Crown Castle International Reports First Quarter 2011 Results

HOUSTON, Apr 27, 2011 (GlobeNewswire via COMTEX) --

Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter ended March 31, 2011.

"We had a good first quarter, exceeding our Outlook for site rental revenue, Adjusted EBITDA and recurring cash flow," stated Ben Moreland, President and Chief Executive Officer. "Site rental revenue grew 10%, adjusted for non-recurring items, and US services revenues grew 14%, compared to the same period in 2010. I am excited about our position relative to the deployment of the mobile Internet across a number of devices and wireless networks. With the largest tower portfolio in the most populated cities in the US and the highest level of customer service in our industry, we have a unique ability to benefit from the growth in mobile data services. We are benefiting from these mobile data deployments in our results, and I believe it is still early days in this next generation of wireless demand."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the first quarter of 2011 increased 12% to $499 million from $444 million in the same period in 2010. Site rental revenue for the first quarter of 2011 increased $49 million, or 12%, to $456 million from $407 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 $45 million, or 15%, to $338 million in the first quarter of 2011 from $293 million in the same period in 2010. Adjusted EBITDA for the first quarter of 2011 increased $45 million, or 16%,to $319 million from $274 million in the same period in 2010.

Recurring cash flow, defined as Adjusted EBITDA less interest expense and sustaining capital expenditures, increased 27% to $190 million for the first quarter of 2011, compared to $149 million in the first quarter of 2010. Diluted weighted average common shares outstanding were 289.0 million for the first quarter of 2011, compared to 288.5 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 27% to $0.66 in the first quarter of 2011, compared to $0.52 in the first quarter of 2010.

Net income attributable to CCIC stockholders increased $159 million to $40 million for the first quarter of 2011, compared to net loss attributable to CCIC stockholders of $119 million for the same period in 2010. Net income attributable to CCIC stockholders after deduction of dividends on preferred stock was $35 million in the first quarter of 2011, compared to net loss attributable to CCIC stockholders after deduction of dividends on preferred stock of $125 million for the same period in 2010. Net income attributable to CCIC common stockholders per common share was $0.12 for the first quarter of 2011, compared to net loss attributable to CCIC common stockholders per common share of $0.43 in the first quarter 2010.

FINANCING AND INVESTING ACTIVITIES

"We are pleased to have resumed purchasing our common shares, investing approximately 30% of our first quarter 2011 recurring cash flow in this activity," stated Jay Brown, Chief Financial Officer of Crown Castle. "Further, we continue to see attractive investment opportunities in our distributed antenna systems business and believe this has the potential to be a meaningful component of our long-term organic revenue growth. In the near term, consistent with some of the recent announcements by US wireless operators, the vast majority of our leasing activity is coming from the two largest wireless carriers in the US and a large number of relatively small wireless operators. Our full year 2011 Outlook assumes that the leasing activity for the balance of 2011 remains similar to the activity that we saw in the first quarter. We believe that we are likely to see an increase in leasing activity as we enter 2012, as well as an increase in the diversity of customers for that leasing activity. As shown in our 2011 Outlook, we expect to produce an additional $540 million of recurring cash flow for the balance of 2011, which we expect to invest in activities that we believe will maximize long-term cash flow per share."

During the first quarter of 2011, Crown Castle invested approximately $52 million in capital expenditures, comprised of $22 million of land purchases, $3 million of sustaining capital expenditures and $27 million of revenue generating capital expenditures, the latter consisting of $16 million on existing sites and $11 million on the construction of new sites.

Also, during the first quarter of 2011, Crown Castle purchased approximately 1.0 million of its common shares using $42.2 million in cash at an average price of $41.14 per share. In addition, in April 2011, Crown Castle purchased approximately 0.2 million of its common shares using $10.3 million in cash at an average price of $41.86 per share. Pro forma for the common shares purchased in April 2011, diluted common shares outstanding at March 31, 2011 were 288.9 million. Since January 2003, Crown Castle has spent $2.4 billion to purchase approximately 93.9 million of its common shares and potential shares, at an average price of $25.86 per share.

Crown Castle repaid $50 million of the revolving credit facility during the first quarter of 2011. Since April 1, 2011, Crown Castle has repaid an additional $15 million of the revolving credit facility. Pro forma for the purchase of its common shares, and after taking into account the aforementioned revolver repayments, Crown Castle had approximately $57 million in cash and cash equivalents (excluding restricted cash) as of March 31, 2011, and $308 million of availability under its revolving credit facility.

IMPACT OF NON-RECURRING ITEMS AND FOREIGN EXCHANGE RATE

First quarter 2011 site rental revenue benefited from $6.7 million in unexpected, non-recurring items comprised primarily of the non-cash impact related to licenses that were expected to, but did not, terminate as a result of carrier consolidation, and a termination fee related to a take-or-pay arrangement with a customer. In addition, site rental revenue also benefited by $2.6 million due to an 11% increase in the Australian dollar to US dollar exchange rate compared to our Outlook for exchange rates provided in January 2011. Further, first quarter 2011 Adjusted EBITDA benefited from the aforementioned $6.7 million in non-recurring items and $2 million due to the increase in the Australian dollar to US dollar exchange rate.

OUTLOOK

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

The following Outlook table is based on current expectations and assumptions and assumes a US dollar to Australian dollar exchange rate of 1.00 US dollar to 1.00 Australian dollar for second quarter 2011. The second half of the year assumes a US dollar to Australian dollar exchange rate of 0.90 US dollars to 1.00 Australian dollar.

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



                                                        Second Quarter
  (in millions, except per share amounts)                     2011           Full Year 2011
                                                       -----------------  -------------------
  Site rental revenues                                    $450 to $455     $1,815 to $1,835
  Site rental cost of operations                          $118 to $123       $470 to $490
  Site rental gross margin                                $330 to $335     $1,335 to $1,355
  Adjusted EBITDA                                         $311 to $316     $1,248 to $1,268
  Interest expense and amortization of deferred
   financing costs(a)(b)                                  $124 to $129       $499 to $509
  Sustaining capital expenditures                           $5 to $7           $20 to $25
  Recurring cash flow                                     $178 to $183       $721 to $741
  Net income (loss) after deduction of dividends on
   preferred stock                                        $11 to $40          $70 to $155
  Net income (loss) per share ― diluted(c)        $0.04 to $0.14       $0.24 to $0.54

   (a)  Inclusive of $26 million and $104 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 interest rate swaps, all of which has been cash
    settled in prior periods.
   (c)  Represents net income (loss) per common share, based on 289.1 million diluted shares
    outstanding as of March 31, 2011.

CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, April 28, 2011, at 10:30 a.m. eastern time. The conference call may be accessed by dialing 480-629-9772 and asking for the Crown Castle call at least 30 minutes prior to the start time. The conference call may also be accessed live over the Internet at http://investor.crowncastle.com. Any supplemental materials for the call will be posted on the Crown Castle website at http://investor.crowncastle.com.

A telephonic replay of the conference call will be available from 12:30 p.m. eastern time on Thursday, April 28, 2011, through 11:59 p.m. eastern time on Thursday, May 5, 2011, and may be accessed by dialing 303-590-3030 using access code 4431675. An audio archive will also be available on the company's website at http://investor.crowncastle.com shortly after the call and will be accessible for approximately 90 days.

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

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

Non-GAAP Financial Measures and Other Calculations

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

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

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

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

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


  Adjusted EBITDA, recurring cash flow and recurring cash flow per
   share for the quarters ended March 31, 2011 and 2010 are
   computed as follows:
  ----------------------------------------------------------------


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

                                                March
                                                 31,     March 31,
                                                2011       2010
                                               -------  ----------
  (in millions, except per share amounts)
  Net income (loss)                             $ 40.1   $ (119.4)
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                        4.4         1.6
   Acquisition and integration costs               0.6     ―
   Depreciation, amortization and accretion      137.3       132.9
   Interest expense and amortization of
    deferred financing costs                     126.7       120.8
   Gains (losses) on purchases and redemption
    of debt                                    ―        66.4
   Net gain (loss) on interest rate swaps      ―        73.3
   Interest and other income (expense)             0.4       (0.4)
   Benefit (provision) for income taxes          (0.8)      (10.3)

   Stock-based compensation expense               10.7         9.4
                                               -------  ----------

  Adjusted EBITDA                               $319.3      $274.3
                                               =======  ==========

  Less: Interest expense and amortization of
   deferred financing costs                      126.7       120.8

  Less: Sustaining capital expenditures            3.1         4.6
                                               -------  ----------

  Recurring cash flow                           $189.5      $148.9
                                               =======  ==========

  Weighted average common shares outstanding
   ― diluted                               289.0       288.5

  Recurring cash flow per share                  $0.66       $0.52
                                               =======  ==========

Other Calculations:


  Adjusted EBITDA and recurring cash flow for the quarter ending
   June 30, 2011 and the year ending December 31, 2011 are
   forecasted as follows:
  ---------------------------------------------------------------

                                                        Full Year
                                              Q2 2011      2011

  (in millions)                               Outlook    Outlook
                                             ---------  ---------
                                              $16 to     $91 to
  Net income (loss)                             $45        $176
   Adjustments to increase (decrease) net
    income (loss):
                                                         $13 to
   Asset write-down charges                   $3 to $6     $23
   Gains (losses) on purchases and
    redemptions of debt                       ―    ―
                                              $135 to    $539 to
   Depreciation, amortization and accretion     $140       $559
   Acquisition and integration costs          $0 to $2   $1 to $3
                                              $(1) to    $(4) to
   Interest and other income (expense)          $1         $4
   Interest expense and amortization of       $124 to    $499 to
    deferred financing costs(a)(b)              $129       $509
                                                         $13 to
   Benefit (provision) for income taxes       $3 to $8     $23

                                                         $31 to
   Stock-based compensation expense           $7 to $9     $36
                                             ---------  ---------

                                              $311 to   $1,248 to
  Adjusted EBITDA                               $316     $1,268
                                             =========  =========
  Less: Interest expense and amortization     $124 to    $499 to
   of deferred financing costs(a)(b)            $129       $509

                                                         $20 to
  Less: Sustaining capital expenditures       $5 to $7     $25
                                             ---------  ---------

                                              $178 to    $721 to
  Recurring cash flow                           $183       $741
                                             =========  =========

  (a) Inclusive of approximately $26 million and $104 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
   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
                                             --------------------
  (in millions)                              March 31,  March 31,

                                                2011       2010
                                             ---------  ---------
  Interest expense on debt obligations          $100.9     $101.9
  Amortization of deferred financing costs         3.7        3.9
  Amortization of discounts on long-term
   debt                                            3.9        3.5
  Amortization of interest rate swaps             17.9         11

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


                                                $126.7     $120.8
                                             =========  =========



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

                                                        Full Year
                                              Q2 2011      2011

  (in millions)                               Outlook    Outlook
                                             ---------  ---------
                                              $99 to     $397 to
  Interest expense on debt obligations          $102       $402
                                                         $14 to
  Amortization of deferred financing costs    $3 to $4     $16
  Amortization of discounts on long-term                 $15 to
   debt                                       $3 to $4     $17
                                              $17 to     $69 to
  Amortization of interest rate swaps           $20        $74

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

                                              $124 to    $499 to
                                                $129       $509
                                             =========  =========



  Debt balances and maturity dates as of March 31, 2011:
  ---------------------------------------------------------------


                                                Face      Final
   (in millions)                               Value     Maturity
                                             ---------  ---------
                                                        September
   Revolver                                   $107.0       2013
   2007 Crown Castle Operating Company Term               March
    Loan                                        624        2014
                                                         January
   9% Senior Notes Due 2015                    866.9       2015
                                                         December
   7.5% Senior Notes Due 2013                   0.1        2013
   7.75% Senior Secured Notes Due 2017        1,000.4    May 2017
                                                         November
   7.125% Senior Notes Due 2019                 500        2019
   Senior Secured Notes, Series 2009-1(a)      229.3     Various
   Senior Secured Tower Revenue Notes,
    Series 2010-1 to 2010-3(b)                1,900.0    Various
   Senior Secured Tower Revenue Notes,
    Series 2010-4 to 2010-6(c)                1,550.0    Various

   Capital Leases and Other Obligations           39.5
                                             ---------   Various
   Total Debt                                 $6,817.2

   Less: Cash and Cash Equivalents(d)           (82.3)
                                             ---------

   Net Debt                                   $6,734.9
                                             =========

  (a)  The 2009 Securitized Notes consist of $159.3 million of
   principal as of March 31, 2011 that amortizes during the
   period beginning January 2010 and ending in 2019, and $70.0
   million of principal that amortizes during the period
   beginning in 2019 and ending in 2029.
  (b)  The Senior Secured Tower Revenue Notes Series 2010-1,
   2010-2 and 2010-3 have principal amounts of $300.0 million,
   $350.0 million, and $1,250.0 million with anticipated
   repayment dates of 2015, 2017, and 2020, respectively.
  (c)  The Senior Secured Tower Revenue Notes Series 2010-4,
   2010-5 and 2010-6 have principal amounts of $250.0 million,
   $300.0 million and $1,000.0 million with anticipated repayment
   dates of 2015, 2017 and 2020, respectively.
  (d)  Excludes restricted cash.



  Sustaining capital expenditures for the quarters ended March
   31, 2011 and 2010 is computed as follows:
  ---------------------------------------------------------------


                                             For the Three Months
                                                    Ended
                                             --------------------
   (in millions)                             March 31,  March 31,

                                                2011       2010
                                             ---------  ---------
   Capital Expenditures                          $52.6      $36.9
   Less: Land purchases                           22.3       20.2
   Less: Tower improvements and other             16.1        9.3

   Less: Construction of towers                   11.1        2.8
                                             ---------  ---------

   Sustaining capital expenditures                $3.1       $4.6
                                             =========  =========



  Site rental gross margin for the quarter ending June 30, 2011
   and for the year ending December 31, 2011 is forecasted as
   follows:
  ---------------------------------------------------------------
                                                        Full Year
                                              Q2 2011      2011

   (in millions)                              Outlook    Outlook
                                             ---------  ---------
                                              $450 to   $1,815 to
   Site rental revenue                          $455     $1,835

                                              $118 to    $470 to
   Less: Site rental cost of operations         $123       $490
                                             ---------  ---------

                                              $330 to   $1,335 to
   Site rental gross margin                     $335     $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 our towers and services and the level and composition of leasing activity, (ii) opportunities for the expansion and growth of our business, including through DAS, (iii) 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, (iv) currency exchange rates, (v) site rental revenues, (vi) site rental cost of operations, (vii) site rental gross margin, (viii) Adjusted EBITDA, (ix) interest expense and amortization of deferred financing costs, (x) capital expenditures, including sustaining capital expenditures, (xi) recurring cash flow, including on a per share basis, (xii) net income (loss), including on a per share basis, and (xiii) 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.
  --  Our substantial level of indebtedness could adversely affect our ability
      to react to changes in our business, and the terms of our debt
      instruments limit our ability to take a number of actions that our
      management might otherwise believe to be in our best interests. In
      addition, if we fail to comply with our covenants, our debt could be
      accelerated.
  --  We have a substantial amount of indebtedness. In the event we do not
      repay or refinance such indebtedness, we could face substantial
      liquidity issues and might be required to issue equity securities or
      securities convertible into equity securities, or sell some of our
      assets to meet our debt payment obligations.
  --  Sales or issuances of a substantial number of shares of our common stock
      may adversely affect the market price of our common stock.
  --  A wireless communications industry slowdown or reduction in carrier
      network investment may materially and adversely affect our business
      (including reducing demand for our towers and network services).
  --  As a result of competition in our industry, including from some
      competitors with significantly more resources or less debt than we have,
      we may find it more difficult to achieve favorable rental rates on our
      new or renewing customer contracts.
  --  New technologies may significantly reduce demand for our towers and
      negatively impact our revenues.
  --  New wireless technologies may not deploy or be adopted by customers as
      rapidly or in the manner projected.
  --  If we fail to retain rights to our towers, including 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
                                    March 31,       31,

                                      2011         2010
                                   -----------  -----------

                           ASSETS
  Current assets:
   Cash and cash equivalents           $82,320     $112,531
   Restricted cash                     230,431      221,015
   Receivables, net                     53,671       59,912
   Deferred income tax assets           60,423       59,098
   Prepaid expenses, deferred
    site rental receivables and
    other current assets, net           89,226       92,589
                                   -----------  -----------
     Total current assets              516,071      545,145
  Property and equipment, net        4,854,182    4,893,651
  Goodwill                           2,029,316    2,029,296
  Other intangible assets, net       2,274,152    2,313,929
  Deferred site rental
   receivables, long-term prepaid
   rent, deferred financing costs
   and other assets, net               723,473      687,508
                                   -----------  -----------

                                   $10,397,194  $10,469,529
                                   ===========  ===========


                   LIABILITIES AND EQUITY
  Current liabilities:
   Accounts payable and other
    accrued liabilities               $164,647     $210,075
   Deferred revenues                   198,521      202,123
   Current maturities of debt and
    other obligations                   29,562       28,687
                                   -----------  -----------
     Total current liabilities         392,730      440,885
  Debt and other long-term
   obligations                       6,702,793    6,750,207
  Deferred income tax liabilities       66,007       66,686
  Deferred ground lease payable
   and other liabilities               455,855      450,176
                                   -----------  -----------
     Total liabilities               7,617,385    7,707,954
  Redeemable preferred stock           316,813      316,581
  CCIC Stockholders' equity          2,462,892    2,445,373

  Noncontrolling interest                  104        (379)
                                   -----------  -----------

     Total equity                    2,462,996    2,444,994
                                   -----------  -----------

                                   $10,397,194  $10,469,529
                                   ===========  ===========

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

                                          Three Months Ended

                                              March 31,
                                       -----------------------

                                          2011        2010
                                       ---------  ------------

  Net revenues:
   Site rental                          $456,196      $406,872

   Network services and other             42,843        37,455
                                       ---------  ------------

      Total net revenues                 499,039       444,327
                                       ---------  ------------

  Operating expenses:
   Costs of operations (exclusive of
    depreciation, amortization and
    accretion):
    Site rental                          118,415       113,755
    Network services and other            27,224        26,296
   General and administrative             44,744        39,473
   Asset write-down charges                4,401         1,562
   Acquisition and integration costs         554       ―
   Depreciation, amortization and
    accretion                            137,273       132,868
                                       ---------  ------------

      Total operating expenses           332,611       313,954
                                       ---------  ------------
    Operating income (loss)              166,428       130,373
  Interest expense and amortization
   of deferred financing costs         (126,686)     (120,781)
  Gains (losses) on purchases and
   redemptions of debt                   ―      (66,434)
  Net gain (loss) on interest rate
   swaps                                 ―      (73,276)

  Interest and other income (expense)      (435)           379
                                       ---------  ------------
    Income (loss) before income taxes     39,307     (129,739)
  Benefit (provision) for income
   taxes                                     817        10,339
                                       ---------  ------------
  Net income (loss)                       40,124     (119,400)
  Less: Net income (loss)
   attributable to the noncontrolling
   interest                                  107         (125)
                                       ---------  ------------
  Net income (loss) attributable to
   CCIC stockholders                      40,017     (119,275)

  Dividends on preferred stock .         (5,201)       (5,201)
                                       ---------  ------------
  Net income (loss) attributable to
   CCIC stockholders after deduction
   of dividends on preferred stock      $ 34,816   $ (124,476)
                                       =========  ============

  Net income (loss) attributable to
   CCIC common stockholders, after
   deduction of dividends on
   preferred stock, per common share:
   Basic                                  $ 0.12      $ (0.43)
   Diluted                                $ 0.12      $ (0.43)

  Weighted average common shares
   outstanding (in thousands):
   Basic                                 286,998       288,451
   Diluted                               289,005       288,451


  Adjusted EBITDA                       $319,321      $274,251
                                       =========  ============

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

                                                        Three Months Ended

                                                            March 31,
                                                     -----------------------

                                                        2011        2010
                                                     ---------  ------------
  Cash flows from operating activities:
   Net income (loss)                                  $ 40,124   $ (119,400)
   Adjustments to reconcile net income (loss) to
    net cash provided by (used for) operating
    activities:
    Depreciation, amortization and accretion           137,273       132,868
    Gains (losses) on purchases and redemptions
     of long-term debt                                 ―        66,434
    Amortization of deferred financing costs and
     other non-cash interest                            25,801        18,871
    Stock-based compensation expense                     9,496         8,263
    Asset write-down charges                             4,401         1,562
    Deferred income tax benefit (provision)            (2,012)      (13,767)
    Income (expense) from forward-starting
     interest rate swaps                               ―        73,276
    Other adjustments, net                                 180           839
    Changes in assets and liabilities, excluding
     the effects of acquisitions:
     Increase (decrease) in liabilities               (42,254)      (47,129)

     Decrease (increase) in assets                    (45,495)      (37,560)
                                                     ---------  ------------
       Net cash provided by (used for) operating
        activities                                     127,514        84,257
                                                     ---------  ------------


  Cash flows from investing activities:
   Proceeds from disposition of property and
    equipment                                              293         1,742
   Payments for acquisition of businesses, net
    of cash acquired                                     (435)       ―
   Capital expenditures                               (52,650)      (36,863)

   Payments for investments and other                  ―      (21,800)
                                                     ---------  ------------
       Net cash provided by (used for) investing
        activities                                    (52,792)      (56,921)
                                                     ---------  ------------

  Cash flows from financing activities:
   Proceeds from issuance of long-term debt            ―     1,900,000
   Proceeds from issuance of capital stock                 651         6,825
   Principal payments on long-term debt and
    other long-term obligations                        (8,521)       (4,231)
   Purchases and redemptions of long-term debt         ―   (2,149,653)
   Purchases of capital stock                         (42,225)     (108,726)
   Payments under revolving credit agreements         (50,000)       ―
   Payments for financing costs                        ―      (31,358)
   Payments for forward-starting interest rate
    swap settlements                                   ―      (55,900)
   Net decrease (increase) in restricted cash            (526)        51,976

   Dividends on preferred stock                        (4,969)       (4,969)
                                                     ---------  ------------
       Net cash provided by (used for) financing
        activities                                   (105,590)     (396,036)
                                                     ---------  ------------

  Effect of exchange rate changes on cash                  657            50
  Net increase (decrease) in cash and cash
   equivalents                                        (30,211)     (368,650)
  Cash and cash equivalents at beginning of
   period                                              112,531       766,146
                                                     ---------  ------------

  Cash and cash equivalents at end of period           $82,320      $397,496
                                                     =========  ============

  Supplemental disclosure of cash flow
   information:
   Interest paid                                      $111,554      $116,397
   Income taxes paid                                       642         1,397

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



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

              Quarter Ended 6/30/10            Quarter Ended 9/30/10           Quarter Ended 12/31/10            Quarter Ended 3/31/11
         ------------------------------   ------------------------------   ------------------------------   ------------------------------

            CCUSA     CCAL     CCIC          CCUSA     CCAL     CCIC          CCUSA     CCAL     CCIC          CCUSA     CCAL     CCIC
         ------------------------------   ------------------------------   ------------------------------   ------------------------------
 Revenues
    Site
     Rent
    al      $ 388.0   $ 21.7    $ 409.6      $ 414.3   $ 22.8    $ 437.1      $ 421.9   $ 25.3    $ 447.2      $ 430.6   $ 25.6      456.2
    Servi
    ces        44.3      2.2       46.5         42.5      2.3       44.8         46.4      2.7       49.1         37.7      5.2       42.8
         ------------------------------   ------------------------------   ------------------------------   ------------------------------
 Total
  Revenue
 s            432.2     23.9      456.1        456.8     25.1      481.9        468.3     28.0      496.3        468.3     30.7      499.0

 Operatin
 g
  Expense
 s
    Site
     Rent
    al        108.7      6.8      115.5        109.0      7.3      116.2        113.2      8.5      121.7        110.4      8.0      118.4
    Servi
    ces        28.5      1.4       29.9         25.2      1.6       26.8         29.7      1.6       31.3         24.0      3.3       27.2
         ------------------------------   ------------------------------   ------------------------------   ------------------------------
 Total
  Operati
 ng
  Expense
 s            137.2      8.2      145.4        134.2      8.8      143.0        142.8     10.1      152.9        134.4     11.3      145.6

 General
  &
  Adminis
 trative       36.9      3.7       40.6         37.5      3.9       41.4         39.0      4.9       43.9         39.6      5.1       44.7

 Add:
  Stock-B
 ased
  Compens
 ation          9.9      0.0        9.9          8.0      0.6        8.7         10.4      1.6       11.9          9.5      1.2       10.7


         ------------------------------   ------------------------------   ------------------------------   ------------------------------
 Adjusted
  EBITDA    $ 268.1   $ 12.0    $ 280.1      $ 293.2   $ 12.9    $ 306.1      $ 296.8   $ 14.6    $ 311.4      $ 303.8   $ 15.5    $ 319.3
         ------------------------------   ------------------------------   ------------------------------   ------------------------------




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

              Quarter Ended 6/30/10            Quarter Ended 9/30/10           Quarter Ended 12/31/10            Quarter Ended 3/31/11
         ------------------------------   ------------------------------   ------------------------------   ------------------------------

            CCUSA     CCAL     CCIC          CCUSA     CCAL     CCIC          CCUSA     CCAL     CCIC          CCUSA     CCAL     CCIC
         ------------------------------   ------------------------------   ------------------------------   ------------------------------
 Gross
  Margins
 :
    Site
     Rent
    al          72%      69%        72%          74%      68%        73%          73%      66%        73%          74%      69%        74%
    Servi
    ces         36%      36%        36%          41%      31%        40%          36%      42%        36%          36%      37%        36%

 Adjusted
  EBITDA
  Margin        62%      50%        61%          64%      52%        64%          63%      52%        63%          65%      50%        64%
         ------------------------------   ------------------------------   ------------------------------   ------------------------------



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


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

                                                              Quarter Ended
                                               --------------------------------------------
                                               6/30/2010  9/30/2010   12/31/2010  3/31/2011
  Net income (loss)                             $ (97.6)   $ (135.2)      $ 40.9     $ 40.1
  Adjustments to increase (decrease) net
   income (loss):
     Asset write-down charges                        2.6         4.4         5.1        4.4
     Acquisition and integration costs               0.3         0.9         1.0        0.6
     Depreciation, amortization and accretion      134.4       136.2       137.3      137.3
     Gains (losses) on purchases and
      redemptions of debt                             --        71.9          --         --
     Interest and other income (expense)             0.2       (0.8)       (0.6)        0.4
     Net gain (loss) on interest rate swaps        114.6       104.4       (5.9)         --
     Interest expense, amortization of
      deferred financing costs                     120.3       123.2       125.9      126.7
     Benefit (provision) for income taxes          (4.7)       (7.6)       (4.2)      (0.8)

     Stock-based compensation                        9.9         8.7        11.9       10.7
                                               ---------  ----------  ----------  ---------

  Adjusted EBITDA                                $ 280.1     $ 306.1     $ 311.4    $ 319.3
                                               =========  ==========  ==========  =========

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

  CCI FACT SHEET Q1 2010 to Q1 2011
  dollars in millions


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

                                                    %
                              Q1 '10    Q1 '11   Change
                             --------  --------  ------

  CCUSA
  -------------------------
  Site Rental Revenues        $ 384.0   $ 430.6     12%
  Ending Sites                 22,338    22,251      0%


  CCAL
  -------------------------
  Site Rental Revenues         $ 22.8    $ 25.6     12%
  Ending Sites                  1,592     1,596      0%


  TOTAL CCIC
  -------------------------
  Site Rental Revenues        $ 406.9   $ 456.2     12%
  Ending Sites                 23,930    23,847      0%


  -----------------------------------------------------
  Ending Cash and Cash
   Equivalents               $397.5 *   $82.3 *


  Total Face Value of Debt   $6,488.0  $6,817.2

  Net Leverage Ratios (1)
  Net Debt / EBITDA              5.6X      5.3X
  Last Quarter Annualized
   Adjusted EBITDA           $1,097.0  $1,277.3

  *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