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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject10/2/2001 1:25:41 PM
From: Softechie   of 37746
 
Metromedia Cuts Forecast on Weakness

NEW YORK (Reuters) - Metromedia Fiber Network Inc. (Nasdaq:MFNX - news), a builder of high-speed fiber-optic networks in metropolitan areas, on Tuesday cut its 2001 revenue forecast due to economic weakness and completed a $611 million financing package.

The New York-based company said continued economic weakness led it to cut its quarterly and fiscal 2001 revenue guidance down. It expects revenue of $360 million to $367 million for the year. It also said it will report positive earnings before interest, taxes, depreciation and amortization (EBITDA) early in 2002 thanks to cost controls, one year ahead of previous guidance.

Metromedia cut third-quarter revenue estimates to a range of $91 million to $93 million from $107 million to $115 million, and cut fourth-quarter revenue estimates to $100 million to $103 million from $127 million to $137 million.

However, the company also narrowed its expected fourth-quarter EBITDA loss to a range of $3 million to $9 million from the previous estimate of a loss of $19 million to $22 million. It left unchanged its third quarter EBITDA forecast at a loss of $31 million to $35 million.

Metromedia said the financing package includes a $150 million note purchase facility led by Citicorp USA; $230 million in convertible debt financing, of which $180 million is being purchased by affiliates of the company and $50 million by a units of Verizon Communications (NYSE:VZ - news); and $231 million in vendor financing. Metromedia also said it completed agreements with other vendors to modify its debt payments to them.
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