Crown Castle International Reports Second Quarter 2011 Results; Raises 2011 Outlook

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

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

"We had an excellent second quarter, exceeding the high-end of our Outlook for site rental revenue, site rental gross margin, Adjusted EBITDA and recurring cash flow," stated Ben Moreland, President and Chief Executive Officer. "As reflected in our results, we enjoyed solid growth in our core business, driven largely by the evolution to 4G networks and the continued growth in mobile Internet use. This growth in our core business resulted primarily from amendment activity from existing tenants. Further, the contribution from our services business exceeded our expectations. Based on our strong second quarter results and our expectations for the remainder of 2011, we have raised our full year 2011 Outlook."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the second quarter of 2011 increased 10% to $500 million from $456 million in the same period in 2010. Site rental revenue for the second quarter of 2011 increased $47 million, or 12%, to $457 million from $410 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 $42 million, or 14%, to $336 million in the second quarter of 2011 from $294 million in the same period in 2010. Adjusted EBITDA for the second quarter of 2011 increased $40 million, or 14%,to $320 million from $280 million in the same period in 2010.

Recurring cash flow, defined as Adjusted EBITDA less interest expense and sustaining capital expenditures, increased 22% to $189 million for the second quarter of 2011, compared to $155 million in the second quarter of 2010. Recurring cash flow per share, defined as recurring cash flow divided by diluted weighted average common shares outstanding, grew 22% to $0.66 in the second quarter of 2011, compared to $0.54 in the second quarter of 2010.

Net income attributable to CCIC stockholders for the second quarter of 2011 increased to $31 million, compared to net loss attributable to CCIC stockholders of $98 million for the same period in 2010. Net income attributable to CCIC stockholders after deduction of dividends on preferred stock increased to $26 million in the second quarter of 2011, compared to net loss attributable to CCIC stockholders after deduction of dividends on preferred stock of $103 million for the same period in 2010. Net income attributable to CCIC common stockholders after deduction of dividends on preferred stock per common share was $0.09 for the second quarter of 2011, compared to net loss attributable to CCIC common stockholders per common share of $0.36 in the second quarter of 2010.

FINANCING AND INVESTING ACTIVITIES

During the second quarter of 2011, Crown Castle purchased 3.6 million of its common shares using $150.3 million in cash at an average price of $41.62 per share. In addition, in July 2011, Crown Castle purchased 0.7 million of its common shares using $29.8 million in cash at an average price of $41.95 per share. Further, in July 2011, Crown Castle used $6.0 million of cash to purchase a portion of its 6.25% preferred stock. Pro forma for the common shares purchased in July 2011, diluted common shares outstanding at June 30, 2011 were 284.6 million. Since January 2003, Crown Castle has spent $2.6 billion to purchase approximately 98.1 million of its common shares and potential shares, at an average price of $26.54 per share.

"I am very pleased with our second quarter results, our ability to increase our Outlook for the balance of 2011 and our investment in our common shares," stated Jay Brown, Chief Financial Officer of Crown Castle. "During the last four months, we invested over $180 million in purchasing our common shares, an activity we believe will maximize long-term recurring cash flow per share. Further, given the strong performance of our business in the second quarter and our expectations for the second half of 2011, we have increased our 2011 Outlook for Adjusted EBITDA by approximately $28 million."

During the second quarter of 2011, Crown Castle invested approximately $64 million in capital expenditures, comprised of $30 million of land purchases, $5 million of sustaining capital expenditures and $29 million of revenue generating capital expenditures, the latter consisting of $19 million on existing sites and $10 million on the construction of new sites.

Further, during the second quarter of 2011, Crown Castle increased its revolving credit facility capacity to $450 million. Since March 31, 2011, Crown Castle has increased the borrowings under its revolving credit facility by $113 million to $220 million. As of June 30, 2011, pro forma for the share purchases during July 2011, Crown Castle had approximately $104 million in cash and cash equivalents (excluding restricted cash) and $230 million of availability under its revolving credit facility.

OUTLOOK

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

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

As reflected in the following table, Crown Castle has increased the midpoint of its full year 2011 Outlook, previously issued on April 27, 2011, for site rental revenue by $20 million, site rental gross margin by $17 million, Adjusted EBITDA by $28 million, and recurring cash flow by $27 million.

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


                                                    Third Quarter
  (in millions, except per share amounts)                2011           Full Year 2011
                                                  -----------------  -------------------
  Site rental revenues                               $461 to $466     $1,840 to $1,850
  Site rental cost of operations                     $119 to $124       $478 to $488
  Site rental gross margin                           $339 to $344     $1,357 to $1,367
  Adjusted EBITDA                                    $319 to $324     $1,281 to $1,291
  Interest expense and amortization of deferred
   financing costs(a)(b)                             $125 to $130       $502 to $512
  Sustaining capital expenditures                      $5 to $7           $20 to $25
  Recurring cash flow                                $186 to $191       $753 to $763
  Net income (loss) after deduction of dividends
   on preferred stock                                $18 to $47          $90 to $167
  Net income (loss) per share -- diluted(c)        $0.06 to $0.16       $0.32 to $0.59

  (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 284.6 million diluted
   shares outstanding as of June 30, 2011, pro forma for the share purchases during July
   2011.


CONFERENCE CALL DETAILS

Crown Castle has scheduled a conference call for Thursday, July 28, 2011, at 10:30 a.m. eastern time. The conference call may be accessed by dialing 480-629-9771 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, July 28, 2011, through 11:59 p.m. eastern time on Thursday, August 4, 2011, and may be accessed by dialing 303-590-3030 using access code 4455448. 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 June 30, 2011 and 2010 are
   computed as follows:


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

                                              June 30,   June 30,
                                                2011       2010
                                              --------  ---------
  (in millions, except per share amounts)
  Net income (loss)                             $ 31.0  $  (97.6)
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                        6.2        2.6
   Acquisition and integration costs               0.5        0.3
   Depreciation, amortization and accretion      138.2      134.4
   Interest expense and amortization of
    deferred financing costs                     126.5      120.3
   Net gain (loss) on interest rate swaps           --      114.6
   Interest and other income (expense)             3.9        0.2
   Benefit (provision) for income taxes            5.8      (4.7)

   Stock-based compensation expense                7.9        9.9
                                              --------  ---------

  Adjusted EBITDA                             $  319.9    $ 280.1
                                              ========  =========
  Less: Interest expense and amortization of
   deferred financing costs                      126.5      120.3

  Less: Sustaining capital expenditures            4.5        4.9
                                              --------  ---------

  Recurring cash flow                          $ 188.9    $ 154.9
                                              ========  =========

  Weighted average common shares outstanding
   -- diluted                                      287      286.1
                                              --------  ---------

  Recurring cash flow per share                 $ 0.66     $ 0.54
                                              ========  =========


Other Calculations:

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

                                                  Q3 2011       Full Year 2011

  (in millions)                                   Outlook           Outlook
                                              ---------------  -----------------
  Net income (loss)                              $23 to $52       $111 to $188
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                      $3 to $6         $16 to $26
   Gains (losses) on purchases and
    redemptions of debt                              --               --
   Depreciation, amortization and accretion    $135 to $140       $542 to $562
   Acquisition and integration costs             $0 to $2           $1 to $3
   Interest and other income (expense)           $(1) to $1        $0 to $10
  Interest expense and amortization of
   deferred financing costs(a)(b)              $125 to $130       $502 to $512
   Benefit (provision) for income taxes          $3 to $8         $10 to $20

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

  Adjusted EBITDA                              $319 to $324     $1,281 to $1,291
                                              ===============  =================
  Less: Interest expense and amortization of
   deferred financing costs(a)(b)              $125 to $130       $502 to $512

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

  Recurring cash flow                          $186 to $191       $753 to $763
                                              ===============  =================

  (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
                                                 ----------------

                                                  June     June
                                                   30,      30,
  (in millions)                                   2011     2010
                                                 -------  -------
  Interest expense on debt obligations           $ 100.8  $ 101.7
  Amortization of deferred financing costs           3.8      4.0
  Amortization of discounts on long-term debt        4.0      3.6
  Amortization of interest rate swaps               18.0     10.8

  Other                                               --      0.3
                                                 -------  -------

                                                 $ 126.5  $ 120.3
                                                 =======  =======



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

                                                    Q3 2011      Full Year 2011

  (in millions)                                     Outlook         Outlook
                                                 -------------  ---------------
  Interest expense on debt obligations            $100 to $103   $400 to $405
  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   $502 to $512
                                                 =============  ===============



  Debt balances and maturity dates as of June 30,
   2011:


                                                Face
  (in millions)                                Value     Final Maturity
                                             ---------  -----------------
  Revolver                                     $ 188.0   September 2013
  2007 Crown Castle Operating Company Term
   Loan                                          622.4     March 2014
  9% Senior Notes Due 2015                       866.9     January 2015
  7.5% Senior Notes Due 2013                       0.0    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)         225.3       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            44.1
                                             ---------       Various

  Total Debt                                 $ 6,897.1
                                             =========

  Less: Cash and Cash Equivalents(d)         $ (108.1)
                                             ---------

  Net Debt                                   $ 6,789.0
                                             =========

  (a) The 2009 Securitized Notes consist of $155.3 million of principal
   as of June 30, 2011 that amortizes during the period beginning January
   2010 and ending in 2019, and $70.0 million of principal that amortizes
   during the period beginning in 2019 and ending in 2029.
  (b) The Senior Secured Tower Revenue Notes Series 2010-1, 2010-2 and
   2010-3 have principal amounts of $300.0 million, $350.0 million, and
   $1,250.0 million with anticipated repayment dates of 2015, 2017, and
   2020, respectively.
  (c) The Senior Secured Tower Revenue Notes Series 2010-4, 2010-5 and
   2010-6 have principal amounts of $250.0 million, $300.0 million and
   $1,000.0 million with anticipated repayment dates of 2015, 2017 and
   2020, respectively.
  (d) Excludes restricted cash.



  Sustaining capital expenditures for the quarters
   ended June 30, 2011 and 2010 is computed as
   follows:


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

                                         June    June
                                         30,     30,
  (in millions)                          2011    2010
                                        ------  ------
  Capital Expenditures                  $ 64.0  $ 54.9
  Less: Land purchases                    30.5    30.8
  Less: Tower improvements and other      19.4    16.0

  Less: Construction of towers             9.6     3.2
                                        ------  ------

  Sustaining capital expenditures        $ 4.5   $ 4.9
                                        ======  ======



  Site rental gross margin for the quarter ending September 30, 2011 and for the year
   ending December 31, 2011 is forecasted as follows:


                                                  Q3 2011          Full Year 2011
  (in millions)                                   Outlook              Outlook
                                             -----------------  ---------------------
  Site rental revenue                           $461 to $466       $1,840 to $1,850

  Less: Site rental cost of operations          $119 to $124         $478 to $488
                                             -----------------  ---------------------

  Site rental gross margin                      $339 to $344       $1,357 to $1,367
                                             =================  =====================


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


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



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

                                    June 30,    December 31,

                                      2011          2010
                                  ------------  ------------
              ASSETS
  Current assets:
   Cash and cash equivalents         $ 108,116     $ 112,531
   Restricted cash                     193,608       221,015
   Receivables, net                     57,093        59,912
   Deferred income tax assets           51,986        59,098
   Prepaid expenses, deferred
    site rental receivables and
    other current assets, net          101,139        92,589
                                  ------------  ------------
     Total current assets              511,942       545,145
  Property and equipment, net        4,828,564     4,893,651
  Goodwill                           2,030,585     2,029,296
  Other intangible assets, net       2,246,507     2,313,929
  Deferred site rental
   receivables, long-term
   prepaid rent, deferred
   financing costs and other
   assets, net                         767,722       687,508
                                  ------------  ------------

                                  $ 10,385,320  $ 10,469,529
                                  ============  ============

      LIABILITIES AND EQUITY
  Current liabilities:
   Accounts payable and other
    accrued liabilities              $ 174,857     $ 210,075
   Deferred revenues                   176,008       202,123
   Current maturities of debt
    and other obligations               30,708        28,687
                                  ------------  ------------
     Total current liabilities         381,573       440,885
  Debt and other long-term
   obligations                       6,785,550     6,750,207
  Deferred income tax
   liabilities                          62,116        66,686
  Deferred ground lease payable
   and other liabilities               470,244       450,176
                                  ------------  ------------
     Total liabilities               7,699,483     7,707,954
  Redeemable preferred stock           317,045       316,581
  CCIC Stockholders' equity          2,368,538     2,445,373

  Noncontrolling interest                  254         (379)
                                  ------------  ------------

     Total equity                    2,368,792     2,444,994
                                  ------------  ------------

                                  $ 10,385,320  $ 10,469,529
                                  ============  ============



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

                                       Three Months Ended       Six Months Ended

                                            June 30,                June 30,
                                     ----------------------  ----------------------

                                        2011       2010         2011       2010
                                     ---------  -----------  ---------  -----------
  Net revenues:
   Site rental                       $ 457,103    $ 409,631  $ 913,299    $ 816,503

   Network services and other           43,233       46,496     86,076       83,951
                                     ---------  -----------  ---------  -----------

      Total net revenues               500,336      456,127    999,375      900,454
                                     ---------  -----------  ---------  -----------
  Operating expenses:
   Costs of operations (exclusive
    of depreciation, amortization
    and accretion):
    Site rental                        121,143      115,465    239,558      229,220
    Network services and other          25,906       29,927     53,130       56,223
   General and administrative           41,259       40,556     86,003       80,029
   Asset write-down charges              6,205        2,597     10,606        4,159
   Acquisition and integration
    costs                                  490          272      1,044          272
   Depreciation, amortization and
    accretion                          138,191      134,426    275,464      267,294
                                     ---------  -----------  ---------  -----------

      Total operating expenses         333,194      323,243    665,805      637,197
                                     ---------  -----------  ---------  -----------
    Operating income (loss)            167,142      132,884    333,570      263,257
  Interest expense and amortization
   of deferred financing costs       (126,483)    (120,345)  (253,169)    (241,126)
  Gains (losses) on purchases and
   redemptions of debt                      --           --         --     (66,434)
  Net gain (loss) on interest rate
   swaps                                    --    (114,598)         --    (187,874)
  Interest and other income
   (expense)                           (3,890)        (241)    (4,325)          138
                                     ---------  -----------  ---------  -----------
    Income (loss) before income
     taxes                              36,769    (102,300)     76,076    (232,039)
  Benefit (provision) for income
   taxes                               (5,755)        4,686    (4,938)       15,025
                                     ---------  -----------  ---------  -----------
  Net income (loss)                     31,014     (97,614)     71,138    (217,014)
  Less: Net income (loss)
   attributable to the
   noncontrolling interest                 143         (85)        250        (210)
                                     ---------  -----------  ---------  -----------
  Net income (loss) attributable to
   CCIC stockholders                    30,871     (97,529)     70,888    (216,804)

  Dividends on preferred stock         (5,202)      (5,202)   (10,403)     (10,403)
                                     ---------  -----------  ---------  -----------
  Net income (loss) attributable to
   CCIC stockholders after
   deduction of dividends on
   preferred stock                    $ 25,669  $ (102,731)   $ 60,485  $ (227,207)
                                     =========  ===========  =========  ===========

  Net income (loss) attributable to
   CCIC common stockholders, after
   deduction of dividends on
   preferred stock, per common
   share:
   Basic                                $ 0.09     $ (0.36)     $ 0.21     $ (0.79)
   Diluted                              $ 0.09     $ (0.36)     $ 0.21     $ (0.79)

  Weighted average common shares
   outstanding (in thousands):
   Basic                               285,280      286,080    286,139      287,266
   Diluted                             287,026      286,080    288,215      287,266


  Adjusted EBITDA                    $ 319,895    $ 280,084  $ 639,216    $ 554,335
                                     =========  ===========  =========  ===========



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

                                                    Six Months Ended

                                                        June 30,
                                                 ----------------------

                                                    2011       2010
                                                 ---------  -----------
  Cash flows from operating activities:
  Net income (loss)                               $ 71,138  $ (217,014)
  Adjustments to reconcile net income (loss) to
   net cash provided by (used for) operating
   activities:
   Depreciation, amortization and accretion        275,464      267,294
   Gains (losses) on purchases and redemptions
    of long-term debt                                   --       66,434
   Amortization of deferred financing costs and
    other non-cash interest                         51,482       37,550
   Stock-based compensation expense                 17,254       18,143
   Asset write-down charges                         10,606        4,159
   Deferred income tax benefit (provision)           2,545     (22,319)
   Income (expense) from forward-starting
    interest rate swaps                                 --      187,874
   Other adjustments, net                            4,309          443
   Changes in assets and liabilities, excluding
    the effects of acquisitions:
    Increase (decrease) in liabilities            (47,068)     (22,003)

    Decrease (increase) in assets                 (101,921     (72,354)
                                                 ---------  -----------
     Net cash provided by (used for) operating
      activities                                   283,809      248,207
                                                 ---------  -----------

  Cash flows from investing activities:
   Proceeds from disposition of property and
    equipment                                          829        1,974
   Payments for acquisition of businesses, net
    of cash acquired                              (12,375)        (629)
   Capital expenditures                          (116,690)     (91,765)

   Payments for investments and other                   --     (21,800)
                                                 ---------  -----------
     Net cash provided by (used for) investing
      activities                                 (128,236)    (112,220)
                                                 ---------  -----------

  Cash flows from financing activities:
   Proceeds from issuance of long-term debt             --    1,900,000
   Proceeds from issuance of capital stock             757        8,397
   Principal payments on long-term debt and
    other long-term obligations                   (16,792)      (8,685)
   Purchases and redemptions of long-term debt          --  (2,149,653)
   Purchases of capital stock                    (192,563)    (146,884)
   Borrowings under revolving credit agreement     102,000           --
   Payments under revolving credit agreement      (71,000)           --
   Payments for financing costs                       (82)     (31,510)
   Payments for forward-starting interest rate
    swap settlements                                    --    (232,703)
   Net decrease (increase) in restricted cash       27,088       11,719

   Dividends on preferred stock                    (9,939)      (9,940)
                                                 ---------  -----------
     Net cash provided by (used for) financing
      activities                                 (160,531)    (659,259)
                                                 ---------  -----------

  Effect of exchange rate changes on cash              543        (787)
  Net increase (decrease) in cash and cash
   equivalents                                     (4,415)    (524,059)
  Cash and cash equivalents at beginning of
   period                                          112,531      766,146
                                                 ---------  -----------

  Cash and cash equivalents at end of period     $ 108,116    $ 242,087
                                                 =========  ===========

  Supplemental disclosure of cash flow
   information:
   Interest paid                                   201,541      208,350
   Income taxes paid                                 3,543        2,218



 CROWN CASTLE INTERNATIONAL CORP.
 Summary Fact Sheet
 dollars in millions


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

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

           CCUSA     CCAL     CCIC     CCUSA      CCAL     CCIC     CCUSA     CCAL     CCIC     CCUSA     CCAL     CCIC
        -----------------------------------------------------------------------------------------------------------------
 Revenue
 s
  Site
   Renta
  l         $ 414.3  $ 22.8  $ 437.1     $ 421.9  $ 25.3  $ 447.2    $ 430.6  $ 25.6  $ 456.2    $ 429.5  $ 27.6  $ 457.1
  Servic
  es           42.5     2.3     44.8        46.4     2.7     49.1       37.7     5.2     42.8         40     3.2     43.2
        -----------------------------------------------------------------------------------------------------------------
 Total
  Revenu
 es           456.8    25.1    481.9       468.3    28.0    496.3      468.3    30.7    499.0      469.5    30.9    500.3

 Operati
 ng
  Expens
 es
  Site
   Renta
  l           109.0     7.3    116.2       113.2     8.5    121.7      110.4     8.0    118.4      112.2     9.0    121.1
  Servic
  es           25.2     1.6     26.8        29.7     1.6     31.3       24.0     3.3     27.2       23.6     2.3     25.9
        -----------------------------------------------------------------------------------------------------------------
 Total
  Operat
 ing
  Expens
 es           134.2     8.8    143.0       142.8    10.1    152.9      134.4    11.3    145.6      135.7    11.3    147.0

 General
  &
  Admini
 strativ
 e             37.5     3.9     41.4        39.0     4.9     43.9       39.6     5.1     44.7       36.7     4.6     41.3

 Add:
  Stock-
 Based
  Compen
 sation         8.0     0.6      8.7        10.4     1.6     11.9        9.5     1.2     10.7        7.8     0.1      7.9
        -----------------------------------------------------------------------------------------------------------------
 Adjuste
 d
  EBITDA    $ 293.2  $ 12.9  $ 306.1     $ 296.8  $ 14.6  $ 311.4    $ 303.8  $ 15.5  $ 319.3    $ 304.8  $ 15.1  $ 319.9
        =================================================================================================================



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

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

           CCUSA     CCAL     CCIC     CCUSA      CCAL     CCIC     CCUSA     CCAL     CCIC     CCUSA     CCAL     CCIC
        -----------------------------------------------------------------------------------------------------------------
 Gross
  Margin
 s:
  Site
   Renta
  l             74%     68%      73%         73%     66%      73%        74%     69%      74%        74%     67%      73%
  Servic
  es            41%     31%      40%         36%     42%      36%        36%     37%      36%        41%     28%      40%

 Adjuste
 d
  EBITDA        64%     52%      64%         63%     52%      63%        65%     50%      64%        65%     49%      64%



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


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

                                               9/30/2010  12/31/2010  3/31/2011  6/30/2011
                                               ---------  ----------  ---------  ---------
  Net income (loss)                            $ (135.2)      $ 40.9     $ 40.1     $ 31.0
  Adjustments to increase (decrease) net
   income (loss):
   Asset write-down charges                          4.4         5.1        4.4        6.2
   Acquisition and integration costs                 0.9         1.0        0.6        0.5
   Depreciation, amortization and accretion        136.2       137.3      137.3      138.2
   Gains (losses) on purchases and
    redemptions of debt                             71.9          --         --         --
   Interest and other income (expense)             (0.8)       (0.6)        0.4        3.9
   Net gain (loss) on interest rate swaps          104.4       (5.9)         --         --
   Interest expense, amortization of deferred
    financing costs                                123.2       125.9      126.7      126.5
   Benefit (provision) for income taxes            (7.6)       (4.2)      (0.8)        5.8

   Stock-based compensation                          8.7        11.9       10.7        7.9
                                               ---------  ----------  ---------  ---------

  Adjusted EBITDA                                $ 306.1     $ 311.4    $ 319.3    $ 319.9
                                               =========  ==========  =========  =========

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



  CCI Fact Sheet Q2 2011 to Q2 2010
  dollars in millions


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

                                                      %
                             6/30/2010  6/30/2011  Change
                             ---------  ---------  ------
  CCUSA
  Site Rental Revenues         $ 388.0    $ 429.5     11%
  Ending Towers                 22,321     22,238     --%

  CCAL
  Site Rental Revenues          $ 21.7     $ 27.6     28%
  Ending Towers                  1,593      1,596     --%

  Total CCIC
  Site Rental Revenues         $ 409.6    $ 457.1     12%
  Ending Towers                 23,914     23,834     --%

  Ending Cash and Cash
   Equivalents                $ 242.1*   $ 108.1*
  Total Face Value of Debt   $ 6,485.1  $ 6,897.1
  Net Debt                   $ 6,243.0  $ 6,789.0

  Net Leverage Ratios: (1)
  Net Debt / Adjusted
   EBITDA                         5.6X       5.3X
  Last Quarter Annualized
   Adjusted EBITDA           $ 1,120.3  $ 1,279.6

   *Excludes Restricted
    Cash
   (1) Based on Face Values

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

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

SOURCE: Crown Castle International Corp.

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