EX-99.5 6 dex995.htm AN EXCERPT FROM THE "SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA" An excerpt from the "Selected Historical Consolidated Financial Data"

Exhibit 99.5

SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA

As more fully described in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009, we adopted SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements—an amendment of Accounting Research Bulletin No. 51” (SFAS No. 160) effective January 1, 2009. The adoption of SFAS No. 160 did not have a material impact on our consolidated results of operations and financial position. However, it did impact the presentation and disclosure of noncontrolling (minority) interests in our consolidated financial statements. As a result of the retrospective presentation and disclosure requirements of SFAS No. 160, the Company will be required to reflect the change in presentation and disclosure for all periods presented in future filings. The adoption of SFAS No. 160 had the effect of reclassifying earnings attributable to non-controlling interest in the consolidated statement of operations from other income and expense to separate line items. SFAS No. 160 also requires that net income be adjusted to include the net income attributable to the non-controlling interest, and a new separate caption for net income attributable to common shareholders be presented in the consolidated statement of earnings. The following selected unaudited historical consolidated financial data shown has been retrospectively adjusted to reflect the impact of SFAS No. 160.

 

     Year Ended December 31,  
     2004     2005     2006     2007     2008  
     (In thousands)  

Statements of Operations Data:

          

Revenues:

          

Rental and management

   $ 684,422     $ 929,762     $ 1,294,068     $ 1,425,975     $ 1,547,035  

Network development services

     22,238       15,024       23,317       30,619       46,469  
                                        

Total operating revenues

     706,660       944,786       1,317,385       1,456,594       1,593,504  
                                        

Operating expenses:

          

Costs of operations (exclusive of items shown separately below) Rental and management

     195,242       247,781       332,246       343,450       363,024  

Network development services

     16,220       8,346       11,291       16,172       26,831  

Depreciation, amortization and accretion

     329,449       411,254       528,051       522,928       405,332  

Selling, general, administrative and development expense

     83,094       108,059       159,324       186,483       180,374  

Impairments, net loss on sale of long-lived assets, restructuring and merger related expense

     23,876       34,232       2,572       9,198       11,189  
                                        

Total operating expenses

     647,881       809,672       1,033,484       1,078,231       986,750  
                                        

Operating income

     58,779       135,114       283,901       378,363       606,754  

Interest income, TV Azteca, net

     14,316       14,232       14,208       14,207       14,253  

Interest income

     4,844       4,402       9,002       10,848       3,413  

Interest expense

     (262,237 )     (222,419 )     (215,643 )     (235,824 )     (253,584 )

Loss on retirement of long-term obligations

     (138,016 )     (67,110 )     (27,223 )     (35,429 )     (4,904 )

Other (expense) income

     (2,798 )     227       6,619       20,675       5,988  
                                        

(Loss) income before income taxes and (loss) income on equity method investments

     (325,112 )     (135,554 )     70,864       152,840       371,920  

Income tax benefit (provision)

     83,338       (5,714 )     (41,768 )     (59,809 )     (135,509 )

(Loss) income on equity method investments

     (2,915 )     (2,078 )     26       19       22  
                                        

(Loss) income from continuing operations before cumulative effect of change in accounting principle

     (244,689 )     (143,346 )     29,122       93,050       236,433  


     Year Ended December 31,  
     2004     2005     2006     2007     2008  
     (In thousands)  

(Loss) income from discontinued operations, net of income tax benefit (provision)

     (8,409 )     (1,913 )     (854 )     (36,396 )     110,982  
                                        

(Loss) income before cumulative effect of change in accounting principle

     (253,098 )     (145,259 )     28,268       56,654       347,415  

Cumulative effect of change in accounting principle, net

     —         (35,525 )     —         —         —    
                                        

Net Income

     (253,098 )     (180,784 )     28,268       56,654       347,415  

Net income attributable to noncontrolling interest

     (2,366 )     (575 )     (784 )     (338 )     (169 )
                                        

Net Income attributable to American Tower Corporation

   $ (255,464 )   $ (181,359 )   $ 27,484     $ 56,316     $ 347,246  
                                        

Additionally, with respect to our consolidated statements of financial position, the adoption of SFAS No. 160 had the effect of increasing stockholders’ equity due to the reclassification of noncontrolling interest (formerly referred to as minority interest) as a component of total stockholders’ equity in the amounts of $3.1 million and $3.3 million at December 31, 2008 and 2007.