Printer Friendly Version View printer-friendly version
« Back
Crown Castle International Reports Third Quarter 2011 Results; Raises 2011 Outlook and Provides 2012 Outlook

HOUSTON, Oct 25, 2011 (GlobeNewswire via COMTEX) --

Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter ended September 30, 2011.

"We had an excellent third quarter, exceeding the high-end of our Outlook for site rental revenue, site rental gross margin, Adjusted EBITDA and recurring cash flow," stated Ben Moreland, President and Chief Executive Officer. "Further, the contribution from the network services portion of our business exceeded our expectations, delivering the highest contribution to gross margin in its history. As a result of our strong performance, we have increased our full year 2011 Outlook, which now suggests annual recurring cash flow per share growth of 18% compared to 2010. As I look forward to the balance of the year and to 2012, we are excited to be assisting with and benefiting from significant network upgrades by the three largest carriers, each of which is adding capacity to create a higher quality mobile Internet experience."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the third quarter of 2011 increased 7% to $514 million from $482 million for the same period in 2010. Site rental revenue for the third quarter of 2011 increased $32 million, or 7%, to $469 million from $437 million for the same period in the prior year. Site rental gross margin, defined as site rental revenue less site rental cost of operations, increased $26 million, or 8%, to $347 million in the third quarter of 2011 from $321 million in the same period in 2010. Adjusted EBITDA for the third quarter of 2011 increased $26 million, or 9%,to $332 million from $306 million in the same period in 2010.

Recurring cash flow, defined as Adjusted EBITDA less interest expense and sustaining capital expenditures, increased 12% to $199 million for the third quarter of 2011, compared to $178 million in the third quarter of 2010. Recurring cash flow per share, defined as recurring cash flow divided by diluted weighted average common shares outstanding, grew 13% to $0.70 in the third quarter of 2011, compared to $0.62 in the third quarter of 2010.

Net income attributable to CCIC stockholders for the third quarter of 2011 increased to $51 million, compared to net loss attributable to CCIC stockholders of $135 million for the same period in 2010. Net income attributable to CCIC stockholders after deduction of dividends on preferred stock and losses on purchases of preferred stock increased to $44 million in the third quarter of 2011, compared to net loss attributable to CCIC stockholders after deduction of dividends on preferred stock and losses on purchases of preferred stock of $140 million for the same period in 2010. Net income attributable to CCIC common stockholders after deduction of dividends on preferred stock and losses on purchases of preferred stock per common share was $0.15 for the third quarter of 2011, compared to net loss attributable to CCIC common stockholders per common share of $0.49 in the third quarter of 2010.

FINANCING AND INVESTING ACTIVITIES

"I am very pleased with our third quarter results, our ability to increase our Outlook for the balance of 2011 and our continued investment in activities such as share purchases and land acquisitions," stated Jay Brown, Chief Financial Officer of Crown Castle. "During the third quarter, we invested approximately $280 million in activities around our core business. We believe such investments strengthen our business and maximize long-term recurring cash flow per share, which we believe is the best measure of shareholder value creation. Since 2007, we have grown recurring cash flow per share by approximately 19% annually."

During the third quarter of 2011, Crown Castle purchased 3.0 million of its common shares and potential shares using $123.8 million in cash at an average price of $40.85 per share. These purchases were comprised of 2.7 million of common shares using $108.8 million in cash at an average price of $40.42 and $15.0 million of 6.25% preferred shares, reducing potential common shares by 0.3 million. Diluted common shares outstanding at September 30, 2011 were 282.8 million. Since January 2003, Crown Castle has spent $2.7 billion to purchase 100.3 million of its common shares and potential shares, at an average price of $26.84 per share.

During the third quarter of 2011, Crown Castle invested approximately $148 million in capital expenditures, comprised of $111 million of land purchases (including an $89 million purchase of our ground leases in a single transaction), $6 million of sustaining capital expenditures and $31 million of revenue generating capital expenditures, the latter consisting of $20 million on existing sites and $11 million on the construction of new sites.

Since June 30, 2011, Crown Castle has increased the borrowings under its revolving credit facility by $117 million to $305 million. As of September 30, 2011, Crown Castle had approximately $76 million in cash and cash equivalents (excluding restricted cash) and $145 million of availability under its revolving credit facility.

OUTLOOK

This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the Securities and Exchange Commission ("SEC").

The following Outlook table is based on current expectations and assumptions and assumes a US dollar to Australian dollar exchange rate of 1.0 US dollar to 1.0 Australian dollar for fourth quarter 2011, full year 2011 and 2012 Outlook.

As reflected in the following table, Crown Castle has increased the midpoint of its full year 2011 Outlook, previously issued on July 27, 2011, for site rental revenue by $7 million, site rental gross margin by $9 million, Adjusted EBITDA by $18 million and recurring cash flow by $17 million.

The Outlook for full year 2012 assumes site rental revenue growth of approximately $90 million, wholly comprised of anticipated new leasing activity in the form of new installations and amendments to existing installations. This growth in site rental revenue from new leasing is approximately equivalent to our full year expectations for 2011. The 2012 Outlook for site rental revenue does not assume any contribution to growth from the existing base of business as revenue from contractual rental increases is offset by higher expected churn, specifically related to Alltel licenses Verizon is expected to terminate as a result of its acquisition of Alltel. The impact of the churn is increased by the expectation that it will occur mostly in the first six months of 2012. Further, the Outlook does not assume any benefit from significant customer lease extensions in 2012.

The following table sets forth Crown Castle's current Outlook for the fourth quarter 2011, full year 2011 and full year 2012:


                                                   Fourth Quarter
  (in millions, except per share amounts)                2011           Full Year 2011       Full Year 2012
                                                  -----------------  -------------------  -------------------
  Site rental revenues                               $467 to $472     $1,849 to $1,854     $1,930 to $1,945
  Site rental cost of operations                     $117 to $122       $478 to $483         $470 to $485
  Site rental gross margin                           $348 to $353     $1,368 to $1,373     $1,445 to $1,460
  Adjusted EBITDA                                    $330 to $335     $1,301 to $1,306     $1,365 to $1,380
  Interest expense and amortization of deferred
   financing costs(a)(b)                             $125 to $129       $506 to $510         $505 to $515
  Sustaining capital expenditures                      $6 to $8           $20 to $22           $22 to $27
  Recurring cash flow                                $196 to $201       $772 to $777         $830 to $845
  Net income (loss) after deduction of dividends
   on preferred stock                                $35 to $60         $136 to $170         $160 to $248
  Net income (loss) per share -- diluted(c)        $0.12 to $0.21       $0.48 to $0.60       $0.57 to $0.88
  (a)  Inclusive of $26 million, $103 million and $98 million, respectively, of non-cash expense.
  (b) Approximately $18 million, $72 million and $65 million, respectively, of the total non-cash expense
   relates to the amortization of interest rate swaps, all of which has been cash settled in prior periods.
  (c) Represents net income (loss) per common share, based on 282.8 million diluted shares outstanding as of
   September 30, 2011.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for October 26, 2011, at 10:30 a.m. eastern time. The conference call may be accessed by dialing 480-629-9835 and asking for the Crown Castle call at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at http://investor.crowncastle.com. Any supplemental materials for the call will be posted on the Crown Castle website at http://investor.crowncastle.com.

A telephonic replay of the conference call will be available from 12:30 p.m. eastern time on October 26, 2011, through 11:59 p.m. eastern time on November 2, 2011, and may be accessed by dialing 303-590-3030 using access code 4478158. An audio archive will also be available on the company's website at http://investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

Crown Castle owns, operates, and leases towers and other infrastructure for wireless communications. Crown Castle offers significant wireless communications coverage to 92 of the top 100 US markets and to substantially all of the Australian population. Crown Castle owns, operates and manages over 22,000 and approximately 1,600 wireless communication sites in the US and Australia, respectively. For more information on Crown Castle, please visit www.crowncastle.com.

The Crown Castle International Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3063

Non-GAAP Financial Measures and Other Calculations

This press release includes presentations of Adjusted EBITDA and recurring cash flow, which are non-GAAP financial measures.

Crown Castle defines Adjusted EBITDA as net income (loss) plus restructuring charges (credits), asset write-down charges, acquisition and integration costs, depreciation, amortization and accretion, interest expense and amortization of deferred financing costs, gains (losses) on purchases and redemptions of debt, net gain (loss) on interest rate swaps, impairment of available-for-sale securities, interest and other income (expense), benefit (provision) for income taxes, cumulative effect of change in accounting principle, income (loss) from discontinued operations and stock-based compensation expense. Adjusted EBITDA is not intended as an alternative measure of operating results or cash flow from operations (as determined in accordance with Generally Accepted Accounting Principles ("GAAP")).

Crown Castle defines recurring cash flow to be Adjusted EBITDA, less interest expense and less sustaining capital expenditures. Each of the amounts included in the calculation of recurring cash flow are computed in accordance with GAAP, with the exception of sustaining capital expenditures, which is not defined under GAAP. We define sustaining capital expenditures as capital expenditures (determined in accordance with GAAP) which do not increase the capacity or life of our revenue generating assets and include capitalized costs related to (i) maintenance activities on our towers, (ii) vehicles, (iii) information technology equipment, and (iv) office equipment. Recurring cash flow is not intended as an alternative measure of cash flow from operations or operating results (as determined in accordance with GAAP).

Adjusted EBITDA and recurring cash flow are presented as additional information because management believes these measures are useful indicators of the financial performance of our core businesses. In addition, Adjusted EBITDA is a measure of current financial performance used in our debt covenant calculations. Our measures of Adjusted EBITDA and recurring cash flow may not be comparable to similarly titled measures of other companies, including other companies in the tower sector. The tables set forth below reconcile these non-GAAP financial measures to comparable GAAP financial measures. The components in these tables may not sum to the total due to rounding.

  Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures:


  Adjusted EBITDA, recurring cash flow and recurring cash flow per share for the three
   months and nine months ended September 30, 2011 and 2010 are computed as follows:
  -----------------------------------------------------------------------------------------

                                                For the Three Months   For the Nine Months
                                                       Ended                  Ended
                                               ---------------------  ---------------------

                                               September   September  September   September
                                                  30,        30,         30,        30,
                                                  2011       2010        2011       2010
                                               ---------  ----------  ---------  ----------
  (in millions, except per share amounts)
  Net income (loss)                               $ 51.4   $ (135.2)    $ 122.5   $ (352.2)
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                          3.1         4.4       13.7         8.6
   Acquisition and integration costs                 0.6         0.9        1.7         1.1
   Depreciation, amortization and accretion        138.5       136.2        414       403.5
   Interest expense and amortization of
    deferred financing costs                       127.1       123.2      380.3       364.3
   Gains (losses) on purchases and
    redemptions of debt                               --        71.9         --       138.4
   Net gain (loss) on interest rate swaps             --       104.4         --       292.3
   Interest and other income (expense)               0.6       (0.8)        4.9       (1.0)
   Benefit (provision) for income taxes              2.8       (7.6)        7.8      (22.6)

   Stock-based compensation expense                  8.3         8.7       26.8        28.0
                                               ---------  ----------  ---------  ----------

  Adjusted EBITDA                                $ 332.4     $ 306.1    $ 971.6     $ 860.5
                                               =========  ==========  =========  ==========
  Less: Interest expense and amortization of
   deferred financing costs                        127.1       123.2      380.3       364.3

  Less: Sustaining capital expenditures              6.5         5.1       14.1        14.6
                                               ---------  ----------  ---------  ----------

  Recurring cash flow                            $ 198.8     $ 177.8    $ 577.2     $ 481.6
                                               =========  ==========  =========  ==========

  Weighted average common shares outstanding
   -- diluted                                      283.9       286.1      286.9       286.9
                                               ---------  ----------  ---------  ----------

  Recurring cash flow per share                   $ 0.70      $ 0.62     $ 2.03      $ 1.68
                                               =========  ==========  =========  ==========

Other Calculations:


  Adjusted EBITDA and recurring cash flow for the quarter ending December 31, 2011 and the years
   ending December 31, 2011 and December 31, 2012 are forecasted as follows:
  -------------------------------------------------------------------------------------------------
                                                  Q4 2011       Full Year 2011     Full Year 2012

  (in millions)                                   Outlook           Outlook            Outlook
                                              ---------------  -----------------  -----------------
  Net income (loss)                              $40 to $65       $157 to $191       $180 to $268
   Adjustments to increase (decrease) net
    income (loss):
   Asset write-down charges                      $2 to $5         $15 to $18         $15 to $25
   Acquisition and integration costs             $0 to $1           $1 to $3           $1 to $3
   Depreciation, amortization and accretion    $136 to $141       $550 to $555       $545 to $565
   Interest expense and amortization of
    deferred financing costs(a)(b)             $125 to $129       $506 to $510       $505 to $515
   Gains (losses) on purchases and
    redemptions of debt                          $0 to $0           $0 to $0           $0 to $0
   Interest and other income (expense)           $(1) to $1         $3 to $8         $(2) to $4
   Benefit (provision) for income taxes          $1 to $4          $8 to $13         $15 to $35

   Stock-based compensation expense              $7 to $9         $32 to $37         $33 to $38
                                              ---------------  -----------------  -----------------

  Adjusted EBITDA                              $330 to $335     $1,301 to $1,306   $1,365 to $1,380
                                              ===============  =================  =================
  Less: Interest expense and amortization of
   deferred financing costs(a)(b)              $125 to $129       $506 to $510       $505 to $515

  Less: Sustaining capital expenditures          $6 to $8         $20 to $22         $22 to $27
                                              ---------------  -----------------  -----------------

  Recurring cash flow                          $196 to $201       $772 to $777       $830 to $845
                                              ===============  =================  =================

  (a) Inclusive of approximately $26 million, $103 million and $98 million, respectively, of
   non-cash expense.
  (b) Approximately $18 million, $72 million and $65 million, respectively, of the total non-cash
   expense relates to the amortization of interest rate swaps, all of which has been cash settled
   in prior periods.



  The components of interest expense and amortization of deferred
   financing costs are as follows:
  -------------------------------------------------------------------

                                                 For the Three Months
                                                        Ended
                                                 --------------------

                                                 September  September
                                                    30,        30,
  (in millions)                                     2011       2010
                                                 ---------  ---------
  Interest expense on debt obligations             $ 101.4    $ 101.4
  Amortization of deferred financing costs             3.8        3.8
  Amortization of discounts on long-term debt          4.1        3.7
  Amortization of interest rate swaps                   18       14.4

  Other                                              (0.1)        0.3
                                                 ---------  ---------

                                                     $ 127      $ 123
                                                 =========  =========



  The components of interest expense and amortization of deferred financing costs are forecasted
   as follows:
  ----------------------------------------------------------------------------------------------
                                                    Q4 2011      Full Year 2011   Full Year 2012

   (in millions)                                    Outlook         Outlook          Outlook
                                                 -------------  ---------------  ---------------
   Interest expense on debt obligations           $100 to $103   $403 to $407     $407 to $417
   Amortization of deferred financing costs         $3 to $4       $14 to $16       $14 to $16
   Amortization of discounts on long-term debt      $3 to $4       $15 to $17       $17 to $19
   Amortization of interest rate swaps            $17 to $20       $69 to $74       $63 to $68

   Other                                            $0 to $0       $0 to $1         $(1) to $1
                                                 -------------  ---------------  ---------------

                                                  $125 to $129   $506 to $510     $505 to $515
                                                 =============  ===============  ===============


  Debt balances and maturity dates as of
   September 30, 2011:
  -----------------------------------------


  (in millions)                               Face Value   Final Maturity
                                             -----------  -----------------
  Revolver                                       $ 305.0   September 2013
  2007 Crown Castle Operating Company Term
   Loan                                            620.8     March 2014
  9% Senior Notes Due 2015                         866.9     January 2015
  7.5% Senior Notes Due 2013                         0.1    December 2013
  7.75% Senior Secured Notes Due 2017           1,000.40       May 2017
  7.125% Senior Notes Due 2019                     500.0    November 2019
  Senior Secured Notes, Series 2009-1(a)           220.9       Various
  Senior Secured Tower Revenue Notes,
   Series 2010-1-2010-3(b)                      1,900.00       Various
  Senior Secured Tower Revenue Notes,
   Series 2010-4-2010-6(c)                      1,550.00       Various

  Capital Leases and Other Obligations              49.5
                                             -----------       Various

  Total Debt                                   $ 7,013.5
                                             ===========

  Less: Cash and Cash Equivalents(d)            $ (75.5)
                                             -----------

  Net Debt                                     $ 6,938.0
                                             ===========

  (a)  The 2009 Securitized Notes consist of $150.9 million of principal as
   of September 30, 2011 that amortizes during the period beginning January
   2010 and ending in 2019, and $70.0 million of principal that amortizes
   during the period beginning in 2019 and ending in 2029.
  (b) The Senior Secured Tower Revenue Notes Series 2010-1, 2010-2 and
   2010-3 have principal amounts of $300.0 million, $350.0 million, and
   $1,250.0 million with anticipated repayment dates of 2015, 2017, and
   2020, respectively.
  (c) The Senior Secured Tower Revenue Notes Series 2010-4, 2010-5 and
   2010-6 have principal amounts of $250.0 million, $300.0 million and
   $1,000.0 million with anticipated repayment dates of 2015, 2017 and
   2020, respectively.
  (d) Excludes restricted cash.


  Sustaining capital expenditures for the three months and nine months ended
   September 30, 2011 and 2010 is computed as follows:
  -----------------------------------------------------------------------------

                                     For the Three Months   For the Nine Months
                                            Ended                 Ended
                                     --------------------  --------------------

                                     September  September  September  September
                                        30,        30,        30,        30,
   (in millions)                        2011       2010       2011       2010
                                     ---------  ---------  ---------  ---------
   Capital Expenditures                $ 148.4     $ 56.5    $ 265.1    $ 148.3
   Less: Land purchases                    111       26.1      163.8       77.1
   Less: Tower improvements and
    other                                 19.6       22.2       55.1       47.5

   Less: Construction of towers           11.4        3.1       32.1        9.1
                                     ---------  ---------  ---------  ---------

   Sustaining capital expenditures       $ 6.5      $ 5.1     $ 14.1     $ 14.6
                                     =========  =========  =========  =========


  Site rental gross margin for the quarter ending December 31, 2011 and for the
   years ending December 31, 2011 and December 31, 2012 is forecasted as
   follows:
  -----------------------------------------------------------------------------

                                                           Full Year
                                                 Q4 2011      2011    Full Year
   (in millions)                                 Outlook    Outlook      2012
                                                ---------  ---------  ---------
                                                 $467 to   $1,849 to  $1,930 to
   Site rental revenue                             $472     $1,854     $1,945

   Less: Site rental cost of                     $117 to    $478 to    $470 to
    operations                                     $122       $483       $485
                                                ---------  ---------  ---------

                                                 $348 to   $1,368 to  $1,445 to
   Site rental gross margin                        $353     $1,373     $1,460
                                                =========  =========  =========

        Cautionary Language Regarding Forward-Looking Statements


This press release contains forward-looking statements and information that are based on our management's current expectations. Such statements include, but are not limited to, plans, projections, Outlook and estimates regarding (i) our investment activities, including share purchases and land acquisitions, and the impact of and return on our investments, (ii) currency exchange rates, (iii) leasing activity, including new installations, amendments to existing installations, lease escalations, churn, and lease extensions, (iv) site rental revenues, (v) site rental cost of operations, (vi) site rental gross margin, (vii) Adjusted EBITDA, (viii) interest expense and amortization of deferred financing costs, (ix) capital expenditures, including sustaining capital expenditures, (x) recurring cash flow, including on a per share basis, (xi) net income (loss), including on a per share basis, and (xii) the utility of certain financial measures in analyzing our results. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing market conditions and the following:

  --  Our business depends on the demand for wireless communications and
      towers, and we may be adversely affected by any slowdown in such demand.
  --  A substantial portion of our revenues is derived from a small number of
      customers, and the loss, consolidation or financial instability of any
      of our limited number of customers may materially decrease revenues and
      reduce demand for our towers and network services.
  --  Our substantial level of indebtedness could adversely affect our ability
      to react to changes in our business, and the terms of our debt
      instruments limit our ability to take a number of actions that our
      management might otherwise believe to be in our best interests. In
      addition, if we fail to comply with our covenants, our debt could be
      accelerated.
  --  We have a substantial amount of indebtedness. In the event we do not
      repay or refinance such indebtedness, we could face substantial
      liquidity issues and might be required to issue equity securities or
      securities convertible into equity securities, or sell some of our
      assets to meet our debt payment obligations.
  --  Sales or issuances of a substantial number of shares of our common stock
      may adversely affect the market price of our common stock.
  --  A wireless communications industry slowdown or reduction in carrier
      network investment may materially and adversely affect our business
      (including reducing demand for our towers and network services).
  --  As a result of competition in our industry, including from some
      competitors with significantly more resources or less debt than we have,
      we may find it more difficult to achieve favorable rental rates on our
      new or renewing customer contracts.
  --  New technologies may significantly reduce demand for our towers and
      negatively impact our revenues.
  --  New wireless technologies may not deploy or be adopted by customers as
      rapidly or in the manner projected.
  --  If we fail to retain rights to the land under our towers, our business
      may be adversely affected.
  --  Our network services business has historically experienced significant
      volatility in demand, which reduces the predictability of our results.
  --  If we fail to comply with laws and regulations which regulate our
      business and which may change at any time, we may be fined or even lose
      our right to conduct some of our business.
  --  If radio frequency emissions from wireless handsets or equipment on our
      towers are demonstrated to cause negative health effects, potential
      future claims could adversely affect our operations, costs and revenues.
  --  Certain provisions of our certificate of incorporation, bylaws and
      operative agreements and domestic and international competition laws may
      make it more difficult for a third party to acquire control of us or for
      us to acquire control of a third party, even if such a change in control
      would be beneficial to our stockholders.
  --  We may be adversely affected by our exposure to changes in foreign
      currency exchange rates relating to our operations in Australia.


Should one or more of these or other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the SEC.

  CROWN CASTLE INTERNATIONAL CORP.
  CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
  (in thousands)

                                  September 30,   December 31,

                                       2011           2010
                                  -------------  -------------
              ASSETS
  Current assets:
   Cash and cash equivalents           $ 75,524      $ 112,531
   Restricted cash                      223,573        221,015
   Receivables, net                      64,762         59,912
   Deferred income tax assets            53,345         59,098
   Prepaid expenses, deferred
    site rental receivables and
    other current assets, net           105,076         92,589
                                  -------------  -------------
     Total current assets               522,280        545,145
  Property and equipment, net         4,864,400      4,893,651
  Goodwill                            2,031,949      2,029,296
  Other intangible assets, net        2,211,643      2,313,929
  Deferred site rental
   receivables, long-term
   prepaid rent, deferred
   financing costs and other
   assets, net                          812,943        687,508
                                  -------------  -------------

                                   $ 10,443,215   $ 10,469,529
                                  =============  =============

      LIABILITIES AND EQUITY
  Current liabilities:
   Accounts payable and other
    accrued liabilities               $ 168,316      $ 210,075
   Deferred revenues                    174,906        202,123
   Current maturities of debt
    and other obligations                33,612         28,687
                                  -------------  -------------
     Total current liabilities          376,834        440,885
  Debt and other long-term
   obligations                        6,903,074      6,750,207
  Deferred income tax
   liabilities                           67,613         66,686
  Deferred ground lease payable
   and other liabilities                477,232        450,176
                                  -------------  -------------
     Total liabilities                7,824,753      7,707,954
  Redeemable convertible
   preferred stock                      304,810        316,581
  CCIC Stockholders' equity           2,313,062      2,445,373

  Noncontrolling interest                   590          (379)
                                  -------------  -------------

     Total equity                     2,313,652      2,444,994
                                  -------------  -------------

                                   $ 10,443,215   $ 10,469,529
                                  =============  =============

  CROWN CASTLE INTERNATIONAL CORP.
  CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
  (in thousands)


                                            Three Months Ended         Nine Months Ended
                                              September 30,              September 30,
                                         -----------------------  --------------------------

                                            2011        2010          2011          2010
                                         ----------  -----------  ------------  ------------
  Net revenues:
   Site rental                            $ 468,920    $ 437,079   $ 1,382,219   $ 1,253,582

   Network services and other                44,963       44,811       131,039       128,762
                                         ----------  -----------  ------------  ------------

       Total net revenues                   513,883      481,890     1,513,258     1,382,344
                                         ----------  -----------  ------------  ------------
  Operating expenses:
   Costs of operations (exclusive of
    depreciation, amortization and
    accretion):
    Site rental                             121,759      116,233       361,317       345,453
    Network services and other               25,083       26,767        78,213        82,990
   General and administrative                42,922       41,420       128,925       121,449
   Asset write-down charges                   3,090        4,429        13,696         8,588
   Acquisition and integration costs            617          867         1,661         1,139
   Depreciation, amortization and
    accretion                               138,523      136,218       413,987       403,512
                                         ----------  -----------  ------------  ------------

       Total operating expenses             331,994      325,934       997,799       963,131
                                         ----------  -----------  ------------  ------------
    Operating income (loss)                 181,889      155,956       515,459       419,213
  Interest expense and amortization of
   deferred financing costs               (127,119)    (123,196)     (380,288)     (364,322)
  Gains (losses) on purchases and
   redemptions of debt                           --     (71,933)            --     (138,367)
  Net gain (loss) on interest rate
   swaps                                         --    (104,421)            --     (292,295)

  Interest and other income (expense)         (562)          847       (4,887)           985
                                         ----------  -----------  ------------  ------------
    Income (loss) before income taxes        54,208    (142,747)       130,284     (374,786)

  Benefit (provision) for income taxes      (2,825)        7,597       (7,763)        22,622
                                         ----------  -----------  ------------  ------------
  Net income (loss)                          51,383    (135,150)       122,521     (352,164)
  Less: Net income (loss) attributable
   to the noncontrolling interest               105        (141)           355         (351)
                                         ----------  -----------  ------------  ------------
  Net income (loss) attributable to
   CCIC stockholders                         51,278    (135,009)       122,166     (351,813)
  Dividends on preferred stock and
   losses on purchases of preferred
   stock                                    (7,541)      (5,201)       (17,944      (15,604)
                                         ----------  -----------  ------------  ------------
  Net income (loss) attributable to
   CCIC stockholders after deduction of
   dividends on preferred stock and
   losses on purchases of preferred
   stock                                   $ 43,737  $ (140,210)     $ 104,222   $ (367,417)
                                         ==========  ===========  ============  ============

  Net income (loss) attributable to
   CCIC common stockholders, after
   deduction of dividends on preferred
   stock and losses on purchases of
   preferred stock, per common share:
   Basic                                     $ 0.16     $ (0.49)        $ 0.37      $ (1.28)
   Diluted                                   $ 0.15     $ (0.49)        $ 0.36      $ (1.28)

  Weighted average common shares
   outstanding (in thousands):
   Basic                                    282,031      286,119       284,770       286,883
   Diluted                                  283,899      286,119       286,868       286,883


  Adjusted EBITDA                         $ 332,398    $ 306,137     $ 971,614     $ 860,472
                                         ==========  ===========  ============  ============

  CROWN CASTLE INTERNATIONAL CORP.
  CONDENSED CONSOLIDATED STATEMENT OF CASH
   FLOWS (UNAUDITED)
  (in thousands)

                                                    Nine Months Ended

                                                      September 30,
                                                 ------------------------

                                                    2011         2010
                                                 ----------  ------------
  Cash flows from operating activities:
  Net income (loss)                               $ 122,521   $ (352,164)
  Adjustments to reconcile net income (loss) to
   net cash provided by (used for) operating
   activities:
   Depreciation, amortization and accretion         413,987       403,512
   Gains (losses) on purchases and redemptions
    of long-term debt                                    --       138,367
   Amortization of deferred financing costs and
    other non-cash interest                          77,221        59,734
   Stock-based compensation expense                  24,937        26,185
   Asset write-down charges                          13,696         8,588
   Deferred income tax benefit (provision)            6,684      (34,279)
   Income (expense) from forward-starting
    interest rate swaps                                  --       292,295
   Other adjustments, net                             4,848           818
   Changes in assets and liabilities, excluding
    the effects of acquisitions:
     Increase (decrease) in liabilities            (37,869)       (8,348)

     Decrease (increase) in assets                (170,751)     (127,053)
                                                 ----------  ------------
       Net cash provided by (used for)
        operating activities                        455,274       407,655
                                                 ----------  ------------
  Cash flows from investing activities:
   Proceeds from disposition of property and
    equipment                                         1,052         2,035
   Payments for acquisition of businesses, net
    of cash acquired                               (17,997)     (126,972)
   Capital expenditures                           (265,115)     (148,274)
   Payments for investments and other                    --      (25,247)

   Net (increase) decrease in restricted cash      (15,427)            --
                                                 ----------  ------------
       Net cash provided by (used for)
        investing activities                      (297,487)     (298,458)
                                                 ----------  ------------
  Cash flows from financing activities:
   Proceeds from issuance of long-term debt              --     3,450,000
   Proceeds from issuance of capital stock            1,523        16,310
   Principal payments on long-term debt and
    other long-term obligations                    (26,026)      (18,282)
   Purchases and redemptions of long-term debt           --   (3,541,312)
   Purchases of capital stock                     (301,369)     (146,908)
   Purchases of preferred stock                    (15,002)            --
   Borrowings under revolving credit agreement      273,000            --
   Payments under revolving credit agreement      (125,000)            --
   Payments for financing costs                        (82)      (58,729)
   Payments for forward-starting interest rate
    swap settlements                                     --     (266,870)
   Net decrease (increase) in restricted cash        12,153         9,467

   Dividends on preferred stock                    (14,713)      (14,909)
                                                 ----------  ------------
       Net cash provided by (used for)
        financing activities                      (195,516)     (571,233)
                                                 ----------  ------------
  Effect of exchange rate changes on cash               722         (131)
  Net increase (decrease) in cash and cash
   equivalents                                     (37,007)     (462,167)
  Cash and cash equivalents at beginning of
   period                                           112,531       766,146
                                                 ----------  ------------

  Cash and cash equivalents at end of period       $ 75,524     $ 303,979
                                                 ==========  ============
  Supplemental disclosure of cash flow
   information:
   Interest paid                                    312,992       319,519
   Income taxes paid                                  4,343         3,037


 CROWN
  CASTLE
  INTERNA
 TIONAL
  CORP.
 Summary
  Fact
  Sheet
 dollars
  in
  million
 s

                                                                   Quarter Ended
         ---------------------------------------------------------------------------------------------------------------------------------

                    12/31/2010                       3/31/2011                       6/30/2011                       9/30/2011
         ---------------------------------------------------------------------------------------------------------------------------------

            CCUSA       CCAL      CCIC       CCUSA      CCAL      CCIC       CCUSA      CCAL      CCIC       CCUSA      CCAL      CCIC
         ---------------------------------------------------------------------------------------------------------------------------------
 Revenues
  Site
   Rental     $ 421.9    $ 25.3    $ 447.2    $ 430.6    $ 25.6    $ 456.2    $ 429.5    $ 27.6    $ 457.1    $ 441.1    $ 27.8    $ 468.9
  Service
  s              46.4       2.7       49.1       37.7       5.2       42.8       40.0       3.2       43.2       40.9       4.1       45.0
         ---------------------------------------------------------------------------------------------------------------------------------
 Total
  Revenue
 s              468.3      28.0      496.3      468.3      30.7      499.0      469.5      30.9      500.3      482.0      31.9      513.9

 Operatin
 g
  Expense
 s
  Site
   Rental       113.2       8.5      121.7      110.4       8.0      118.4      112.2       9.0      121.1      112.8       8.9      121.8
  Service
  s              29.7       1.6       31.3       24.0       3.3       27.2       23.6       2.3       25.9       22.7       2.4       25.1
         ---------------------------------------------------------------------------------------------------------------------------------
 Total
  Operati
 ng
  Expense
 s              142.8      10.1      152.9      134.4      11.3      145.6      135.7      11.3        147      135.6      11.3      146.8

 General
  &
  Adminis
 trative         39.0       4.9       43.9       39.6       5.1       44.7       36.7       4.6       41.3       37.3       5.6       42.9

 Add:
  Stock-B
 ased
  Compens
 ation           10.4       1.6       11.9        9.5       1.2       10.7        7.8       0.1        7.9        7.7       0.6        8.3
         ---------------------------------------------------------------------------------------------------------------------------------
 Adjusted
  EBITDA      $ 296.8    $ 14.6    $ 311.4    $ 303.8    $ 15.5    $ 319.3    $ 304.8    $ 15.1    $ 319.9    $ 316.8    $ 15.6    $ 332.4
         =================================================================================================================================



                                                                   Quarter Ended
         ---------------------------------------------------------------------------------------------------------------------------------

                    12/31/2010                       3/31/2011                       6/30/2011                       9/30/2011
         ---------------------------------------------------------------------------------------------------------------------------------

            CCUSA       CCAL      CCIC       CCUSA      CCAL      CCIC       CCUSA      CCAL      CCIC       CCUSA      CCAL      CCIC
         ---------------------------------------------------------------------------------------------------------------------------------
 Gross
  Margins
 :
  Site
   Rental         73%       66%        73%        74%       69%        74%        74%       67%        73%        74%       68%        74%
  Service
  s               36%       42%        36%        36%       37%        36%        41%       28%        40%        44%       42%        44%

 Adjusted
  EBITDA          63%       52%        63%        65%       50%        64%        65%       49%        64%        66%       49%        65%


  Reconciliation of Non-GAAP Financial
   Measure (Adjusted EBITDA) to GAAP
   Financial Measure:
  dollars in millions

                                                            Quarter Ended
                                             -------------------------------------------

                                             12/31/2010  3/31/2011  6/30/2011  9/30/2011
                                             ----------  ---------  ---------  ---------
  Net income (loss)                              $ 40.9     $ 40.1     $ 31.0     $ 51.4
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                         5.1        4.4        6.2        3.1
   Acquisition and integration costs                1.0        0.6        0.5        0.6
   Depreciation, amortization and accretion       137.3      137.3      138.2      138.5
   Interest expense, amortization of
    deferred financing costs                      125.9      126.7      126.5      127.1
   Net gain (loss) on interest rate swaps         (5.9)         --         --         --
   Interest and other income (expense)            (0.6)        0.4        3.9        0.6
   Benefit (provision) for income taxes           (4.2)      (0.8)        5.8        2.8

   Stock-based compensation                        11.9       10.7        7.9        8.3
                                             ----------  ---------  ---------  ---------

  Adjusted EBITDA                               $ 311.4    $ 319.3    $ 319.9    $ 332.4
                                             ==========  =========  =========  =========

  Note: Components may not sum to total due
   to rounding.

  CCI Fact Sheet Q3 2011 to
   Q3 2010
  dollars in millions


                                        Quarter Ended
                               ------------------------------

                                                          %
                                9/30/2010   9/30/2011  Change
                               ----------  ----------  ------
  CCUSA
  Site Rental Revenues            $ 414.3     $ 441.1      6%
  Ending Towers                    22,265      22,211     --%

  CCAL
  Site Rental Revenues             $ 22.8      $ 27.8     22%
  Ending Towers                     1,595       1,596    -- %

  Total CCIC
  Site Rental Revenues            $ 437.1     $ 468.9      7%
  Ending Towers                    23,860      23,807    -- %

  Ending Cash and Cash
   Equivalents                   $ 304.0*     $ 75.5*
  Total Face Value of Debt      $ 6,708.6   $ 7,013.5
  Net Debt                      $ 6,404.6   $ 6,938.0

  Net Leverage Ratios: (1)
  Net Debt / Adjusted EBITDA         5.2X        5.2X
  Last Quarter Annualized
   Adjusted EBITDA              $ 1,224.5   $ 1,329.6

   *Excludes Restricted Cash
   (1) Based on Face Values

  Note: Components may not
   sum to total due to
   rounding.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Crown Castle International Corp.

CONTACT:  Jay Brown, CFO
Fiona McKone, VP - Finance
Crown Castle International Corp.
713-570-3050