Exhibit 99.2
CORRECTED – February 28, 2012
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
REVENUES: | ||||||||||||||||
Rental and management | $ | 640,883 | $ | 536,253 | $ | 2,386,185 | $ | 1,936,373 | ||||||||
Network development services | 12,316 | 11,389 | 57,347 | 48,962 | ||||||||||||
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Total operating revenues | 653,199 | 547,642 | 2,443,532 | 1,985,335 | ||||||||||||
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OPERATING EXPENSES: | ||||||||||||||||
Costs of operations (exclusive of items shown separately below) | ||||||||||||||||
Rental and management (including stock-based compensation expense of $252, $0, $1,105, and $0, respectively) | 157,818 | 126,042 | 590,272 | 447,629 | ||||||||||||
Network development services (including stock-based compensation expense $314, 0, $1,224, and $0, respectively) | 7,800 | 6,903 | 30,684 | 26,957 | ||||||||||||
Depreciation, amortization and accretion | 143,615 | 124,105 | 555,517 | 460,726 | ||||||||||||
Selling, general, administrative and development expense (including stock-based compensation expense of $10,686, $12,410, $45,108, and $52,555 respectively) | 73,895 | 65,365 | 288,824 | 229,769 | ||||||||||||
Other operating expenses | 22,333 | 21,786 | 58,103 | 35,876 | ||||||||||||
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Total operating expenses | 405,461 | 344,201 | 1,523,400 | 1,200,957 | ||||||||||||
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OPERATING INCOME | 247,738 | 203,441 | 920,132 | 784,378 | ||||||||||||
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OTHER INCOME (EXPENSE): | ||||||||||||||||
Interest income, TV Azteca, (net of interest expense of $288, $372, $1,474, and $1,487, respectively) | 3,627 | 3,543 | 14,214 | 14,212 | ||||||||||||
Interest income | 541 | 1,874 | 7,378 | 5,024 | ||||||||||||
Interest expense | (85,119 | ) | (68,623 | ) | (311,854 | ) | (246,018 | ) | ||||||||
Loss on retirement of long-term obligations | — | (1,851 | ) | — | (1,886 | ) | ||||||||||
Other (expense) income | (7,265 | ) | (1,598 | ) | (122,975 | ) | 315 | |||||||||
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Total other expense | (88,216 | ) | (66,655 | ) | (413,237 | ) | (228,353 | ) | ||||||||
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INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND INCOME ON EQUITY METHOD INVESTMENTS | 159,522 | 136,786 | 506,895 | 556,025 | ||||||||||||
Income tax benefit (provision) | 36,901 | (53,099 | ) | (125,080 | ) | (182,489 | ) | |||||||||
Income on equity method investments | 11 | 16 | 25 | 40 | ||||||||||||
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INCOME FROM CONTINUING OPERATIONS | 196,434 | 83,703 | 381,840 | 373,576 | ||||||||||||
Income from discontinued operations, net | — | — | — | 30 | ||||||||||||
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NET INCOME | 196,434 | 83,703 | 381,840 | 373,606 | ||||||||||||
Net loss (income) attributable to noncontrolling interest | 8,676 | (189 | ) | 14,622 | (670 | ) | ||||||||||
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NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION | $ | 205,110 | $ | 83,514 | $ | 396,462 | $ | 372,936 | ||||||||
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NET INCOME ATTRIBUTABLE TO AMERICAN TOWER CORPORATION | ||||||||||||||||
BASIC: | ||||||||||||||||
Income from continuing operations attributable to American Tower Corporation | $ | 0.52 | $ | 0.21 | $ | 1.00 | $ | 0.93 | ||||||||
Income from discontinued operations | — | — | — | — | ||||||||||||
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Net income attributable to American Tower Corporation | $ | 0.52 | $ | 0.21 | $ | 1.00 | $ | 0.93 | ||||||||
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DILUTED: | ||||||||||||||||
Income from continuing operations attributable to American Tower Corporation | $ | 0.52 | $ | 0.21 | $ | 0.99 | $ | 0.92 | ||||||||
Income from discontinued operations | — | — | — | — | ||||||||||||
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Net income attributable to American Tower Corporation | $ | 0.52 | $ | 0.21 | $ | 0.99 | $ | 0.92 | ||||||||
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||
BASIC | 393,347 | 398,970 | 395,711 | 401,152 | ||||||||||||
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DILUTED | 397,724 | 403,032 | 400,195 | 404,072 | ||||||||||||
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