Crown Castle International Reports Record First Quarter Results.

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…