investors

HOUSTON, May 3 /PRNewswire/ -- Crown Castle International Corp. (NYSE: CCI) today reported record results for the three months ended March 31, 2001.

Revenues for the first quarter of 2001 increased to $213.0 million from $124.2 million for the first quarter of 2000. Tower cash flow for the first quarter increased to $67.4 million, up from $48.5 million in last year's first quarter. First quarter earnings before interest, taxes, depreciation and amortization, or EBITDA, increased to $70.4 million from $51.1 million in last year's first quarter. The Company added 1,881 new tenants in the first quarter of 2001 compared to 1,027 new tenants added in the first quarter of 2000.

During the quarter, the Company built 549 towers. Net of anchor tenants on newly-built towers, the Company added 1,469 new tenants during the first quarter, representing an annualized co-location rate of .45 tenants per tower on the 12,918 sites owned and managed at the beginning of the quarter. Annual same tower wireless revenue growth was 24 percent for the 8,659 towers owned and operated by the Company on March 31, 2000.

"We are extremely pleased that our core business continues to demonstrate strong organic growth," stated Ted B. Miller, Jr., Chairman and CEO of Crown Castle International. "The fact that tower revenue grew at an annualized rate of 27 percent and tower cash flow grew at an annualized rate of 42 percent during the first quarter is evidence of the strong demand for our tower sites and the tremendous operating leverage inherent in this industry. As we develop new sites in the UK for 3G deployment, we expect temporary decreases in tower margins as our UK business transforms from a steady-state 2G environment to a high-growth 3G environment. Over time, however, we believe that the trends exhibited in our first quarter are more representative of what we expect to see long term."

OUTLOOK

The following statements are based on current expectations and assume a US dollar to UK pound exchange rate of 1.45 dollars to 1.00 pound and a US dollar to Australian dollar exchange rate of 0.52 US dollars to 1.00 Australian dollar. The following Outlook sections contain forward-looking statements, and actual results may differ materially.

OUTLOOK FOR Q2 2001

The Company expects second quarter 2001 site rental and broadcast transmission revenue to be between $136 million and $140 million, assuming that new tenants are added to existing towers at an annualized rate of between .40 tenants per tower and .50 tenants per tower during the quarter. The Company expects second quarter network services revenue to be between $65 million and $80 million. The Company expects second quarter EBITDA of between $72 million and $80 million.

The Company expects to build approximately 300 to 400 new towers during the second quarter, comprised of between 150 and 225 in the US and between 150 and 175 in the UK. The Company expects total capital expenditures to be between $175 million and $225 million during the second quarter. The Company expects total interest expense, net of interest income, to be between $65 million and $75 million for the second quarter.

OUTLOOK FOR YEAR 2001

Currently, the Company projects total revenues of between $850 million and $900 million for calendar year 2001, assuming that new tenants are added to existing towers at an annualized rate of between .40 tenants per tower and .50 tenants per tower during the year. The Company expects EBITDA to be between $325 million and $340 million during year 2001. The lower range assumes a higher level of third-party services work and the impact of possible delays in 3G equipment installations in the UK and not deterioration in the tower leasing business.

During year 2001, the Company expects to build approximately 1,400 to 1,850 new towers, comprised of between 900 and 1,100 towers in the US and between 500 and 750 towers in the UK. The Company expects total capital expenditures to be between $750 million and $850 million and expects total interest expense, net of interest income, to be between $250 million and $275 million during year 2001.

Crown Castle has scheduled a conference call for Friday, May 4, 2001 at 10:00 a.m. Eastern Time to discuss first quarter financial and operational results and the Company's Outlook. To participate in the call, dial (719) 457-2653 at least ten minutes before the conference call begins and ask for the Crown Castle conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until May 11, 2001. To access the replay, dial (719) 457-0820 using a pass code of 712136.

Investors, analysts and the general public will also have the opportunity to listen to the conference call free over the Internet by visiting the Company's website at www.crowncastle.com. To listen to the live call on the web, please visit the website at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live Webcast, an archived version will be available shortly after the call on the Company's website. For more information, please contact Karen Roan at Easterly Investor Relations at (713) 529-6600 or email karen@easterly.com.

Crown Castle engineers, deploys, owns and operates technologically advanced, shared wireless infrastructure. It offers near-universal broadcast coverage in the United Kingdom and significant wireless communications coverage to 68 of the top 100 US markets and more than 90 percent population coverage in the UK, and Australia. Pro forma for all closed and previously announced transactions, Crown Castle owns, operates, and manages over 13,000 wireless communication towers internationally. In addition, Crown Castle has development rights to 4,000 fiber exchange sites in the UK. In Italy, Crown Castle and RAI, through RaiWay, offer near-universal broadcast coverage. For more information on Crown Castle, visit: www.crowncastle.com.

This press release contains forward-looking statements and information that are based on management's beliefs as well as assumptions made by and information currently available to management. Such forward-looking statements include, but are not limited to, expectations, projections and estimates regarding (i) demand for our assets and services, (ii) the operating leverage of our industry, (iii) the length and severity of any changes in our operating margins, (iv) currency exchange rates, (v) site rental and broadcast transmission revenue and EBITDA, (vi) new tenant co-location rates, (vii) network services revenue and EBITDA, (viii) towers to be constructed, (ix) capital expenditures, (x) interest expense, and (xi) total revenues and total EBITDA.

Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions, including, but not limited to the success or failure of our efforts to implement our business strategy and the following:

• We may be unable to manage our significant growth.

• Our substantial level of indebtedness could adversely affect our ability to react to changes in our business and limit our ability to use debt to fund future capital needs.

• If we are unable to service our indebtedness, our indebtedness may be accelerated.

• Restrictive covenants on our debt instruments may limit our ability to take actions that may be in our best interests.

• We may be unable to raise the significant capital required to fund our operations and make acquisitions.

• We may not be able to construct or acquire new towers at the pace and in the locations that we desire.

• Our business depends on the demand for wireless communications.

• Demand for our network services business is very volatile which causes our network services operating results to vary significantly for any particular period.

• We operate in an increasingly competitive industry and many of our competitors have significantly more resources than we do.

• Extensive regulations, which could change at any time, govern our business and industry, and we could fail to comply with these regulations.

• We could suffer from future claims if radio frequency emissions from equipment on our towers is demonstrated to cause negative health effects.

• Our international operations expose us to changes in foreign currency exchange rates.

• We are heavily dependent on our senior management.

Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. More information about potential factors which could affect the Company's financial results is included in the Risk Factors sections of the Company's filings with the Securities and Exchange Commission.

• Tables to Follow -

Crown Castle International Corp.

Condensed Consolidated Statement of Operations

And Other Financial Data

(in thousands, except per share data)

                                                  Three Months Ended March 31,
                                                       2001          2000
    Net revenues:
      Site rental and broadcast transmission        $134,042        $93,741
      Network services and other                      78,911         30,503
        Total net revenues                           212,953        124,244
    Costs of operations:
      Site rental and broadcast transmission          57,739         40,287
      Network services and other                      55,456         15,901
        Total costs of operations                    113,195         56,188
    General and administrative                        25,895         14,853
    Corporate development                              3,453          2,071
    Non-cash general and administrative
     compensation charges                              1,395            461
    Depreciation and amortization                     74,091         45,122
    Operating income (loss)                           (5,076)         5,549
    Interest and other income (expense)                3,092          5,704
    Interest expense and amortization of
     deferred financing costs                        (66,655)       (41,761)
    Loss before income taxes, minority interests
     and extraordinary item                          (68,639)       (30,508)
    Provision for income taxes                           (60)           (11)
    Minority interests                                   644         (1,541)
    Loss before extraordinary item                   (68,055)       (32,060)
    Extraordinary item -- loss on early
     extinguishment of debt                              ---         (1,495)
    Net loss                                         (68,055)       (33,555)
    Dividends on preferred stock                     (19,505)       (11,493)
    Net loss after deduction of dividends
     on preferred stock                             $(87,560)      $(45,048)
    Per common share - basic and diluted:
      Loss before extraordinary item                  $(0.41)        $(0.27)
      Extraordinary item                                  ---         (0.01)
      Net loss                                        $(0.41)        $(0.28)
    Common shares outstanding - basic and diluted    211,195        158,566
    EBITDA:
      Site rental and broadcast transmission         $67,388        $48,528
      Network services and other                       3,022          2,604
        Total EBITDA                                 $70,410        $51,132

CROWN CASTLE INTERNATIONAL CORP.

Towers & Tenants Fact Sheet

                           Quarter Ended 6/30/00     Quarter Ended 9/30/00
                         US     UK    AUS   Total   US     UK    AUS   Total

    Sites:
      Owned Towers   8,379  2,196    ---  10,575  9,359   2,252    188 11,799
      Managed Towers    13    ---    716     729     13     ---    528    541
      Rooftop Sites     98     51    ---     149     98      51    ---    149
    Total Sites      8,490  2,247    716  11,453  9,470   2,303    716 12,489

    Site Activity:
      Beginning
       Sites         6,462  2,197    ---   8,659  8,490   2,247    716 11,453
      Built            247     50    ---     297    274      56    ---    330
      Acquired       1,781    ---    716   2,497    714     ---    ---    714
      Lost             ---    ---    ---     ---     (8)    ---    ---     (8)
      Managed Sites
       Added           ---    ---    ---     ---    ---     ---    ---    ---
    Ending Sites     8,490  2,247    716  11,453  9,470   2,303    716 12,489


                        Quarter Ended 6/30/00       Quarter Ended 9/30/00
                      US    UK       AUS  Total    US      UK     AUS   Total

    Tenant Activity:
      Beginning
       Tenants      13,125  4,321    ---  17,446 16,337   4,598  1,061 21,996
      Anchors on
       Builds          105     50    ---     155     89      56    ---    145
      New              864    227    ---   1,091    918     194    170  1,282
      Acquired       2,243    ---  1,061   3,304  1,078     ---    ---  1,078

Ending Tenants 16,337 4,598 1,061 21,996 18,422 4,848 1,231 24,501

                         Quarter Ended 6/30/00         Quarter Ended 9/30/00
                       US     UK     AUS   Total    US      UK     AUS   Total
    Tenants per
     Site              1.9    2.0    1.5     1.9    1.9     2.1    1.7    2.0

    New Tenants
     per Site         0.14   0.12    ---    0.14   0.11    0.11   0.24   0.12
    Annualized        0.58   0.49    ---    0.56   0.46    0.43   0.95   0.48

    Pure Co-Lo's
     per Site         0.13   0.10    ---    0.13   0.11    0.09   0.24   0.11
    Annualized        0.53   0.41    ---    0.50   0.43    0.35   0.95   0.45


                        Quarter Ended 12/31/00       Quarter Ended 3/31/01
                       US     UK     AUS  Total     US      UK     AUS  Total
    Sites
      Owned Towers   9,752  2,279    249  12,280  9,956   2,624    489 13,069
      Managed Towers    13    ---    467     480     13     ---    227    240
      Rooftop Sites    107     51    ---     158    107      51    ---    158
    Total Sites      9,872  2,330    716  12,918 10,076   2,675    716 13,467

    Site Activity:
      Beginning
       Sites         9,470  2,303    716  12,489  9,872   2,330    716 12,918
      Built            216     27    ---     243    204     345    ---    549
      Acquired         177    ---    ---     177    ---     ---    ---    ---
      Lost             ---    ---    ---     ---    ---     ---    ---    ---
      Managed Sites
       Added             9    ---    ---       9    ---     ---    ---    ---
    Ending Sites     9,872  2,330    716  12,918 10,076   2,675    716 13,467


                       Quarter Ended 12/31/00       Quarter Ended 3/31/01
                      US      UK    AUS   Total    US       UK    AUS   Total
    Tenant Activity:
      Beginning
       Tenants      18,422  4,848  1,231  24,501 19,877   5,194  1,412 26,483
      Anchors on
       Builds          114     27    ---     141     67     345    ---    412
      New            1,123    319    181   1,623  1,049     281    139  1,469
      Acquired         218    ---    ---     218    ---     ---    ---    ---

Ending Tenants 19,877 5,194 1,412 26,483 20,993 5,820 1,551 28,364

                        Quarter Ended 12/31/00        Quarter Ended 3/31/01
                       US     UK    AUS    Total    US      UK    AUS    Total
    Tenants per Site   2.0    2.2    2.0     2.1    2.1     2.2    2.2    2.1

    New Tenants
     per Site         0.13   0.15   0.25    0.14   0.11    0.23   0.19   0.14
    Annualized        0.51   0.59   1.01    0.55   0.44    0.94   0.78   0.56

    Pure Co-Lo's
     per Site         0.12   0.14   0.25    0.13   0.11    0.12   0.19   0.11
    Annualized        0.47   0.55   1.01    0.52   0.43    0.48   0.78   0.45


                       Quarter Ended 12/31/00        Quarter Ended 3/31/01
                      US      UK    AUS   Total    US       UK    AUS    Total
    Avg Monthly Lease
     Rate per New
     Tenant
      Local
       Currency      1,445    370  1,170          1,476     342  1,143
      US Dollars     1,445    537    644          1,476     496    629

    Assumed Broadband
     Rate, USD       1,500    650  1,000          1,500     650  1,000

    New Tenants      1,123    319    181   1,623  1,049     281    139  1,469
    Broadband
     Equivalent
     New Tenants     1,082    264    116   1,462  1,032     214     87  1,334

    BBE Co-Lo's
     per Site         0.11   0.11   0.16    0.12   0.10    0.09   0.12   0.10
    Annualized        0.46   0.46   0.65    0.47   0.42    0.37   0.49   0.41

CROWN CASTLE INTERNATIONAL CORP.

Earnings Summary Fact Sheet

(in $ thousands)

                                             Consolidated CCIC
                                              Actuals Q1 2001
                                     US        UK        AUS       CCIC
    Revenues
      Site Rental                   81,684    49,368     2,990    134,042
      Services                      69,135     9,776       ---     78,911
    Total Revenues                 150,819    59,144     2,990    212,953

    Operating Expenses
      Site Rental                   33,600    23,044     1,095     57,739
      Services                      46,471     8,985       ---     55,456
    Total Operating Expenses        80,071    32,029     1,095    113,195

    General & Administrative
      Site Rental                    5,866     1,558     1,491      8,915
      Services                      16,835       145       ---     16,980
    Total General & Administrative  22,701     1,703     1,491     25,895

    Operating Cash Flow
      Site Rental                   42,218    24,766       404     67,388
      Services                       5,829       646       ---      6,475
    Total Pre-Overhead Cash Flow    48,047    25,412       404     73,863

    Corporate Overhead               3,405        48       ---      3,453
    EBITDA                          44,642    25,364       404     70,410

Contacts: W. Benjamin Moreland, CFO

                Crown Castle International
                713-570-3000

                Ken Dennard / kdennard@easterly.com
                Lisa Elliott / lisae@easterly.com
                Easterly Investor Relations
                713-529-6600

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SOURCE Crown Castle International Corp.

CONTACT: W. Benjamin Moreland, CFO of Crown Castle International Corp., 713-570-3000; or Ken Dennard, kdennard@easterly.com, or Lisa Elliott, lisae@easterly.com, both of Easterly Investor Relations, 713-529-6600, for Crown Castle International Corp./