Crown Castle International Reports Fourth Quarter and Full Year 2010 Results

HOUSTON, Jan 26, 2011 (GlobeNewswire via COMTEX) --

Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter and year ended December 31, 2010.

"We had an excellent fourth quarter and full year 2010, growing site rental revenue and recurring cash flow from 2009 to 2010, by 10% and 22%, respectively, reflecting the continued strong underlying growth in the business," stated Ben Moreland, President and Chief Executive Officer. "Our U.S. services business also performed exceptionally well, with service revenues up 25%, compared to full year 2009. In addition to excellent financial results in 2010, we refinanced approximately $3.5 billion of debt, accomplishing our goal of refinancing our near-term debt into an appropriately laddered maturity structure. Further, during 2010, we closed our acquisition of NewPath Networks, one of the leading providers of distributed antenna systems networks, furthering our ability to extend wireless infrastructure to customers beyond those areas served by traditional towers, and broadening our service offering in this growing market. Finally, following the completion of our refinancing efforts, we resumed allocating investment capital in a way that we believe will maximize long-term recurring cash flow per share, including by purchasing our common shares, by increasing purchases of land beneath our towers, and through our acquisition of NewPath. In summary, I am very pleased with our 2010 accomplishments and am excited going into 2011 as growing consumer demand for mobile Internet drives the need for our customers to lease additional space on our towers."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the fourth quarter of 2010 increased 12% to $496.3 million from $443.5 million in the same period in 2009. Site rental revenue for the fourth quarter of 2010 increased $44.6 million, or 11%, to $447.2 million from $402.6 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 $41.5 million, or 15%, to $325.5 million in the fourth quarter of 2010 from $284.0 million in the same period in 2009. Adjusted EBITDA for the fourth quarter of 2010 increased $47.9 million, or 18%,to $311.4 million from $263.5 million in the same period in 2009.

Recurring cash flow, defined as Adjusted EBITDA less interest expense and sustaining capital expenditures increased 33% to $175.7 million for the fourth quarter of 2010, compared to $132.2 million in the fourth quarter of 2009. Diluted weighted average common shares outstanding was 288.0 million for the fourth quarter of 2010, compared to 290.5 million for the same period in the prior year. Recurring cash flow per share, defined as recurring cash flow divided by diluted weighted average common shares outstanding, grew 33% to $0.61 in the fourth quarter of 2010, compared to $0.46 in the fourth quarter of 2009.

Net income attributable to CCIC stockholders was $40.9 million for the fourth quarter of 2010, compared to net income attributable to CCIC stockholders of $18.1 million for the same period in 2009. Net income attributable to CCIC stockholders after deduction of dividends on preferred stock was $35.7 million in the fourth quarter of 2010, compared to net income attributable to CCIC stockholders after deduction of dividends on preferred stock of $12.9 million for the same period in 2009. Net income attributable to CCIC common stockholders per common share was $0.12 for the fourth quarter of 2010, compared to net income attributable to CCIC common stockholders per common share of $0.04 in the fourth quarter 2009.

Site rental revenues for full year 2010 increased 10% to $1.70 billion, up $157.6 million from $1.54 billion for full year 2009. Site rental gross margin for full year 2010 increased 14% to $1.23 billion, up $147.0 million from $1.09 billion for full year 2009. Adjusted EBITDA for full year 2010 increased $158.6 million, or 16%, to $1.17 billion, up from $1.01 billion for full year 2009. Recurring cash flow increased $118.0 million, or 22%, from $539.3 million for full year 2009 to $657.3 million for full year 2010. Recurring cash flow per share increased 22% to $2.29 in full year 2010, compared to $1.88 for full year 2009.

Net loss attributable to CCIC stockholders was $310.9 million for full year 2010, inclusive of $286.4 million of losses on interest rate swaps and $138.4 million losses on the redemption of debt, compared to a net loss attributable to CCIC stockholders of $114.3 million for full year 2009, inclusive of $93.0 million of losses on interest rate swaps and $91.1 million losses on the redemption of debt. Net loss attributable to CCIC stockholders after deduction of dividends on preferred stock was $331.7 million for full year 2010, compared to a net loss attributable to CCIC stockholders after deduction of dividends on preferred stock of $135.1 million for full year 2009. Net loss attributable to CCIC common stockholders per common share was $1.16 for full year 2010, compared to a net loss attributable to CCIC common stockholders per common share of $0.47 for full year 2009.

FINANCING AND INVESTING ACTIVITIES

During the fourth quarter of 2010, Crown Castle invested approximately $79.8 million in capital expenditures, comprised of $32.0 million of land purchases, $9.8 million of sustaining capital expenditures and $38.0 million of revenue generating capital expenditures, the latter consisting of $26.4 million on existing sites and $11.6 million on the construction of new sites.

Crown Castle spent $12.7 million during the fourth quarter to purchase its common shares at an average price of $42.42 per share. Diluted common shares outstanding at December 31, 2010 were 288.1 million. Since January 2003, Crown Castle has spent $2.4 billion to purchase approximately 92.6 million of its common shares and potential shares, at an average price of $25.65 per share.

In addition, during fourth quarter 2010, Crown Castle used $431.0 million of cash, including $157.0 million borrowed under its revolving credit facility, to settle all of its forward-starting interest rate swaps that were due to be settled during 2011. As of the end of the fourth quarter of 2010, Crown Castle is no longer a party to any forward-starting interest rate swaps.

Crown Castle had approximately $112.5 million in cash and cash equivalents (excluding restricted cash) and $243.0 million of availability under its revolving credit facility as of December 31, 2010.

"I am very pleased with our fourth quarter and full year results," stated Jay Brown, Chief Financial Officer of Crown Castle. "As we look forward to our plans for 2011, I am excited about the anticipated growth in our business and the opportunity to make investments in activities we believe will maximize long-term recurring cash flow per share. For the full year 2011, we expect to produce approximately $730 million of recurring cash flow, of which we anticipate spending approximately $275 million on capital expenditures related to the purchase of land beneath our towers, the addition of tenants to our towers and the construction of new sites, including Distributed Antenna Systems. The remaining portion of the recurring cash flow represents approximately $115 million per quarter of cash flow that I expect will be available to invest in activities around our core business, including reducing common shares outstanding and acquisitions. I believe the combination of growth in our core business driven by wireless data deployments and the investment of our expected cash flow will continue to enhance long-term recurring cash flow per share."

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, January 27, 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 0.90 US dollars to 1.00 Australian dollar for first quarter 2011 and full year 2011 Outlook.

The following table sets forth Crown Castle's current Outlook for the first quarter of 2011 and full year 2011:


                                             First Quarter
  (in millions, except per share amounts)         2011           Full Year 2011
                                           -----------------  -------------------
  Site rental revenues                        $445 to $450     $1,815 to $1,835
  Site rental cost of operations              $115 to $120       $470 to $490
  Site rental gross margin                    $328 to $333     $1,335 to $1,355
  Adjusted EBITDA                             $305 to $310     $1,248 to $1,268
  Interest expense and amortization
  of deferred financing costs(a)(b)           $125 to $130       $499 to $509
  Sustaining capital expenditures               $4 to $6           $20 to $25
  Recurring cash flow                         $173 to $178       $721 to $741
  Net income (loss) after deduction
  of dividends on preferred stock              $7 to $33          $63 to $151
  Net income (loss) per share ―
   diluted(c)                               $0.02 to $0.12       $0.22 to $0.53

  (a) Inclusive of approximately $26 million and $103 million, respectively, of
   non-cash expense.
  (b) Approximately $18 million and $72 million, respectively, of the total
   non-cash expense relates to the amortization of forward-starting interest rate
   swaps, all of which has been cash settled in prior periods.
  (c) Represents net income (loss) per common share, based on 288.1 million
   diluted shares outstanding as of December 31, 2010.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, January 27, 2011, at 11:00 a.m. eastern time. The conference call may be accessed by dialing 480-629-9643 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 on the Crown Castle website at http://investor.crowncastle.com.

A telephonic replay of the conference call will be available from 1:00 p.m. eastern time on Thursday, January 27, 2011, through 11:59 p.m. eastern time on Thursday, February 3, 2011, and may be accessed by dialing 303-590-3030 using access code 4396202. 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 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 www.crowncastle.com.

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

Non-GAAP Financial Measures

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.

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 and years ended December 31, 2010 and 2009 are computed as follows:


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

                                              December  December   December   December
                                              31, 2010  31, 2009   31, 2010   31, 2009
                                              --------  --------  ---------  ---------

  (in millions, except per share amounts)
  Net income (loss)                             $ 40.9    $ 18.7  $ (311.3)  $ (114.1)
  Adjustments to increase (decrease) net
   income (loss):
    Asset write-down charges                       5.1       4.8       13.7       19.2
    Acquisition and integration costs              1.0   ―        2.1    ―
    Depreciation, amortization and accretion     137.3     133.5      540.8      529.7
    Interest expense and amortization of
     deferred financing costs                    125.9     118.9      490.3      445.9
    Gains (losses) on purchases and
     redemption of debt                        ―       0.9      138.4       91.1
    Net gain (loss) on interest rate swaps       (5.9)    (21.1)      286.4       93.0
    Interest and other income (expense)          (0.6)       0.2      (1.6)      (5.4)
    Benefit (provision) for income taxes         (4.2)       1.9     (26.8)     (76.4)
    Stock-based compensation charges              11.9       5.7       40.0       30.3


                                              --------  --------  ---------  ---------

  Adjusted EBITDA                              $ 311.4   $ 263.5  $ 1,171.9  $ 1,013.3
                                              ========  ========  =========  =========

  Less: Interest expense and amortization of
   deferred financing costs                      125.9     118.9      490.3      445.9

  Less: Sustaining capital expenditures            9.8      12.4       24.3       28.1
                                              --------  --------  ---------  ---------


  Recurring cash flow                          $ 175.7   $ 132.2    $ 657.3    $ 539.3
                                              ========  ========  =========  =========

  Weighted average common shares outstanding
   ― diluted                               288.0     290.5      286.8      286.6

  Recurring cash flow per share                 $ 0.61    $ 0.46     $ 2.29     $ 1.88
                                              ========  ========  =========  =========

Other Calculations:

Adjusted EBITDA and recurring cash flow for the quarter ending March 31, 2011 and the year ending December 31, 2011 are forecasted as follows:

                                                  Q1 2011       Full Year 2011

  (in millions)                                   Outlook           Outlook
                                              ---------------  ----------------
  Net income (loss)                              $12 to $38       $84 to $172
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                      $3 to $6         $13 to $23
   Gains (losses) on purchases and
    redemptions of debt                           ―           ―
   Depreciation, amortization and accretion    $135 to $140      $542 to $562
   Acquisition and integration costs             $1 to $2          $1 to $3
   Interest and other income (expense)           $(1) to $1       $(4) to $4
   Interest expense and amortization of
    deferred financing costs(a)(b)             $125 to $130      $499 to $509
   Benefit (provision) for income taxes          $0 to $3         $15 to $25

   Stock-based compensation charges              $9 to $11        $30 to $38
                                              ---------------  ----------------

  Adjusted EBITDA                              $305 to $310    $1,248 to $1,268
                                              ===============  ================
  Less: Interest expense and amortization of
   deferred financing costs(a)(b)              $125 to $130      $499 to $509

  Less: Sustaining capital expenditures          $4 to $6         $20 to $25
                                              ---------------  ----------------

  Recurring cash flow                          $173 to $178      $721 to $741
                                              ===============  ================

  (a) Inclusive of approximately $26 million and $103 million, respectively, of
   non-cash expense.
  (b) Approximately $18 million and $72 million, respectively, of the total
   non-cash expense relates to the amortization of forward-starting 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
                                             ------------------

                                             December  December
                                                31,       31,
                                               2010      2009
                                             --------  --------
  (in millions)
  Interest expense on debt obligations        $ 100.2   $ 101.1
  Amortization of deferred financing costs        3.7       7.1
  Amortization of discounts on long-term
   debt                                           3.8       3.6
  Amortization of interest rate swaps            17.9       6.5

  Other                                           0.3       0.5
                                             --------  --------

                                              $ 125.9   $ 118.9
                                             ========  ========

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

                                                  Q1 2011      Full Year 2011

                                                  Outlook         Outlook
                                               -------------  ---------------
  (in millions)
  Interest expense on debt obligations          $100 to $102   $397 to $402
  Amortization of deferred financing costs        $3 to $4       $14 to $16
  Amortization of discounts on long-term debt     $3 to $4       $15 to $17
  Amortization of interest rate swaps           $17 to $20       $69 to $74

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

                                                $125 to $130   $499 to $509
                                               =============  ===============


Debt balances and maturity dates as of December 31, 2010


                                               Face
  (in millions)                               Value     Final Maturity
                                            ---------  -----------------

  Revolver                                    $ 157.0   September 2013
  2007 Crown Castle Operating Company Term
   Loan                                         625.6     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         1,000.4       May 2017
  7.125% Senior Notes Due 2019                  500.0    November 2019
  Senior Secured Notes, Series 2009-1(a)        233.1       Various
  Senior Secured Tower Revenue Notes,
   Series 2010-1-2010-3(b)                    1,900.0       Various
  Senior Secured Tower Revenue Notes,
   Series 2010-4-2010-6(c)                    1,550.0       Various

  Capital Leases and Other Obligations           34.5
                                            ---------       Various
  Total Debt                                $ 6,867.6

  Less: Cash and Cash Equivalents(d)            112.5
                                            ---------

  Net Debt                                  $ 6,755.1
                                            =========

  (a) The 2009 Securitized Notes consist of $163.1 million of principal
   as of December 31, 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) 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 quarters and years ended December 31, 2010 and December 31, 2009 is computed as follows:


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

                                    December  December  December  December
                                    31, 2010  31, 2009  31, 2010  31, 2009
                                    --------  --------  --------  --------
  (in millions)
  Capital Expenditures                $ 79.8    $ 62.2   $ 228.1   $ 173.5
  Less: Revenue enhancing on
   existing sites                       26.4      27.3      73.9     101.3
  Less: Land purchases                  32.0      19.4     109.1      25.5

  Less: New site construction           11.6       3.2      20.7      18.7
                                    --------  --------  --------  --------

  Sustaining capital expenditures      $ 9.8    $ 12.4    $ 24.3    $ 28.1
                                    ========  ========  ========  ========

Site rental gross margin for the quarter ending March 31, 2011 and for the year ending December 31, 2011 is forecasted as follows:


                                                        Full Year 2011
  (in millions)                    Q1 2011 Outlook           Outlook
                                  -----------------  ---------------------
  Site rental revenue                $445 to $450       $1,815 to $1,835
  Less: Site rental cost of
   operations                        $115 to $120         $470 to $490
                                  -----------------  ---------------------

  Site rental gross margin           $328 to $333       $1,335 to $1,355
                                  =================  =====================

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) demand for wireless infrastructure and our sites and towers, (ii) wireless data and network deployments and the demand for mobile Internet and data services, (iii) the growth of our business, (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 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.
  --  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 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, 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)

                                   December 31,  December 31,

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

               ASSETS
  Current assets:
   Cash and cash equivalents            112,531     $ 766,146
   Restricted cash                      221,015       213,514
   Receivables, net                      59,912        44,431
   Deferred income tax assets            59,098        76,089
   Prepaid expenses, deferred
    site rental receivables and
    other current assets, net            92,589        95,853
                                   ------------  ------------
     Total current assets               545,145     1,196,033
  Property and equipment, net         4,893,651     4,895,983
  Goodwill                            2,029,296     1,984,804
  Other intangible assets, net        2,313,929     2,405,422
  Deferred site rental
   receivables, long-term prepaid
   rent, deferred financing costs
   and other assets, net                687,508       474,364
                                   ------------  ------------

                                   $ 10,469,529  $ 10,956,606
                                   ============  ============

       LIABILITIES AND EQUITY
  Current liabilities:
   Accounts payable and other
    accrued liabilities               $ 204,877     $ 197,139
   Deferred revenues                    202,123       179,649
   Interest rate swaps                    5,198       160,121
   Short-term debt, current
    maturities of debt and other
    obligations                          28,687       217,196
                                   ------------  ------------
     Total current liabilities          440,885       754,105
  Debt and other long-term
   obligations                        6,750,207     6,361,954
  Deferred income tax liabilities        66,686        74,117
  Deferred ground lease payable,
   interest rate swaps and other
   liabilities                          450,176       514,691
                                   ------------  ------------
     Total liabilities                7,707,954     7,704,867
  Redeemable preferred stock            316,581       315,654
  CCIC Stockholders' equity           2,445,373     2,936,241

  Noncontrolling interest                 (379)         (156)
                                   ------------  ------------

     Total equity                     2,444,994     2,936,085
                                   ------------  ------------

                                   $ 10,469,529  $ 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       Twelve Months Ended
                                            December 31,             December 31,
                                       ----------------------  ------------------------

                                          2010        2009        2010         2009
                                       ----------  ----------  -----------  -----------
  Net revenues:
   Site rental                          $ 447,179   $ 402,615  $ 1,700,761  $ 1,543,192

   Network services and other              49,135      40,929      177,897      142,215
                                       ----------  ----------  -----------  -----------

     Total net revenues                   496,314     443,544    1,878,658    1,685,407
                                       ----------  ----------  -----------  -----------
  Costs of operations (exclusive of
   depreciation, amortization and
   accretion):
   Site rental                            121,683     118,581      467,136      456,560

   Network services and other              31,251      28,125      114,241       92,808
                                       ----------  ----------  -----------  -----------

     Total costs of operations            152,934     146,706      581,377      549,368
                                       ----------  ----------  -----------  -----------
  General and administrative               43,908      39,103      165,356      153,072
  Asset write-down charges                  5,099       4,778       13,687       19,237
  Acquisition and integration costs           962          --        2,102      ―
  Depreciation, amortization and
   accretion                              137,259     133,503      540,771      529,739
                                       ----------  ----------  -----------  -----------
   Operating income (loss)                156,152     119,454      575,365      433,991
  Interest expense and amortization
   of deferred financing costs          (125,947)   (118,876)    (490,269)    (445,882)
  Gains (losses) on purchases and
   redemptions of debt                    ―       (905)    (138,367)     (91,079)
  Net gain (loss) on interest rate
   swaps                                    5,860      21,094    (286,435)     (92,966)

  Interest and other income (expense)         616       (159)        1,601        5,413
                                       ----------  ----------  -----------  -----------
   Income (loss) before income taxes       36,681      20,608    (338,105)    (190,523)
  Benefit (provision) for income
   taxes                                    4,224     (1,876)       26,846       76,400
                                       ----------  ----------  -----------  -----------
  Net income (loss)                        40,905      18,732    (311,259)    (114,123)
  Less: Net income (loss)
   attributable to the noncontrolling
   interest                                    32         584        (319)          209
                                       ----------  ----------  -----------  -----------
  Net income (loss) attributable to
   CCIC stockholders                       40,873      18,148    (310,940)    (114,332)

  Dividends on preferred stock .          (5,202)     (5,202)     (20,806)     (20,806)
                                       ----------  ----------  -----------  -----------
  Net income (loss) attributable to
   CCIC stockholders after deduction
   of dividends on preferred stock       $ 35,671    $ 12,946  $ (331,746)  $ (135,138)
                                       ==========  ==========  ===========  ===========

  Net income (loss) attributable to
   CCIC common stockholders, after
   deduction of dividends on
   preferred stock,
  per common share:
   Basic                                   $ 0.12      $ 0.04     $ (1.16)     $ (0.47)
   Diluted                                 $ 0.12      $ 0.04     $ (1.16)     $ (0.47)

  Weighted average common shares
   outstanding (in thousands):
   Basic                                  286,406     287,421      286,764      286,622
   Diluted                                288,000     290,470      286,764      286,622


  Adjusted EBITDA                       $ 311,417   $ 263,465  $ 1,171,890  $ 1,013,272
                                       ==========  ==========  ===========  ===========

  Stock-based compensation expenses:
    Site rental cost of operations          $ 330       $ 267      $ 1,131        $ 967
    Network services and other cost
     of operations                            472         314        1,568        1,207

    General and administrative             11,143       5,149       37,266       28,131
                                       ----------  ----------  -----------  -----------

     Total                               $ 11,945     $ 5,730     $ 39,965     $ 30,305
                                       ==========  ==========  ===========  ===========


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


                                                     Twelve Months Ended
                                                         December 31,
                                                  --------------------------

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

  Cash flows from operating activities:
   Net income (loss)                               $ (311,259)   $ (114,123)
   Adjustments to reconcile net income (loss) to
    net cash provided by (used for) operating
    activities:
   Depreciation, amortization and accretion            540,771       529,739
   Gains (losses) on purchases and redemptions
    of long-term debt                                  138,367        91,079
   Amortization of deferred financing costs and
    other non-cash interest                             85,454        61,357
   Stock-based compensation expense                     36,540        29,225
   Asset write-down charges                             13,687        19,237
   Deferred income tax benefit (provision)            (26,196)      (74,410)
   Income (expense) from forward-starting
    interest rate swaps                                286,435        90,302
   Other adjustments, net                                  857           821
   Changes in assets and liabilities, excluding
    the effects of acquisitions:
     Increase (decrease) in liabilities                 36,429        60,319

     Decrease (increase) in assets                   (197,655)     (122,290)
                                                  ------------  ------------
       Net cash provided by (used for) operating
        activities                                     603,430       571,256
                                                  ------------  ------------

  Cash flows from investing activities:
   Proceeds from disposition of property and
    equipment                                            3,092         3,988
   Payments for acquisitions (net of cash
    acquired) of businesses                          (139,158)       (2,598)
   Capital expenditures                              (228,058)     (173,535)

   Payments for investments and other                 (26,825)       ―
                                                  ------------  ------------
       Net cash provided by (used for) investing
        activities                                   (390,949)     (172,145)
                                                  ------------  ------------

  Cash flows from financing activities:
   Proceeds from issuance of long-term debt          3,450,000     2,726,348
   Proceeds from issuance of capital stock              18,731        45,049
   Principal payments on long-term debt and
    other long-term obligations                       (26,397)       (6,500)
   Purchases and redemptions of long-term debt     (3,541,312)   (2,191,719)
   Purchases of capital stock                        (159,640)       (3,003)
   Borrowings under revolving credit agreements        157,000        50,000
   Payments under revolving credit agreements          ―     (219,400)
   Payments for financing costs                       (59,259)      (67,760)
   Payments for forward-starting interest rate
    swap settlements                                 (697,821)      (36,670)
   Net decrease (increase) in restricted cash           11,953      (62,071)

   Dividends on preferred stock                       (19,879)      (19,878)
                                                  ------------  ------------
       Net cash provided by (used for) financing
        activities                                   (866,624)       214,396
                                                  ------------  ------------

  Effect of exchange rate changes on cash                  528       (2,580)
  Net increase (decrease) in cash and cash
   equivalents                                       (653,615)       610,927
  Cash and cash equivalents at beginning of
   period                                              766,146       155,219
                                                  ------------  ------------

  Cash and cash equivalents at end of period         $ 112,531     $ 766,146
                                                  ============  ============

  Supplemental disclosure of cash flow
   information:
   Interest paid                                     $ 409,293     $ 331,681
   Income taxes paid (refund)                          (5,935)         5,597


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


                          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%
                       --------  -------  ---------  --------  -------  ---------



                          Quarter Ended 9/30/10         Quarter Ended 12/31/10
                       ----------------------------  ----------------------------

                        CCUSA     CCAL       CCIC     CCUSA     CCAL       CCIC
                       --------  -------  ---------  --------  -------  ---------
  Revenues
   Site Rental          $ 414.3   $ 22.8    $ 437.1   $ 421.9   $ 25.3    $ 447.2

   Services                42.5      2.3       44.8      46.4      2.7       49.1
                       --------  -------  ---------  --------  -------  ---------
  Total Revenues          456.8     25.1      481.9     468.3     28.0      496.3

  Operating Expenses
   Site Rental            109.0      7.3      116.2     113.2      8.5    $ 121.7

   Services                25.2      1.6       26.8      29.7      1.6       31.3
                       --------  -------  ---------  --------  -------  ---------
  Total Operating
   Expenses               134.2      8.8      143.0     142.8     10.1      152.9

  General &
   Administrative          37.5      3.9       41.4      39.0      4.9       43.9

  Add: Stock-Based
   Compensation             8.0      0.6        8.7      10.4      1.6       11.9


                       --------  -------  ---------  --------  -------  ---------

  Adjusted EBITDA       $ 293.2   $ 12.9    $ 306.1   $ 296.8   $ 14.6    $ 311.4
                       --------  -------  ---------  --------  -------  ---------



                          Quarter Ended 9/30/10         Quarter Ended 12/31/10
                       ----------------------------  ----------------------------

                        CCUSA     CCAL       CCIC     CCUSA     CCAL       CCIC
                       --------  -------  ---------  --------  -------  ---------
  Gross Margins:
   Site Rental              74%      68%        73%       73%      66%        73%
   Services                 41%      31%        40%       36%      42%        36%

  Adjusted EBITDA
   Margin                   64%      52%        64%       63%      52%        63%
                       --------  -------  ---------  --------  -------  ---------


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


                                                                Quarter Ended
                                                ---------------------------------------------
                                                 3/31/2010  6/30/2010   9/30/2010  12/31/2010
  Net income (loss)                              $ (119.4)   $ (97.6)   $ (135.2)      $ 40.9
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                            1.6        2.6         4.4         5.1
   Acquisition and integration costs                   0.0        0.3         0.9         1.0
   Depreciation, amortization and accretion          132.9      134.4       136.2       137.3
   Gains (losses) on purchases and redemptions
    of debt                                           66.4        0.0        71.9         0.0
   Interest and other income (expense)               (0.4)        0.2       (0.8)       (0.6)
   Net gain (loss) on interest rate swaps             73.3      114.6       104.4       (5.9)
   Interest expense, amortization of deferred
    financing costs                                  120.8      120.3       123.2       125.9
   Benefit (provision) for income taxes             (10.3)      (4.7)       (7.6)       (4.2)

   Stock-based compensation                            9.4        9.9         8.7        11.9
                                                ----------  ---------  ----------  ----------

  Adjusted EBITDA                                  $ 274.3    $ 280.1     $ 306.1     $ 311.4
                                                ==========  =========  ==========  ==========

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



  CCI FACT SHEET Q4 2009 to
   Q4 2010
  -------------------------
  dollars in millions


  -------------------------  ---------  ---------  ------

                                                      %
                              Q4 '09     Q4 '10    Change
                             ---------  ---------  ------

  CCUSA
  -------------------------
  Site Rental Revenues         $ 381.1    $ 421.9     11%
  Ending Sites                  22,365     22,249     -1%


  CCAL
  -------------------------
  Site Rental Revenues          $ 21.5     $ 25.3     18%
  Ending Sites                   1,592      1,596      0%


  TOTAL CCIC
  -------------------------
  Site Rental Revenues         $ 402.6    $ 447.2     11%

  Ending Sites                  23,957     23,845      0%
  -------------------------  ---------  ---------  ------

  Ending Cash and Cash
   Equivalents               $ 766.1 *  $ 112.5 *


  Total Face Value of Debt   $ 6,690.6  $ 6,867.6

  Net Leverage Ratios (1)
  Net Debt / EBITDA               5.6X       5.4X
  Last Quarter Annualized
   Adjusted EBITDA            $1,053.9   $1,245.7

  *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