			2006			2005
REVENUES:
Rental and management	$	331,237		$	302,792		$	1,294,068		$	929,762
Network development services		6,409			4,833			23,317			15,024
Total operating revenues		337,646			307,625			1,317,385			944,786
OPERATING EXPENSES:
Costs of operations (exclusive of items shown separately below)
Rental and management		84,976			83,181			332,246			247,781
Network development services		3,650			2,460			11,291			8,346
Depreciation, amortization and accretion		130,622			127,747			528,051			411,254
Selling, general, administrative and development expense (1)		44,017			32,197			159,324			108,059
Impairments, net loss on sale of long-lived assets, restructuring and merger related expense (2)		968			23,895			2,572			34,232
Total operating expenses		264,233			269,480			1,033,484			809,672
INCOME FROM OPERATIONS		73,413			38,145			283,901			135,114
OTHER INCOME (EXPENSE):
Interest income, TV Azteca, net		3,542			3,541			14,208			14,232
Interest income		3,981			1,544			9,002			4,402
Interest expense		(53,248	)		(57,009	)		(215,643	)		(222,419	)
Loss on retirement of long-term obligations		(1,256	)		(21,260	)		(27,223	)		(67,110	)
Other income (expense)		5,645			(395	)		6,619			227
Total other expense		(41,336	)		(73,579	)		(213,037	)		(270,668	)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES, MINORITY INTEREST AND INCOME (LOSS) ON EQUITY METHOD INVESTMENTS		32,077			(35,434	)		70,864			(135,554	)
Income tax provision		(13,656	)		(19,486	)		(41,768	)		(5,714	)
Minority interest in net earnings of subsidiaries		(187	)		(336	)		(784	)		(575	)
Income (loss) on equity method investments		10			42			26			(2,078	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		18,244			(55,214	)		28,338			(143,921	)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET		41			(10	)		(854	)		(1,913	)
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE		18,285			(55,224	)		27,484			(145,834	)
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF INCOME TAX BENEFIT OF $11,697					(35,525	)					(35,525	)
NET INCOME (LOSS)	$	18,285		$	(90,749	)	$	27,484		$	(181,359	)
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE AMOUNTS
Income (loss) from continuing operations	$	0.04		$	(0.13	)	$	0.06		$	(0.47	)
Loss from discontinued operations											(0.01	)
Cumulative effect of change in accounting principle					(0.09	)					(0.12	)
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE	$	0.04		$	(0.22	)	$	0.06		$	(0.60	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
BASIC		426,054			412,595			424,525			302,510
DILUTED		436,449			412,595			436,217			302,510

(1) Selling, general, administrative and development expense includes $9,961 and $1,983 of stock-based compensation expense for the three months ended December 31, 2006 and December 31, 2005, respectively and $39,502 and $6,597 of stock-based compensation expense for the year ended December 31, 2006 and December 31, 2005, respectively.

(2) Impairments, net loss on sale of long-lived assets, restructuring and merger related expense includes $7,020 and $9,333 of stock-based compensation expense for the three months and year ended December 31, 2005, respectively.

UNAUDITED CONDENSED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year Ended December 31,
	2006			2005
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income (loss)	$	27,484		$	(181,359	)
Cumulative effect of change in accounting principle, net					35,525
Non-cash items reflected in statements of operations		624,270			556,575
Increase in assets		(67,217	)		(2,761	)
Increase (decrease) in liabilities		36,201			(10,776	)
Cash provided by operating activities		620,738			397,204
CASH FLOWS USED FOR INVESTING ACTIVITIES:
Payments for purchase of property and equipment and construction activities		(127,098	)		(88,637	)
Payments for acquisitions		(14,337	)		(7,479	)
Payment for acquisition of International minority interest		(22,944	)		(7,270	)
Cash acquired from SpectraSite merger, net of transaction costs paid					16,696
Proceeds from sale of businesses and other long-term assets		35,387			6,881
Deposits and other investing activities		(120	)		(725	)
Cash used for investing activities		(129,112	)		(80,534	)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Borrowings under credit facilities		242,000			1,543,000
Repayment of notes payable, credit facilities and capital leases		(295,760	)		(1,949,444	)
Purchases of Class A common stock		(306,856	)		(68,927	)
Proceeds from stock options, warrant and stock purchase plans		40,940			65,357
Deferred financing costs and other financing activities		(3,387	)		(9,512	)
Cash used for financing activities		(323,063	)		(419,526	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		168,563			(102,856	)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		112,701			215,557
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	281,264		$	112,701
CASH PAID FOR INCOME TAXES	$	26,474		$	18,519
CASH PAID FOR INTEREST	$	202,730		$	183,307