Why is American Tower restating its financial statements?

American Tower is restating its financial statements due to issues identified in its historical stock option granting practices and the related accounting. This process will involve recording charges for stock-based compensation expense and accounting for associated tax consequences.

When can investors expect the restated financial statements and other required filings?

The company expects to file an amended Annual Report on Form 10-K/A, an amended Quarterly Report on Form 10-Q/A, and the regular Quarterly Report on Form 10-Q for the quarter ended June 30, 2006, within the next three to five weeks. However, the exact timing is dependent on the completion of the special committee's investigation.

What specific periods will be affected by the restatement?

The restatement will affect the consolidated financial statements as of December 31, 2005 and 2004, and for the years ended December 31, 2005, 2004, and 2003. It will also impact selected financial data for the years ended December 31, 2001 through 2005. Additionally, the condensed consolidated financial statements as of March 31, 2006, and for the three-month periods ended March 31, 2006, and 2005, will be restated.

What are the potential risks associated with these restatements?

The company has cautioned that its forward-looking statements related to these filings involve risks and uncertainties. Actual developments and results could differ materially due to factors such as the progress of the financial statement preparation, the outcome of the special committee's investigation, and any developments in government investigations or related litigation concerning stock option practices.

AMT 8-K SEC Disclosure — Sep 19, 2006

Summary

This 8-K filing from American Tower Corporation (AMT) on September 19, 2006, primarily serves to update investors on the ongoing restatement of the company's financial statements. This restatement is a consequence of a review into historical stock option granting practices and their related accounting. The company has confirmed the need to record charges for stock-based compensation expense and related tax consequences. The filing indicates that American Tower expects to file amended annual and quarterly reports (10-K/A and 10-Q/A) for specific prior periods, along with its regular quarterly report (10-Q) for the period ending June 30, 2006, within the next three to five weeks. Investors should be aware that the timing is contingent on the completion of the special committee's investigation. The company also cautioned that these forward-looking statements involve risks and uncertainties, and actual results could differ materially due to various factors, including the progress of the investigation and potential government actions or litigation.

Key Highlights

1American Tower Corporation (AMT) is providing an update on its restatement of financial statements due to issues with historical stock option granting practices.
2The company has determined that charges for stock-based compensation expense and related tax consequences will need to be recorded.
3AMT anticipates filing amended annual reports (10-K/A) for fiscal years ending December 31, 2005, 2004, and 2003, as well as restated selected financial data for years 2001-2005.
4Amended quarterly reports (10-Q/A) for the quarter ended March 31, 2006, and the regular quarterly report for the quarter ended June 30, 2006, are also expected.
5The company expects these filings to be made within the next three to five weeks, subject to the completion of an ongoing investigation by a special committee.
6The filing includes forward-looking statements that highlight potential risks and uncertainties, advising investors that actual results may differ materially.
7A press release dated September 19, 2006, detailing these updates, is furnished as an exhibit to this filing.

AMERICAN TOWER CORP /MA/ 8-K Report, Corporate Update (Sep 19, 2006)

Summary

Key Highlights

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