American Tower Corporation Reports Strong Q2 Results - Company Financial Information

Cambridge Telcom Report, August 23, 1999

American Tower Corporation (the "Company")(NYSE:AMT) Monday reported significant increases in revenues and EBITDA ("Earnings Before Interest, Taxes, Depreciation, and Amortization") for the quarter and six months ended June 30, 1999 as compared to the same periods in the prior year.

For the three months ended June 30, 1999, revenues increased to $59.2 million from $23.1 million for the three months ended June 30, 1998. EBITDA increased to $23.0 million for the three months ended June 30, 1999 from $7.7 million (exclusive of $12.5 million of tower separation expense related to the Company's separation from American Radio System Corporation), for the same period in 1998. For the six months ended June 30, 1999, revenues increased to $101.6 million from $41.0 million for the six months ended June 30, 1998. EBITDA increased to $38.4 million for the six months ended June 30, 1999 from $13.5 million (exclusive of tower separation expense) for the same period in 1998.

Steve Dodge, American Tower's Chairman and Chief Executive Officer stated, "We are pleased with the results that were achieved during the quarter, but more importantly, are excited about our momentum in all of our business segments. Our growth clearly demonstrates continuing demand for our towers, services and teleports, and illustrates management's ability to affect operational execution while expanding our market leading position by focusing on acquisition and development activity."

American Tower will host a conference call on Monday, August16, 1999 at 11:00 a.m. Eastern to discuss quarterly results. The call will be hosted by Joe Winn, Chief Financial Officer, who will be joined by Steve Dodge, Chief Executive Officer. The dial-in numbers are US: 800-260-0719, international: 612-288-0340, no access codes required. A replay of the call will be available from 3:00 p.m. Eastern Monday, August16, 1999 until 11:59 p.m. Eastern Monday, August 23, 1999. The replay dial-in numbers are US: 800-475-6701, and international: 320-365-3844, access code 460001. American Tower will also sponsor a live simulcast and replay of the call on its web site www.americantower.com.

American Tower is a leading independent owner, operator and developer of broadcast and wireless communications sites in the United States. Giving effect to pending transactions, the company operates more than 7,000 towers in 46 states and the District of Columbia, including more than 5,900 owned or leased towers and over 1,100 managed sites. Giving effect to pending transactions, American Tower's portfolio includes 195 broadcast tower sites. Based in Boston, American Tower has a national footprint with regional hubs in Boston, Atlanta, Chicago, Houston and San Francisco. Through its wholly owned subsidiary, ATC Teleports, Inc., American Tower also owns and operates, giving effect to pending transactions, over 110 satellite antennas in various locations across the United States. FMI: www.americantower.com and www.atcteleports.com.

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

                            Three Months Ended    Six Months Ended
                                June 30,             June 30,
                             1999       1998      1999      1998
REVENUES:
 Rental and management    $ 31,356   $ 12,078   $ 56,872  $ 21,587
 Services                   21,412      7,000     32,238    12,275
 Video, voice, data
  and Internet transmission  6,385      4,004     12,451     7,146
Total operating revenues    59,153     23,082    101,561    41,008
OPERATING EXPENSES:
 Rental and management      13,899      5,430     25,571    10,330
 Services                   15,432      6,191     24,685    10,734
 Video, voice, data
  and Internet transmission  4,519      2,717      8,764     4,789
 Depreciation and
   amortization             33,139      9,953     57,808    15,755
 Tower separation expense      --      12,457       --      12,457
 Corporate general
  and administrative         2,300      1,084      4,140     1,626
Total operating expenses    69,289     37,832    120,968    55,671
OPERATING LOSS             (10,136)   (14,750)   (19,407)  (14,663)
OTHER INCOME (EXPENSE):
 Interest expense           (5,538)    (7,472)   (11,539)   (9,902)
 Interest income
  and other, net             5,788        966     10,737     1,831
 Minority interest in
  net earnings of subsidiaries  82       (110)        79      (189)
Total other income (expense)   332     (6,616)      (723)   (8,260)
LOSS BEFORE INCOME TAXES
 AND EXTRAORDINARY LOSS    ( 9,804)   (21,366)   (20,130)  (22,923)
INCOME TAX (EXPENSE) BENEFIT   (79)     2,949        747     2,979
LOSS BEFORE
 EXTRAORDINARY LOSS        ( 9,883)   (18,417)   (19,383)  (19,944)
EXTRAORDINARY LOSS
 ON EXTINGUISHMENT OF
 DEBT, NET OF INCOME
 TAX BENEFIT OF $921            --     (1,382)        --    (1,382)
NET LOSS                  $( 9,883)  $(19,799)  $(19,383) $(21,326)

BASIC AND DILUTED NET LOSS
 PER COMMON SHARE:
 Loss before extraordinary
  loss                    $  (0.06)  $  (0.33)  $  (0.14) $  (0.39)
 Extraordinary loss            --       (0.02)        --     (0.03)
NET LOSS                  $  (0.06)  $  (0.35)  $  (0.14) $  (0.42)

WEIGHTED AVERAGE
 COMMON SHARES OUTSTANDING:155,604     56,034    143,503    51,409
                                        (A)                   (A)

SELECTED CONSOLIDATED BALANCE SHEET DATA  June 30,     December 31,
(In thousands)                             1999            1998
                                        (Unaudited)    (Audited)
CASH AND CASH EQUIVALENTS             $   353,221   $   186,175
TOTAL ASSETS                            2,518,576     1,502,343
LONG-TERM DEBT, INCLUDING
 CURRENT PORTION                          284,121       281,129
STOCKHOLDERS' EQUITY                    2,161,933     1,091,746