Crown Castle International Reports Second Quarter 2010 Results; Raises 2010 Outlook; Announces Agreement to Acquire NewPath Networks

HOUSTON, Jul 28, 2010 (GlobeNewswire via COMTEX) --

Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter ended June 30, 2010.

"We had a strong second quarter, exceeding our Outlook for site rental gross margin, Adjusted EBITDA, and recurring cash flow," stated Ben Moreland, President and Chief Executive Officer of Crown Castle. "We continue to enjoy solid growth in our business and remain excited about the strong fundamentals underlying our industry as reflected in our full year 2010 Outlook, which now suggests annual recurring cash flow growth of 17%. Consistent with our long-term strategy, we have entered into a definitive agreement to acquire NewPath Networks, Inc. ("NewPath"), one of the leading providers of distributed antenna systems ("DAS") networks, which we expect to close later this quarter. The acquisition of NewPath furthers our ability to extend wireless infrastructure for customers beyond those areas served by traditional towers, thereby broadening our service offering in this growing market."

CONSOLIDATED FINANCIAL RESULTS

Site rental revenues for second quarter 2010 increased $33.2 million, or 9%, to $409.6 million from $376.4 million for the same period in the prior year. Site rental gross margin, defined as site rental revenues less site rental cost of operations, increased 12% to $294.2 million, up $31.1 million in the second quarter of 2010 from $263.1 million in the same period in 2009. Adjusted EBITDA for second quarter 2010 increased $33.2 million, or 13%,to $280.1 million, up from $246.9 million for the same period in 2009.

Recurring cash flow, defined as Adjusted EBITDA less interest expense less sustaining capital expenditures, increased from $131.5 million in the second quarter of 2009 to $154.9 million for the second quarter of 2010, up 18%. Recurring cash flow per share, defined as recurring cash flow divided by weighted average common shares outstanding, was $0.54 in the second quarter of 2010 compared to $0.46 in the second quarter of 2009, an increase of 18%.

Net income (loss) attributable to CCIC stockholders was $(97.5) million for the second quarter of 2010, inclusive of $114.6 million of net losses from interest rate swaps, compared to $(111.4) million for the same period in 2009, inclusive of $59.5 million of net losses from interest rate swaps. Net income (loss) attributable to CCIC common stockholders after deduction of dividends on preferred stock was $(102.7) million in the second quarter of 2010, compared to $(116.6) million for the same period in 2009. Second quarter 2010 net income (loss) attributable to CCIC common stockholders after deduction of dividends on preferred stock per common share was $(0.36), compared to $(0.41) in the second quarter of 2009.

NEWPATH NETWORKS ACQUISITION

On July 1, 2010, Crown Castle entered into an agreement to acquire NewPath for $115.0 million (subject to certain adjustments). NewPath is a privately-held DAS provider with an experienced management team and a successful track record with each of the major wireless operators. NewPath currently has 35 DAS networks in operation or under construction. Following the expected acquisition, Crown Castle expects to have 44 DAS networks in operation or under construction. The acquisition is expected to close in September 2010.

INVESTMENTS AND LIQUIDITY

"Our business continued to perform very well during the second quarter as we grew site rental revenues 9% and recurring cash flow per share 18% on a year-over-year basis," stated Jay Brown, Chief Financial Officer of Crown Castle. "Our growth in recurring cash flow per share reflects the significant operating leverage in our business combined with our long-standing efforts to maintain a reasonably levered balance sheet and make investments which we believe will maximize our long-term recurring cash flow per share. Since April 1, 2010, we made a number of investments we believe will enhance our long-term recurring cash flow per share growth, including the purchase of our common shares, the acquisition of land beneath our towers, and the contemplated acquisition of NewPath, which will further our investment in DAS. Given the strong performance of our business in the second quarter and our expectations for the second half of 2010, we have increased our 2010 Outlook for site rental revenue, site rental gross margin, Adjusted EBITDA and recurring cash flow."

During the second quarter of 2010, Crown Castle spent $38.2 million to purchase its common shares at an average price of $37.01 per share. Common shares outstanding at June 30, 2010 were 285.8 million. Since January 2003, Crown Castle has spent $2.4 billion to purchase approximately 92 million of its common shares and potential shares, at an average price of $25.59 per share.

During the second quarter of 2010, Crown Castle invested $54.9 million in capital expenditures comprised of $30.8 million of land purchases, $4.9 million of sustaining capital expenditures and $19.2 million of revenue generating capital expenditures, consisting of $16.0 million on existing sites and $3.2 million on the construction of new sites.

As of June 30, 2010, Crown Castle had approximately $242 million in cash and cash equivalents (excluding restricted cash) and $400 million of availability under its revolving credit facility. A summary of our current debt outstanding is set forth below under "Other Calculations."

In addition to the tables and information contained in this press release, Crown Castle will post supplemental information on its website at http://investor.crowncastle.com that will be discussed during its conference call tomorrow morning, Thursday, July 29, 2010.

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 0.86 US dollars and 0.88 US dollars to 1.00 Australian dollar for third quarter and full year 2010 Outlook, respectively.

As reflected in the following table, Crown Castle has increased the midpoint of its full year 2010 Outlook, previously issued on April 28, 2010, for site rental revenue by $4.5 million, site rental gross margin by $7.0 million, Adjusted EBITDA by $15.5 million, and recurring cash flow by $20.5 million. For the purposes of this Outlook, interest expense is based on debt outstanding as of July 28, 2010.

The following table sets forth Crown Castle's current Outlook for the third quarter of 2010 and full year 2010:

  (in millions, except per share         Third Quarter
   amounts)                                   2010           Full Year 2010
                                       -----------------  ---------------------
  Site rental revenues                    $419 to $424       $1,667 to $1,677
  Site rental cost of operations          $115 to $120         $460 to $470
  Site rental gross margin                $301 to $306       $1,202 to $1,212
  Adjusted EBITDA                         $284 to $289       $1,128 to $1,143
  Interest expense and amortization
  of deferred financing costs(a)          $119 to $122         $477 to $487
  Sustaining capital expenditures           $7 to $9           $22 to $27
  Recurring cash flow                     $156 to $161         $621 to $636
  Net income (loss) after deduction
  of dividends on preferred stock(b)       $0 to $27         $(230) to $(151)
  Net income (loss) per share(c)        $0.00 to $0.09     $(0.80) to $(0.53)


(a) Inclusive of $19 million and $75 million, respectively, of non-cash expense, including approximately $11 million and $44 million, respectively, related to the amortization of interest rate swaps.

(b) Full year guidance reflects the amount recognized for interest rate swaps through June 30, 2010 only.

(c) Represents net income (loss) per common share, based on 285.8 million common shares outstanding as of June 30, 2010.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, July 29, 2010, at 10:30 a.m. eastern time. The conference call may be accessed by dialing 480-629-9866 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 by logging onto the web at http://investor.crowncastle.com. Any supplemental materials for the call will be posted at 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 Thursday, July 29, 2010 through 11:59 p.m. eastern time on Thursday, August 5, 2010 and may be accessed by dialing 303-590-3030 using passcode 4329036. 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 communication structures for wireless communications. Crown Castle offers significant wireless communications coverage to 92 of the top 100 U.S. 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 U.S. and Australia, respectively. For more information on Crown Castle, please visit http://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 quarters ended June 30, 2010 and 2009 are computed as follows:

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

                                              June 30,   June 30,
                                                2010       2009
                                              --------  ---------

  (in millions, except per share amounts)
  Net income (loss)                           $ (97.6)  $ (111.8)
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                        2.6        7.3
   Depreciation, amortization and accretion      134.4      131.6
   Acquisition and integration costs               0.3    ―
   Interest expense and amortization of
    deferred financing costs                     120.3      110.3
   Gains (losses) on purchases and
    redemption of debt                         ―       98.7
   Net gain (loss) on interest rate swaps        114.6       59.5
   Interest and other income (expense)             0.2      (3.2)
   Benefit (provision) for income taxes          (4.7)     (54.9)

   Stock-based compensation expense                9.9        9.5
                                              --------  ---------

  Adjusted EBITDA                              $ 280.1    $ 246.9
                                              ========  =========

  Less: Interest expense and amortization of
   deferred financing costs                      120.3      110.3

  Less: Sustaining capital expenditures            4.9        5.1
                                              --------  ---------


  Recurring cash flow                          $ 154.9    $ 131.5
                                              ========  =========


  Weighted average common shares outstanding
   - Basic                                       286.1      286.4

  Recurring cash flow per share                 $ 0.54     $ 0.46
                                              ========  =========

Other Calculations:

Adjusted EBITDA and recurring cash flow for the quarter ending September 30, 2010 and the year ending December 31, 2010 are forecasted as follows:

                                                 Q3 2010      Full Year 2010

  (in millions)                                  Outlook          Outlook
                                              -------------  -----------------
  Net income (loss)(a)                          $5 to $32     $(209) to $(130)
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                      $2 to $5        $8 to $20
   Depreciation, amortization and accretion    $131 to $136     $520 to $540
   Acquisition and integration costs             $0 to $2         $0 to $2
   Interest expense and amortization of
    deferred financing costs(b)                $119 to $122     $477 to $487
   Gains (losses) on purchases and
    redemptions of debt                          ―        $66 to $66
   Net gain (loss) on interest rate swaps        $0 to $0       $188 to $188
   Interest and other income (expense)(a)      $(2) to $2       $(4) to $4
   Benefit (provision) for income taxes          $0 to $3      $(15) to $(9)

   Stock-based compensation expense              $7 to $9       $33 to $39
                                              -------------  -----------------

  Adjusted EBITDA                              $284 to $289   $1,128 to $1,143
                                              =============  =================
  Less: Interest expense and amortization of
   deferred financing costs(b)                $119 to $122      $477 to $487

  Less: Sustaining capital expenditures          $7 to $9       $22 to $27
                                              -------------  -----------------

  Recurring cash flow                          $156 to $161     $621 to $636
                                              =============  =================

(a) Full year guidance reflects the amount recognized for interest rate swaps through June 30, 2010 only.

(b) Inclusive of approximately $19 million and $75 million, respectively, of non-cash expense, including approximately $11 million and $44 million, respectively, related to the amortization of interest rate swaps.

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

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

                                              June     June
                                               30,      30,
                                              2010     2009
                                             -------  -------

  (in millions)
  Interest expense on debt obligations       $ 101.7   $ 94.0
  Amortization of deferred financing costs       4.0      6.7
  Amortization of discounts on long-term
   debt                                          3.6      3.2
  Amortization of interest rate swaps           10.8      5.3

  Other                                          0.3      1.0
                                             -------  -------


                                             $ 120.3  $ 110.3
                                             =======  =======


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

                                                  Q3 2010      Full Year 2010

                                                  Outlook         Outlook
                                               -------------  ---------------

  (in millions)
  Interest expense on debt obligations          $100 to $103   $401 to $411
  Amortization of deferred financing costs        $3 to $5       $13 to $18
  Amortization of discounts on long-term debt     $3 to $4       $13 to $16
  Amortization of interest rate swaps           $10 to $13       $42 to $46

  Other                                           $0 to $1       $1 to $3
                                               -------------  ---------------


                                                $119 to $122   $477 to $487
                                               =============  ===============


Debt balances and maturity dates as of June 30, 2010:

  (in millions)                                Face Value        Final Maturity
                                            ----------------  -------------------
  2007 Crown Castle Operating Company Term
   Loan                                              $ 628.9     March 5, 2014
  9% Senior Notes Due 2015                             866.9   January 15, 2015
  7.5% Senior Notes Due 2013                             0.1   December 1, 2013
  7.75% Senior Secured Notes Due 2017                1,000.4      May 1, 2017
  7.125% Senior Notes Due 2019                         500.0   November 1, 2019
  Senior Secured Notes, Series 2009-1(a)               239.6        Various
  Senior Secured Tower Revenue Notes,
   Series 2006-1(b)                                  1,326.0   November 15, 2036
  Senior Secured Tower Revenue Notes,
   Series 2010(c)                                    1,900.0        Various

  Capital Leases and Other Obligations                  23.3
                                            ----------------        Various

  Total Debt                                       $ 6,485.1

  Less: Cash and Cash Equivalents(d)                   242.1
                                            ----------------

  Net Debt                                         $ 6,243.0
                                            ================


(a) The 2009 Securitized Notes consist of $169.6 million of principal as of June 30, 2010 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) Anticipated repayment date is in November 2011.

(c) The Senior Secured Tower Revenue Notes, Series 2010 consists of three series of notes with principal amounts of $300 million, $350 million, and $1,250 million with anticipated repayment dates of 2015, 2017, and 2020, respectively.

(d) Excludes restricted cash.

Sustaining capital expenditures for the quarters ended June 30, 2010 and 2009 is computed as follows:

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

                                          June    June
                                          30,     30,
                                          2010    2009
                                         ------  ------
  (in millions)
  Capital Expenditures                   $ 54.9  $ 39.6
  Less: Revenue enhancing on existing
   sites                                   16.0    28.2
  Less: Land purchases                     30.8     1.7
  Less: New site acquisition and
   construction                             3.2     4.6
                                         ------  ------


  Sustaining capital expenditures         $ 4.9   $ 5.1
                                         ======  ======


Site rental gross margin for the quarter ending September 30, 2010 and for the year ending December 31, 2010 is forecasted as follows:

                                                       Full Year 2010
  (in millions)                   Q3 2010 Outlook           Outlook
                                 -----------------  ---------------------
  Site rental revenue               $419 to $424       $1,667 to $1,677
  Less: Site rental cost of
   operations                       $115 to $120         $460 to $470
                                 -----------------  ---------------------

  Site rental gross margin          $301 to $306       $1,202 to $1,212
                                 =================  =====================


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 plans, projections, Outlook and estimates regarding (i) demand for our towers and services, (ii) the expansion and growth of our business, (iii) the contemplated NewPath acquisition, including timing and anticipated benefits with respect thereto, (iv) our investments of cash from cash flows and other sources, including the availability and type of investments and the impact and return on our investments, (v) currency exchange rates, (vi) site rental revenues, (vii) site rental cost of operations, (viii) site rental gross margin, (ix) Adjusted EBITDA, (x) interest expense and amortization of deferred financing costs, (xi) capital expenditures, including sustaining capital expenditures, (xii) recurring cash flow, including on a per share basis, (xiii) net income (loss), including on a per share basis, and (xiv) 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 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.
  --  Our interest rate swaps are currently in a substantial liability
      position and will need to be cash settled within the next year and a
      half, which could adversely affect our financial condition.
  --  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, or
      network sharing among, any of our limited number of customers may
      materially decrease revenues and reduce demand for our towers and
      network services.
  --  Consolidation among our customers may result in duplicate or overlapping
      parts of networks, which may result in a reduction of sites and have a
      negative effect on revenues and cash flows.
  --  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 may materially and adversely
      affect our business (including reducing demand for our towers and
      network services) and the business of our customers.
  --  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 leases.
  --  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, by-laws 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. As used in this press release, the term "including," and any variation thereof, means "including, without limitation."

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

                                   June 30,                     December 31,

                                     2010                    2009
                                 ------------     --------------------------

            ASSETS
  Current assets:
   Cash and cash equivalents        $ 242,087                      $ 766,146
   Restricted cash                    204,308                        213,514
   Receivables, net                    49,054                         44,431
   Deferred income tax
    assets                             83,286                         76,089
   Prepaid expenses,
    deferred site rental
    receivables and other
    current assets,
    net                                93,484                         95,853
                                 ------------     --------------------------
     Total current assets             672,219                      1,196,033
  Restricted cash                       5,000                          5,000
  Property and equipment,
   net                              4,786,553                      4,895,983
  Goodwill                          1,984,779                      1,984,804
  Other intangible assets,
   net                              2,351,513                      2,405,422

  Other assets, net                   552,350                        469,364
                                 ------------     --------------------------

                                 $ 10,352,414                   $ 10,956,606
                                 ============     ==========================

    LIABILITIES AND EQUITY
  Current liabilities:
   Accounts payable and
    other accrued
    liabilities                     $ 163,016                      $ 197,139
   Deferred revenues                  180,925                        179,649
   Interest rate swaps                207,751                        160,121
   Short-term debt, current
    maturities of debt and
    other obligations                  20,775                        217,196
                                 ------------     --------------------------
     Total current
      liabilities                     572,467                        754,105
  Debt and other long-term
   obligations                      6,368,156                      6,361,954
  Deferred income tax
   liabilities                         76,579                         74,117
  Interest rate swaps                 151,965                        140,481

  Other liabilities                   385,260                        374,210
                                 ------------     --------------------------
     Total liabilities              7,554,427                      7,704,867
  Redeemable preferred stock          316,117                        315,654
  CCIC Stockholders' equity         2,482,071                      2,936,241

  Noncontrolling interest               (201)                          (156)
                                 ------------     --------------------------

     Total equity                   2,481,870                      2,936,085
                                 ------------     --------------------------

                                 $ 10,352,414                   $ 10,956,606
                                 ============     ==========================

  CROWN CASTLE INTERNATIONAL CORP.
  CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) AND OTHER FINANCIAL DATA
  (in thousands, except per share data)

                                              Three Months Ended           Six Months Ended
                                                   June 30,                    June 30,

                                              2010          2009          2010          2009
                                          ------------  ------------  ------------  ------------
  Net revenues:
   Site rental                               $ 409,631     $ 376,444     $ 816,503     $ 744,111

   Network services and other                   46,496        33,430        83,951        68,673
                                          ------------  ------------  ------------  ------------


     Total net revenues                        456,127       409,874       900,454       812,784
                                          ------------  ------------  ------------  ------------

  Costs of operations (exclusive of
   depreciation, amortization and
   accretion):
   Site rental                                 115,465       113,382       229,220       223,080

   Network services and other                   29,927        21,009        56,223        43,070
                                          ------------  ------------  ------------  ------------


     Total costs of operations                 145,392       134,391       285,443       266,150
                                          ------------  ------------  ------------  ------------

  General and administrative                    40,556        38,102        80,029        74,739
  Asset write-down charges                       2,597         7,295         4,159        11,386
  Acquisition and integration costs                272       ―           272       ―
  Depreciation, amortization and
   accretion                                   134,426       131,597       267,294       264,773
                                          ------------  ------------  ------------  ------------

    Operating income (loss)                    132,884        98,489       263,257       195,736
  Interest expense and amortization of
   deferred financing costs                 (120,345 )    (110,250 )    (241,126 )    (215,837 )
  Gains (losses) on purchases and
   redemptions of debt                         ―     (98,676 )     (66,434 )     (85,326 )
  Net gain (loss) on interest rate swaps    (114,598 )     (59,528 )    (187,874 )     (55,733 )

  Interest and other income (expense)           (241 )         3,249           138         3,003
                                          ------------  ------------  ------------  ------------

    Income (loss) before income taxes       (102,300 )    (166,716 )    (232,039 )    (158,157 )

  Benefit (provision) for income taxes           4,686        54,949        15,025        56,440
                                          ------------  ------------  ------------  ------------

  Net income (loss)                          (97,614 )    (111,767 )    (217,014 )    (101,717 )
  Less: Net income (loss) attributable
   to the noncontrolling interest                (85 )        (349 )        (210 )        (876 )
                                          ------------  ------------  ------------  ------------

  Net income (loss) attributable to CCIC
   stockholders                              (97,529 )    (111,418 )    (216,804 )    (100,841 )

  Dividends on preferred stock .              (5,202 )      (5,201 )     (10,403 )     (10,402 )
                                          ------------  ------------  ------------  ------------

  Net income (loss) attributable to CCIC
   stockholders after deduction of
   dividends on preferred stock           $ (102,731 )  $ (116,619 )  $ (227,207 )  $ (111,243 )
                                          ============  ============  ============  ============

  Net income (loss) attributable to CCIC
   common stockholders, after deduction
   of dividends on preferred stock, per
   common share -- basic and dilutes         $ (0.36 )     $ (0.41 )     $ (0.79 )     $ (0.39 )

  Weighted-average common shares
   outstanding (in thousands) -- basic
   and diluted                                 286,080       286,449       287,266       286,181


  Adjusted EBITDA                            $ 280,084     $ 246,862     $ 554,335     $ 489,258
                                          ============  ============  ============  ============

  Stock-based compensation expenses:
   Site rental cost of operations                $ 311         $ 266         $ 540         $ 469
   Network services and other cost of
    operations                                     428           343           728           595

   General and administrative                    9,166         8,872        18,085        16,299
                                          ------------  ------------  ------------  ------------

     Total                                     $ 9,905       $ 9,481      $ 19,353      $ 17,363
                                          ============  ============  ============  ============


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

                                                            Six Months Ended
                                                                June 30,
                                                     -----------------------------

                                                         2010             2009
                                                     ------------     ------------

  Cash flows from operating activities:

   Net income (loss)                                  $ (217,014)      $ (101,717)
   Adjustments to reconcile net income (loss) to
    net cash provided by (used for) operating
    activities:
    Depreciation, amortization and accretion              267,294          264,773
    Gains (losses) on purchases and redemptions
     of long-term debt                                     66,434           85,326
    Amortization of deferred financing costs and
     other non-cash interest                               37,550           26,605
    Stock-based compensation expense                       18,143           15,031
    Asset write-down charges                                4,159           11,386
    Deferred income tax benefit (provision)              (22,319)         (59,780)
    Income (expense) from forward-starting
     interest rate swaps                                  187,874           55,733
    Other adjustments, net                                    443              380
    Changes in assets and liabilities, excluding
     the effects of acquisitions:
     Increase (decrease) in liabilities                  (22,003)            7,162

     Decrease (increase) in assets                       (72,354)         (35,441)
                                                     ------------     ------------

      Net cash provided by (used for) operating
       activities                                         248,207          269,458
                                                     ------------     ------------

  Cash flows from investing activities:
   Proceeds from disposition of property and
    equipment                                               1,974            3,172

   Capital expenditures and other                       (114,194)         (80,647)
                                                     ------------     ------------

      Net cash provided by (used for) investing
       activities                                       (112,220)         (77,475)
                                                     ------------     ------------

  Cash flows from financing activities:
   Proceeds from issuance of long-term debt             1,900,000        1,978,848
   Proceeds from issuance of capital stock                  8,397            9,778
   Principal payments on long-term debt and
    other long-term obligations                           (8,685)          (3,250)
   Purchases and redemptions of long-term debt        (2,149,653)      (1,721,486)
   Purchases of capital stock                           (146,884)          (1,218)
   Borrowings under revolving credit agreements           ―           50,000
   Payments under revolving credit agreements             ―        (219,400)
   Payments for financing costs                          (31,510)         (49,815)
   Payments for forward-starting interest rate
    swaps settlements                                   (232,703)          ―
   Net decrease (increase) in restricted cash              11,719         (43,034)

   Dividends on preferred stock                           (9,940)          (9,938)
                                                     ------------     ------------

      Net cash provided by (used for) financing
       activities                                       (659,259)          (9,515)
                                                     ------------     ------------

  Effect of exchange rate changes on cash                   (787)          (2,698)
  Net increase (decrease) in cash and cash
   equivalents                                          (524,059)          179,770
  Cash and cash equivalents at beginning of
   period                                                 766,146          155,219
                                                     ------------     ------------


  Cash and cash equivalents at end of period            $ 242,087        $ 334,989
                                                     ============     ============

  Supplemental disclosure of cash flow
   information:
   Interest paid                                        $ 208,350        $ 145,643
   Income taxes paid                                        2,218            4,424


  CCI FACT SHEET Q2 2009 to
   Q2 2010
  -------------------------
  dollars in millions


                                                    %
                              Q2 '09    Q2 '10   Change
                             --------  --------  ------

  CCUSA
  -------------------------
  Site Rental Revenues        $ 358.5   $ 388.0      8%
  Ending Sites                 22,425    22,321      0%


  CCAL
  -------------------------
  Site Rental Revenues         $ 17.9    $ 21.7     21%
  Ending Sites                  1,591     1,593      0%


  TOTAL CCIC
  -------------------------
  Site Rental Revenues        $ 376.4   $ 409.6      9%

  Ending Sites                 24,016    23,914      0%
  -------------------------  --------  --------  ------

  Ending Cash and Cash
   Equivalents                $335.0*   $242.1*

  Total Face Value of Debt   $6,398.7  $6,485.1

  Net Leverage Ratios (1)
  Net Debt / EBITDA              6.1X      5.6X
  Last Quarter Annualized
   Adjusted EBITDA             $987.4  $1,120.3

  *Excludes Restricted Cash
  (1) Based on Face Values

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

  CROWN CASTLE INTERNATIONAL CORP.
  EBITDA Fact Sheet
  (dollars in millions)


                          Quarter Ended 9/30/09         Quarter Ended 12/31/09
                       ----------------------------  ----------------------------

                        CCUSA     CCAL       CCIC     CCUSA     CCAL       CCIC
                       --------  -------  ---------  --------  -------  ---------
  Revenues
   Site Rental          $ 376.2   $ 20.2    $ 396.5   $ 381.1   $ 21.5    $ 402.6

   Services                31.2      1.4       32.6      37.8      3.1       40.9
                       --------  -------  ---------  --------  -------  ---------
  Total Revenues          407.4     21.6      429.1     418.9     24.6      443.5

  Operating Expenses
   Site Rental            108.6      6.3      114.9     111.9      6.6      118.6

   Services                20.7      0.9       21.6      26.8      1.3       28.1
                       --------  -------  ---------  --------  -------  ---------
  Total Operating
   Expenses               129.3      7.2      136.5     138.8      7.9      146.7

  General &
   Administrative          36.4      2.9       39.2      37.4      1.7       39.1

  Add: Stock-Based
   Compensation             6.8      0.4        7.2       7.4    (1.7)        5.7
                       --------  -------  ---------  --------  -------  ---------


  Adjusted EBITDA       $ 248.5   $ 12.0    $ 260.5   $ 250.1   $ 13.3    $ 263.5
                       --------  -------  ---------  --------  -------  ---------



                          Quarter Ended 9/30/09         Quarter Ended 12/31/09
                       ----------------------------  ----------------------------

                        CCUSA     CCAL       CCIC     CCUSA     CCAL       CCIC
                       --------  -------  ---------  --------  -------  ---------
  Gross Margins:
   Site Rental              71%      69%        71%       71%      69%        71%
   Services                 34%      39%        34%       29%      58%        31%

  Adjusted EBITDA
   Margin                   61%      55%        61%       60%      54%        59%
                       --------  -------  ---------  --------  -------  ---------



                          Quarter Ended 3/31/10         Quarter Ended 6/30/10
                       ----------------------------  ----------------------------

                        CCUSA     CCAL       CCIC     CCUSA     CCAL       CCIC
                       --------  -------  ---------  --------  -------  ---------
  Revenues
   Site Rental          $ 384.0   $ 22.8    $ 406.9   $ 388.0   $ 21.7    $ 409.6

   Services                34.8      2.6       37.5      44.3      2.2       46.5
                       --------  -------  ---------  --------  -------  ---------
  Total Revenues          418.9     25.4      444.3     432.2     23.9      456.1

  Operating Expenses
   Site Rental            107.0      6.7      118.6     108.7      6.8      115.5

   Services                24.3      2.0       26.3      28.5      1.4       29.9
                       --------  -------  ---------  --------  -------  ---------
  Total Operating
   Expenses               131.3      8.7      140.1     137.2      8.2      145.4

  General &
   Administrative          35.0      4.5       39.5      36.9      3.7       40.6

  Add: Stock-Based
   Compensation             8.3      1.2        9.4       9.9      0.0        9.9
                       --------  -------  ---------  --------  -------  ---------


  Adjusted EBITDA       $ 260.9   $ 13.4    $ 274.3   $ 268.1   $ 12.0    $ 280.1
                       --------  -------  ---------  --------  -------  ---------



                          Quarter Ended 3/31/10         Quarter Ended 6/30/10
                       ----------------------------  ----------------------------

                        CCUSA     CCAL       CCIC     CCUSA     CCAL       CCIC
                       --------  -------  ---------  --------  -------  ---------
  Gross Margins:
   Site Rental              72%      71%        72%       72%      69%        72%
   Services                 30%      23%        30%       36%      36%        36%

  Adjusted EBITDA
   Margin                   62%      53%        62%       62%      50%        61%
                       --------  -------  ---------  --------  -------  ---------

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


                                                               Quarter Ended
                                                --------------------------------------------
                                                9/30/2009  12/31/2009   3/31/2010  6/30/2010
  Net income (loss)                              $ (31.1)      $ 18.7   $ (119.4)   $ (97.6)
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                           3.1         4.8         1.6        2.6
   Depreciation, amortization and accretion         131.5       133.5       132.9      134.4
   Acquisition and integration costs                  0.0         0.0         0.0        0.3
   Interest expense, amortization of deferred
    financing costs                                 111.2       118.9       120.8      120.3
   Gains (losses) on purchases and redemptions
    of debt                                           4.8         0.9        66.4        0.0
   Net gain (loss) on interest rate swaps            58.3      (21.1)        73.3      114.6
   Interest and other income (expense)              (2.6)         0.2       (0.4)        0.2
   Benefit (provision) for income taxes            (21.8)         1.9      (10.3)      (4.7)

   Stock-based compensation                           7.2         5.7         9.4        9.9
                                                ---------  ----------  ----------  ---------

  Adjusted EBITDA                                 $ 260.5     $ 263.5     $ 274.3    $ 280.1
                                                =========  ==========  ==========  =========

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