American Tower Corporation Reports Strong First Quarter Results - Company Financial Information

Cambridge Telcom Report, May 15, 2000

American Tower Corporation (the "Company") (NYSE: AMT) Tuesday reported significant increases in revenues and "EBITDA" (operating loss before depreciation and amortization plus TV Azteca. S.A. de C.V. ("TV Azteca") transaction net interest income) for the quarter ended March 31, 2000 as compared to the same period in the prior year.

For the three months ended March 31, 2000, revenues increased to $115.5 million from $42.4 million for the three months ended March 31, 1999. EBITDA (inclusive of $2.3 million of net interest income related to the Company's transaction with TV Azteca) increased to $33.7 million for the three months ended March 31, 2000 from $15.4 million for the same period in 1999.

Steve Dodge, American Tower's Chairman and Chief Executive Officer, stated, "We're pleased with our new tower construction efforts which added over 300 newly built towers this quarter and are pacing ahead of plan. We're also pleased with the accelerating revenue growth on our wireless towers. We expect these trends to continue, and we anticipate increases in the contribution from services and teleports as we move through the year."

American Tower will host a conference call on Tuesday, May 9, 2000 at 2:00 p.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 and Canada: 800-288-8968, international: 612-288-0340, no access codes required. A replay of the call will be available after the call until 11:59 p.m. (Eastern) Tuesday, May 16, 2000. The replay dial-in numbers are US and Canada: 800-475-6701, and international: 320-365-3844, access code 514958. American Tower will also sponsor a live simulcast and replay of the call on its web site www.americantower.com.

American Tower is the leading independent owner operator and developer of broadcast and wireless communications sites in North America. Giving effect to pending transactions, American Tower operates over 10,600 sites in the United States, Mexico and Canada, including approximately 300 broadcast tower sites. Of the 10,600 sites, approximately 9,400 are owned or leased towers and over 1,200 are managed and lease/sublease sites. Based in Boston, American Tower has regional hub offices in Boston, Atlanta, Chicago, Houston, San Francisco and Mexico City. For more information about American Tower Corporation and ATC Teleports, visit our web sites www.americantower.com and www.atcteleports.com.

UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS          Three Months Ended
(In thousands, except per share data)              March 31,
                                               2000         1999

REVENUES:
 Rental and management                     $  53,707    $  25,516
 Services                                     38,152       10,826
 Internet, voice, data and
  video transmission                          23,658        6,066
  Total operating revenues                   115,517       42,408
OPERATING EXPENSES:
 Rental and management                        28,492       11,577
 Services                                     32,200        9,253
 Internet, voice, data and video transmission 19,016        4,131
 Depreciation and amortization                55,198       24,669
 Development expense (B)                         988          267
 Corporate general and administrative expense  3,431        1,782
  Total operating expenses                   139,325       51,679
OPERATING LOSS                               (23,808)      (9,271)
OTHER INCOME (EXPENSE):
 Interest expense                            (32,150)      (6,001)
 Interest income and other, net                2,586        4,949
 Interest income - TV Azteca, net of
  $160 of interest                             2,308
  expense (related party)
 Minority interest in net earnings
  of subsidiaries                                (36)          (3)
     Total other expense                     (27,292)      (1,055)
LOSS BEFORE BENEFIT FOR INCOME TAXES
 AND EXTRAORDINARY LOSSES                    (51,100)     (10,326)
INCOME TAX BENEFIT                            13,440          826
LOSS BEFORE EXTRAORDINARY LOSSES             (37,660)      (9,500)
EXTRAORDINARY LOSSES ON EXTINGUISHMENT OF
 DEBT, NET OF INCOME TAX BENEFIT OF $2,892    (4,338)
NET LOSS                                   $ (41,998)   $  (9,500)
BASIC AND DILUTED LOSS PER
 COMMON SHARE AMOUNTS
 Loss before extraordinary losses          $   (0.24)   $   (0.07)
 Extraordinary losses                          (0.03)
NET LOSS                                   $   (0.27)   $   (0.07)
WEIGHTED AVERAGE NUMBER OF COMMON
 SHARES OUTSTANDING                          156,515      131,269
OTHER OPERATING DATA
(In thousands)
EBITDA (A)                                 $  33,698    $  15,398

SELECTED CONSOLIDATED BALANCE SHEET DATA   March 31,  December 31,
(In thousands)                               2000         1999
                                         (Unaudited)   (Audited)

CASH AND CASH EQUIVALENTS                 $  140,733   $   25,212
TOTAL ASSETS                               4,255,140    3,018,866
LONG-TERM DEBT, INCLUDING CURRENT PORTION  1,883,607      740,822
STOCKHOLDERS' EQUITY                       2,176,423    2,145,083