Bloomberg vs PR - a summary without explanation or perspective
Asia Global Crossing Has 3rd-Quarter Loss on Higher Expenses
Hong Kong, Nov. 8 (Bloomberg) -- Asia Global Crossing Ltd., which is building a pan-Asian communications network, said it had a third-quarter loss on higher expenses as it continues work on the system, which will handle voice and data services.
The loss was $23.3 million, or 5 cents a share, compared with net income of $2.44 million, or 1 cent, a year earlier. Revenue was $21.8 million. There was no revenue a year earlier.
Asia Global is a venture of financier Gary Winnick's Global Crossing Ltd., Japan's Softbank Corp. and Microsoft Corp. Its principal operating joint ventures are Hutchison Global Crossing in Hong Kong and Global Access Ltd. in Japan. Negotiations with partners in Korea, the Philippines, Singapore, and Taiwan are in the final stages, the company said in a statement.
Accounting for proportional ownership in these ventures, Asia Global Crossing had cash revenue of $57.7 million and adjusted cash flow of $9 million in the quarter, in line with previous guidance to investors, said Chief Executive John Legere.
Cash revenue refers to reported revenue plus the cash portion of deferred revenue, Asia Global Crossing said, for products where account rules specify the recognition of received revenue over 15 or 20 years. Analysts use cash flow, or earnings before interest, taxes, depreciation and amortization, to value companies with heavy debt loads, like those building communications networks.
Asia Global Crossing shares fell 50 cents to $6.50. The company released results after the close of regular U.S. trading.
Nov/08/2000 19:11 ET |
