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

Exhibit 99.1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

	September 30, 2007			December 31, 2006
ASSETS
Current assets:
Cash and cash equivalents	$	82,735		$	281,264
Restricted cash (1)		41,154
Short-term investments and available-for-sale securities		5,219			22,986
Accounts receivable, net		46,426			29,368
Prepaid and other current assets		86,630			63,919
Deferred income taxes		23,494			88,485
Total current assets		285,658			486,022
Property and equipment, net		3,071,125			3,218,124
Goodwill		2,180,544			2,189,767
Other intangible assets, net		1,722,185			1,820,876
Deferred income taxes		497,190			482,710
Notes receivable and other long-term assets		446,736			415,720
Total	$	8,203,438		$	8,613,219
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	203,864		$	187,634
Accrued interest		36,938			41,319
Current portion of long-term obligations		1,770			253,907
Unearned revenue		95,990			86,769
Total current liabilities		338,562			569,629
Long-term obligations		4,025,145			3,289,109
Other long-term liabilities		460,621			365,974
Total liabilities		4,824,328			4,224,712
Minority interest in subsidiaries		3,405			3,591
STOCKHOLDERS’ EQUITY
Class A Common Stock		4,504			4,378
Additional paid-in capital		7,734,641			7,502,472
Accumulated deficit		(2,697,824	)		(2,733,920	)
Accumulated other comprehensive (loss) income		(2,853	)		16,079
Treasury stock		(1,662,763	)		(404,093	)
Total stockholders’ equity		3,375,705			4,384,916
Total	$	8,203,438		$	8,613,219

(1) The amounts classified as restricted cash reflect funds held in reserve accounts by the two special-purpose subsidiaries of the Company formed in connection with the Company’s completed securitization transaction with respect to debt service payments, ground rents, real estate and personal property taxes, insurance premiums and management fees, and to reserve a portion of advance rents from tenants on the tower sites.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2007			2006			2007			2006
REVENUES:
Rental and management	$	358,623		$	326,403		$	1,055,427		$	962,831
Network development services		8,962			7,064			23,055			16,908
Total operating revenues		367,585			333,467			1,078,482			979,739
OPERATING EXPENSES:
Costs of operations (exclusive of items shown separately below)
Rental and management		83,936			84,601			253,607			247,270
Network development services		4,841			2,961			12,495			7,641
Depreciation, amortization and accretion		131,484			131,357			393,315			397,429
Selling, general, administrative and development expense (1)		49,030			42,384			139,736			115,307
Impairments, net (gain) loss on sale of long-lived assets, restructuring and merger related expense		(197	)		157			1,432			1,604
Total operating expenses		269,094			261,460			800,585			769,251
OPERATING INCOME		98,491			72,007			277,897			210,488
OTHER INCOME (EXPENSE)
Interest income, TV Azteca, net		3,584			3,584			10,666			10,666
Interest income		2,345			2,292			9,186			5,021
Interest expense		(59,919	)		(54,448	)		(171,577	)		(162,395	)
Loss on retirement of long-term obligations		(108	)		(893	)		(33,168	)		(25,967	)
Other income (expense)		1,341			(5,416	)		18,213			974
Total other expense		(52,757	)		(54,881	)		(166,680	)		(171,701	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES, MINORITY INTEREST AND INCOME ON EQUITY METHOD INVESTMENTS		45,734			17,126			111,217			38,787
Income tax benefit (provision)		14,483			(13,350	)		(17,714	)		(28,112	)
Minority interest in net earnings of subsidiaries		(80	)		(60	)		(264	)		(597	)
Income on equity method investments		2			6			10			16
INCOME FROM CONTINUING OPERATIONS		60,139			3,722			93,249			10,094
LOSS FROM DISCONTINUED OPERATIONS, NET		(511	)		(250	)		(31,384	)		(895	)
NET INCOME	$	59,628		$	3,472		$	61,865		$	9,199
NET INCOME (LOSS) PER COMMON SHARE AMOUNTS:
BASIC
Income from continuing operations	$	0.15		$	0.01		$	0.22		$	0.02
Loss from discontinued operations								(0.07	)
Net income	$	0.15		$	0.01		$	0.15		$	0.02
DILUTED
Income from continuing operations	$	0.14		$	0.01		$	0.22		$	0.02
Loss from discontinued operations								(0.07	)
Net income	$	0.14		$	0.01		$	0.15		$	0.02
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC		410,071			425,942			416,418			423,612
DILUTED		418,012			435,138			426,430			435,035

(1) Selling, general, administrative and development expense includes $15,266 and $10,683 of stock-based compensation expense for the three months ended September 30, 2007 and September 30, 2006, respectively, and $43,480 and $29,541 of stock-based compensation expense for the nine months ended September 30, 2007 and September 30, 2006, respectively.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Nine Months Ended September 30,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	61,865		$	9,199
Stock-based compensation expense		43,480			29,541
Other non-cash items reflected in statements of operations		477,738			461,420
Increase in restricted cash (1)		(34,968	)
Increase in net deferred rent asset		(32,107	)		(24,670	)
Decrease (increase) in other assets (2)		41,191			(19,403	)
Increase in liabilities		6,602			19,082
Cash provided by operating activities		563,801			475,169
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for purchase of property and equipment and construction activities		(106,966	)		(90,662	)
Payments for acquisitions		(20,694	)		(10,103	)
Payments for acquisitions of minority interests					(22,944	)
Proceeds from sale of available-for-sale securities and other assets		20,068			26,688
Deposits, restricted cash, short-term investments and other assets		(9,774	)		(246	)
Cash used for investing activities		(117,366	)		(97,267	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Certificates in securitization transaction		1,750,000
Proceeds from term loan credit facility		500,000			232,000
Borrowings under revolving credit facilities		1,400,000			10,000
Repayments of notes payable, credit facilities and capital leases		(3,111,766	)		(272,427	)
Purchases of Class A common stock		(1,252,702	)		(289,459	)
Proceeds from stock options, warrants and stock purchase plan		110,415			38,780
Deferred financing costs		(40,911	)		(2,295	)
Cash used for financing activities		(644,964	)		(283,401	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(198,529	)		94,501
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		281,264			112,701
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	82,735		$	207,202
CASH PAID FOR INCOME TAXES	$	20,042		$	19,588
CASH PAID FOR INTEREST	$	170,996		$	137,362

(1) Reflects the net increase in cash held in reserve accounts related to the Company’s securitization transaction as these accounts are classified as restricted cash.

(2) Includes the receipt of approximately $80 million in proceeds by the Company from its previously announced federal income tax refund related to the carry back of certain federal net operating losses.