Global Crossing Reports 2000 Pro Forma Cash Revenue up 36%,
Recurring Adjusted EBITDA up 54% from 1999
HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 14, 2001--Global Crossing Ltd. (NYSE:GX - news):
Cash Revenue from Data Products increased 72% from fourth quarter 1999; represents 62% of Telecommunications Services Cash Revenue, up from
51% from one year ago, pro forma for acquisitions and dispositions.
Completed an agreement with SWIFT to supply secure global communications to over 7,000 financial institutions in 190 countries. Global Crossing will
develop and manage SWIFT's Secure IP Network, with a minimum of $300 million of revenue.
Completed sale of GlobalCenter to Exodus Communications for 108.2 million shares of Exodus stock, together with a network services agreement that
requires Exodus to purchase more than 50% of future bandwidth needs, projected to generate $4-5 billion of revenue over 10 years.
Reaffirmed 2001 financial guidance with continuing operations expected to generate approximately $7.1-$7.3 billion of Cash Revenue and Recurring
Adjusted EBITDA of $2.0-$2.1 billion.
The Global Crossing Network is now approximately 85% complete, putting into immediate operation the world's most extensive global IP-based fiber
optic network, connecting the major regions of North America, Europe, South America and Asia.
Global Crossing Ltd. (NYSE:GX - news), which provides integrated telecommunications solutions over the world's most extensive global IP-based fiber optic
network, today reported record results for the fourth quarter and full year ended December 31, 2000. The Company reported fourth quarter Cash Revenue of
$1,540 million, Recurring Adjusted EBITDA of $418 million, and a Recurring Net Loss of $617 million, or $0.70 per share. Net Loss Applicable to Common
Shareholders of $513 million or $0.58 per share for the fourth quarter reflects a $303 million pre-tax gain, included in other income, realized as a result of the
October 2000 initial public offering of common stock of the Company's Asia Global Crossing subsidiary and related events. For the full year 2000, the
Company reported Cash Revenue of $5,160 million, Recurring Adjusted EBITDA of $1,469 million and Recurring Net Loss of $1,779 million, or $2.11 per
share. These results exclude both GlobalCenter and the incumbent local exchange carrier (ILEC) business, which are treated as discontinued operations as
discussed below (see Summary of Pro Forma Results).
Tom Casey, Chief Executive Officer of Global Crossing, said, ``We are extremely pleased with our fourth quarter results, and again we have exceeded
expectations while many other telecommunications providers have reported disappointing results. New contracts with demanding customers such as SWIFT,
Computer Sciences Corporation (CSC), and Garban are tangible evidence that sophisticated global enterprises can rely on Global Crossing to satisfy their
most critical needs. These contracts validate the reliability and functionality of our worldwide seamless network. Successes with these global enterprise
customers are based on our capabilities in managing secure IP networks, as well as the unmatched combination of bandwidth and geographic presence that we
offer. An additional benefit from these relationships is that we plan to have SWIFT's and CSC's sales forces selling Global Crossing's products. We gain not
only the direct customer revenue but also the additional revenue generated through new indirect sales channels.''
Casey continued, ``Our successes with global enterprise customers like SWIFT, CSC and Garban have not yet been reflected in our operating results.
However, we expect customers such as these to rapidly become significant contributors to growth in revenue and profitability in the Commercial segment as we
continue to de-emphasize service offerings to small and medium business customers. With our global network virtually complete and fully funded, and with the
IP/VPN capabilities that we're implementing for new customers such as SWIFT, we have tremendous operating leverage as we add new customers to the
network at very low incremental cost. We can reduce network costs for our customers as we increase our own margins.''
Service Offerings
Global Crossing continued its expansion of product capabilities across its global fiber optic network. At the end of the fourth quarter of 2000, international
private line services were available in 29 European cities, Tokyo, and the major cities of North America, South America and Mexico. In addition, the Global
Crossing Wavelength Service was available in North America and Europe. Data products such as ATM, Frame Relay and IP services are now available in
North America, the United Kingdom, continental Europe, and Tokyo.
Global Crossing completed the first phase of its migration to a next-generation voice-over-IP (VoIP) network by initiating service in 23 core VoIP gateway
centers worldwide. The gateway centers are currently deployed in fifteen U.S. cities, seven in Europe, and one in Japan. The Company will continue to rapidly
extend its VoIP platform around the world. In 2001, the international footprint is expected to extend into South and Central America with continued expansion
throughout Europe and Asia. This effort is consistent with the Company's mission of completing a truly global network based on NexGen IP by the middle of
2001 and allows Global Crossing to provide voice services on its owned and operated core network at a fraction of the cost of traditional switching
infrastructure. The Company expects to have most of its new international backbone voice traffic on the VoIP network by the end of 2001. The VoIP network
is a key step in providing integrated product capabilities on a worldwide basis for converged services.
Network Build
During the quarter, Global Crossing continued its successful record of completing its worldwide fiber optic network on time and on budget. The network,
which is 85% complete in terms of route miles, will have more than 100,000 route miles, serving five continents, 27 countries and more than 200 major cities
by the middle of 2001. During the quarter, the Company completed landings of the South American Crossing (SAC) undersea system in Chile, Brazil, and
Argentina. The Company also completed the Pan American Crossing (PAC) system, which is a key link in making Global Crossing the first company to
connect the three largest telecommunications markets in Latin America -- Brazil, Mexico, and Argentina -- to the U.S., Europe and Asia via a seamless global
fiber optic network. Atlantic Crossing 2 (AC-2) was completed, providing a third meshed connection between the U.S. and Europe which more than doubles
the Company's current capacity in this region. In the Pacific, the final legs (Southern and Eastern) of the Pacific Crossing (PC-1) system were completed,
providing full ring restoration capability to traffic from Asia to North America. The East Asia Crossing (EAC) subsea cable system was landed in Hong Kong,
connecting that city to PC-1 and the rest of the worldwide Global Crossing Network. EAC is also connected to the Hutchison Global Crossing terrestrial
network, the most extensive fully fiber network in Hong Kong with direct connections to over 800 buildings. Lastly, the Scandinavian ring of Pan European
Crossing went into service, increasing the number of cities in Europe to 41 of the planned 47 when construction is to be completed by mid-2001.
Global Crossing's metropolitan fiber roll-out is also well underway worldwide, bringing fiber from the global network directly to customer premises. In 2000,
the Company completed metro rings in 10 cities in the United States (New York, Philadelphia, Washington D.C., Atlanta, Miami, Dallas, Chicago, San
Francisco, San Jose, Los Angeles), 4 cities in Europe (London, Paris, Frankfurt, Amsterdam), and 3 cities in Asia (Tokyo, Osaka, Hong Kong). This local
connectivity is expected to dramatically reduce provisioning time and transmission costs, provide better control over quality of service, and enable the delivery
of new products and services (e.g., gigabit ethernet), creating significant new revenue opportunities.
Financing Activities
The Company arranged approximately $2 billion in financing since the third quarter 2000, which is intended to lower the Company's overall cost of capital.
Proceeds from a $1 billion ILEC bridge loan completed in October 2000 were used to repay an existing Racal credit facility. Proceeds from a $1 billion
offering of Senior Notes Due 2007 completed in January 2001 were used to refinance existing indebtedness under the Company's corporate credit facility.
During fiscal 2000, the Company and its affiliates arranged approximately $5 billion in financing which includes the completion of Asia Global Crossing's
(AGC) initial public offering of common stock ($479 million, including exercise of the underwriters' over-allotment option), and AGC's issuance of $400 million
of 13.375% Senior Notes Due 2010. When combined with the $3.65 billion in estimated pre-tax cash proceeds from the sale of its ILEC business and the
Company's expected operating cash flow, these financings complete the funding of the Company's current business plan.
Summary of Pro Forma Results
Results for Continuing Operations exclude Global Crossing's ILEC business, which the Company has agreed to sell to Citizens Communications for an
estimated $3.65 billion in cash, and GlobalCenter, whose sale to Exodus was completed on January 10, 2001 for 108.2 million shares of Exodus common
stock. GlobalCenter has been treated as a discontinued operation for all periods presented because it was sold to Exodus Communications and Global
Crossing now owns less than 20% of the outstanding common stock of Exodus and exercises no control or significant influence over the management of
Exodus. When the Company reported third quarter results, GlobalCenter was classified as part of continuing operations because, pursuant to a merger
agreement signed on September 28, 2000, the Company expected at that time to own more than 20% of Exodus. The reduction in ownership percentage
occurred because the number of outstanding shares of Exodus common stock increased.
Unless otherwise noted, period-to-period comparisons throughout this press release are discussed giving pro forma effect to all acquisitions (Frontier, Global
Marine, Racal, Hutchison Global Crossing and IPC/IXnet) and dispositions (ILEC and GlobalCenter), as if each had occurred on January 1, 1999. Detailed
pro forma comparisons are shown in the attached schedules.
The ``Continuing Operations'' section of the tables below summarize both the pro forma quarterly and pro forma annual operating results of the Company and
its subsidiaries excluding the ILEC and GlobalCenter.
The ``Discontinued Operations'' section of the tables below summarize both the pro forma quarterly and pro forma annual operating results of the discontinued
operations of the ILEC and Global Center.
Summary of Quarterly Pro Forma Operations:
Three Months Ended Change
Dec. 31, Dec. 31, Amount Percent
2000 1999
(Unaudited) (Unaudited)
(in millions)
Pro Forma Continuing
Operations:
Cash Revenue (a) $ 1,540 $ 1,078 $ 462 43%
Recurring Adjusted EBITDA $ 418 $ 310 $ 108 35%
Discontinued Operations --
ILEC & GlobalCenter:
Cash Revenue (a) $ 235 $ 211 $ 24 11%
Recurring Adjusted EBITDA $ 52 $ 89 ($ 37) (42%)
(a) Consistent with industry practice, the Company has reclassified
bad debt expense to be a component of other operating expenses for all
periods presented. These reclassifications have no effect on reported
operating results or cash flows. The impact of this change in the
fourth quarter of 2000 was to increase reported revenue and cash
revenue by approximately $14 million.
Summary of Annual Pro Forma Operations:
Year Ended Change
Dec. 31, Dec. 31, Amount Percent
2000 1999
(Unaudited) (Unaudited)
(in millions)
Pro Forma Continuing
Operations:
Cash Revenue (a) $ 5,329 $ 3,913 $ 1,416 36%
Recurring Adjusted EBITDA $ 1,463 $ 947 $ 516 54%
Discontinued Operations --
ILEC & GlobalCenter:
Cash Revenue (a) $ 936 $ 808 $ 128 16%
Recurring Adjusted EBITDA $ 288 $ 363 ($ 75) (21%)
(a) Consistent with industry practice, the Company has reclassified
bad debt expense to be a component of other operating expenses for all
periods presented. These reclassifications have no effect on reported
operating results or cash flows. The impact of this change in the
fourth quarter of 2000 was to increase reported revenue and cash
revenue by approximately $77 million.
The results exceeded the Company's projections for 2000, which were published on August 31, 2000, and assumed GlobalCenter as part of continuing
operations. Had GlobalCenter been included as a continuing operation, the Company would have reported Cash Revenue of $1,595 million and Recurring
Adjusted EBITDA of $372 million for the fourth quarter, and Cash Revenue of $5,350 million and Recurring Adjusted EBITDA of $1,371 million for the year.
In the fourth quarter of 2000, the Company adopted effective January 1, 2000, Staff Accounting Bulletin 101, ``Revenue Recognition in Financial Statements''
(``SAB 101''), which requires amortization of certain start-up and activation revenues and deferral of associated costs over the longer of the contract period or
expected customer relationship. Previously, such revenues and expenses were recognized upon service activation. The net impact of SAB 101 reduced fourth
quarter 2000 revenue by approximately $2.4 million, and increased fourth quarter amortization expense by approximately $10.8 million. The cumulative impact
on the results of prior years was reflected as a $9.1 million cumulative effect of a change in accounting principle in accordance with the adoption provisions of
this bulletin.
Telecommunications Services Segment
The Telecommunications Services Segment, which is comprised of commercial, consumer and carrier businesses for bandwidth, data, voice, audio/video
conferencing and other value-added services, experienced Cash Revenue growth of 40% and Adjusted EBITDA growth of 37%, from fourth quarter 1999.
Cash Revenue increased 36%, and Adjusted EBITDA of $1,362 million for the full year 2000 increased 58% over 1999 results. Cash Revenue from data
products, up 72% from fourth quarter 1999, now accounts for 62% of Telecommunications Services Cash Revenue, up from 51% in the fourth quarter of
1999. The accelerating growth in Telecommunications Services is being driven by the initiation of service on new systems in Latin America (MAC/SAC) and
Asia (PC-1/EAC) which are now selling value-added services to meet the growing needs of global enterprises. In addition, data Service Revenue increased
34% from the fourth quarter 1999, led by strong growth in data products such as Frame Relay, ATM and IP. The unrecognized sales backlog for the
Telecommunications Services Segment exceeded $2.5 billion as of December 31, 2000.
Because Global Crossing has de-emphasized service offerings to the small and medium enterprise (SME) business segment in North America and the UK, the
Company is managing revenue from this segment to levels representing less growth in commercial data products. Recently announced contracts like SWIFT,
CSC and Garban are expected to accelerate commercial services growth to more than make up for the slowing revenues from SME's.
Carrier Cash Revenue for 2000 was $3,110 million compared to $1,840 million in 1999, an increase of 69%. In addition to bandwidth sales and rapid growth
in wholesale data products, a contributor to this strong growth is the performance of the carrier voice business, which increased revenues from 1999 by 32%.
Cost of Access and Maintenance (COA&M) was higher in the fourth quarter of 2000 as maintenance costs increased due to the initiation of new systems, and
accrued access charges increased as a percentage of revenue. In future periods, the Company expects COA&M as a percentage of revenue to decline from
the level reported for the fourth quarter 2000.
Installation and Maintenance Services Segment
The installation and maintenance business segment, consisting of the Company's Global Marine subsidiary, reported revenue of $149 million for the fourth
quarter of 2000, an increase of approximately 83% as compared to the fourth quarter of 1999. During the quarter, the Company experienced an increase in
revenue due to the redeployment of vessels from maintenance projects to installation projects including the initiation of contract work for KDD and Tyco on
East Asian Crossing and Pan American Crossing subsea systems.
For the full year 2000, reported revenue was $460 million, an increase of 36% from 1999, while Recurring Adjusted EBITDA was $102 million, an increase
of 19% from 1999 results.
Discontinued Operations -- Incumbent Local Exchange Carrier
& GlobalCenter
The Company's discontinued operations, consisting of its ILEC and GlobalCenter segments, reported revenue of $235 million for the fourth quarter with
Recurring Adjusted EBITDA of $52 million. Annual revenue of $936 million was $127 million higher than 1999 results, while annual Recurring Adjusted
EBITDA of $288 million was 21% less than 1999 results. Global Crossing announced an agreement on July 12, 2000 to sell the ILEC business, acquired as
part of its acquisition of Frontier, to Citizens Communications for an estimated $3.65 billion in cash. The transaction, which is subject to regulatory approvals, is
expected to close during the summer of 2001.
2001 Projected Annual and Quarterly Financial Results
The Company reaffirmed previously announced projections of its financial performance for the fiscal year ending December 31, 2001. Global Crossing expects
its continuing operations to generate approximately $7.1-$7.3 billion of Cash Revenue, a 33%-37% increase over pro forma 2000 Cash Revenue results, and
Recurring Adjusted EBITDA of $2.0-$2.1 billion, a 37%-43% increase over pro forma 2000 Recurring Adjusted EBITDA results. These growth rates are
consistent with the Company's previously stated long-term growth objectives of 30% annual growth in Cash Revenue and 35%-40% growth in Adjusted
EBITDA.
The table below summarizes the Company's estimates of its financial performance for the first quarter ending March 31, 2001, and for the full year 2001.
($ -- in millions)
(Unaudited)
Three Months Ended Full Percent
March 31, March 31, Percent Full Year Year Increase/
2001 2000 Increase/ 2001 2000 (Decrease)
Forecast Pro Forma (Decrease) Forecasted Pro in
Range Range Range Forma Range
Continuing
Operations:
Revenue $990-1,040 $994(a) 5% $5,050-5,300 $3,958 28-34%
Service
Revenue $975-1,025 $824 18-24% $5,000-5,250 $3,580 40-47%
Cash
Revenue $1,500-1,600 $1,160 29-38% $7,100-7,300 $5,329 33-37%
Adjusted
EBITDA $430-450 $307 40-47% $2,000-2,100 $1,463 37-43%
(a) Revenue for the first quarter of 2000 included approximately $170
million associated with sales type leases.
The Company stated that the current consensus of analysts' estimates of Recurring Net Income for 2001 and for the first quarter of 2001 is reasonable.
The Company also reaffirmed its previously announced plans to make capital expenditures of approximately $10 billion in the aggregate for 2000-2001.
Capital spending for continuing operations during 2001 (including spending by its Asia Global Crossing subsidiary) is expected to be approximately $4.9 to
$5.1 billion, an amount that includes approximately $1 billion of previously announced capital spending from the 2000 capital program for which payments will
be made in 2001.
Definition of Terms Used
Throughout this press release, Pro Forma results have been discussed, which give effect to all acquisitions (Frontier, Global Marine, Racal, Hutchison Global
Crossing and IPC/IXnet) and dispositions (ILEC and GlobalCenter), as if each had occurred on January 1, 1999.
In this press release, Revenue refers to revenue reported on the Company's statements of operations under Generally Accepted Accounting Principles. Cash
Revenue refers to Revenue plus the cash portion of the change in deferred revenue. Service Revenue excludes all impacts of IRU sales, and refers to Revenue
less any revenue recognized immediately for circuit activations that qualified as sales type leases. Adjusted EBITDA refers to operating income (loss) plus
goodwill and intangibles amortization, depreciation and amortization, non-cash cost of capacity sold, stock related expense and the cash portion of the change
in deferred revenue, which definition is consistent with the financial covenants contained in the Company's major financing agreements. Recurring Adjusted
EBITDA refers to Adjusted EBITDA plus one-time merger and integration expenses and other non-recurring expenses. For all periods presented, net income
generated by the ILEC and GlobalCenter businesses is reported as ``Income from discontinued operations, net of taxes'' on the accompanying Condensed
Consolidated Statements of Operations.
About Global Crossing
Global Crossing Ltd. (NYSE:GX - news) provides integrated telecommunications solutions over the world's most extensive global IP-based fiber optic
network, which will have more than 100,000 route miles, reaching five continents, 27 countries and more than 200 major cities by mid-2001. Global Crossing
serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout
the Americas, Europe, and the Asia/Pacific region, and provides services in Asia through its subsidiary, Asia Global Crossing. Global Crossing Solutions
provides integrated telecommunications solutions, including network outsourcing, to large global enterprises. Please visit www.globalcrossing.com or
www.asiaglobalcrossing.com for more information.
Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are
forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's
actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to
complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace;
changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of
newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and
Exchange Commission.
GLOBAL CROSSING LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited) (Unaudited)
Pro forma
Three Months Ended Three Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 1999 2000 1999
REVENUES $ 996,965 $ 867,266 $ 996,965 $ 999,609
OPERATING EXPENSES:
Cost of access and
maintenance 547,232 374,139 547,232 383,550
Other operating
expenses 601,296 341,010 601,296 415,003
Depreciation and
amortization 428,425 250,770 446,925 403,734
Total operating
expenses 1,576,953 965,919 1,595,453 1,202,287
OPERATING LOSS (579,988) (98,653) (598,488) (202,678)
Other income (expense):
Equity in (loss)
income of affiliates (36,533) 21,179 (36,533) (5,221)
Minority interest 21,145 (1,338) 21,145 (13,310)
Interest income 56,439 15,572 56,439 17,001
Interest expense (99,780) (55,469) (99,780) (95,814)
Other income (expense),
net 279,724 (34,616) 279,724 (33,876)
(LOSS) INCOME FROM
CONTINUING OPERATIONS
BEFORE INCOME TAXES,
EXTRAORDINARY ITEMS AND
CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING
PRINCIPLE (358,993) (153,325) (377,493) (333,898)
Benefit (provision)
from income taxes 61,486 2,204 61,486 17,510
(LOSS) INCOME FROM
CONTINUING OPERATIONS
BEFORE EXTRAORDINARY
ITEMS AND CUMULATIVE
EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE (297,507) (151,121) (316,007) (316,388)
(Loss) income from
discontinued
operations, net (123,622) (58,666) (123,622) (58,666)
Extraordinary loss
on retirement of
debt, net (23,848) (30,816) (23,848) (30,816)
Cumulative effect of
change in accounting
principle, net (9,059) -- (9,059) --
NET LOSS (454,036) (240,603) (472,536) (405,870)
Preferred stock
dividends (59,392) (25,329) (59,392) (69,765)
Conversion of
preferred stock into
common stock -- -- -- --
NET LOSS APPLICABLE TO
COMMON SHAREHOLDERS $ (513,428) $ (265,932) $ (531,928) $ (475,635)
NET LOSS PER COMMON SHARE:
Loss from continuing
operations applicable
to common shareholders:
Basic and diluted (0.40) (0.23) (0.42) (0.45)
Loss from discontinued
operations, net:
Basic and diluted (0.14) (0.08) (0.14) (0.07)
Extraordinary loss on
retirement of debt, net:
Basic and diluted (0.03) (0.04) (0.03) (0.04)
Cumulative effect of
change in accounting
principle, net:
Basic and diluted (0.01) -- (0.01) --
Net loss applicable to
common shareholders:
Basic and diluted (0.58) (0.34) (0.60) (0.56)
Shares used in computing
loss per share:
Basic and diluted 883,786,120 772,929,855 883,786,120 853,294,926
RECURRING NET LOSS
PER COMMON SHARE:
Net loss applicable to
common shareholders $ (513,428) $ (265,932) $ (531,928) $ (475,635)
Tyco claims settlement 9,065 -- 9,065 --
Merger-related expenses
and severance 5,385 7,600 5,385 16,700
Non-cash severance 5,085 -- 5,085 --
Extraordinary loss on
retirement of debt,
net 23,848 30,816 23,848 30,816
Reversal of tax
provision related to
prior year adjustments -- -- -- --
Conversion of preferred
stock into common stock -- -- -- --
Cumulative effect of
change in accounting
principle, net 9,059 -- 9,059 --
(Loss) income from
discontinued operations,
net 123,622 58,666 123,622 58,666
Other (income) expense,
net (279,724) 34,616 (279,724) 33,876
RECURRING NET LOSS
APPLICABLE TO COMMON
SHAREHOLDERS $ (617,088) $ (134,234) $ (635,588) $ (335,577)
Recurring net loss
applicable to common
shareholders:
Basic and diluted $ (0.70) $ (0.17) $ (0.72) $ (0.39)
ADJUSTED EBITDA AND
RECURRING ADJUSTED
EBITDA:
Operating loss $ (579,988) $ (98,653) $ (598,488) $ (202,678)
Depreciation and
amortization 428,425 250,770 446,925 403,734
Stock related expense 12,218 12,697 12,218 14,060
Cash portion of the
change in deferred
revenue 543,356 63,740 543,356 78,461
ADJUSTED EBITDA $ 404,011 $ 228,554 $ 404,011 $ 293,577
Merger-related expenses
and severance 5,385 7,600 5,385 16,700
Tyco claims settlement 9,065 -- 9,065 --
RECURRING ADJUSTED
EBITDA $ 418,461 $ 236,154 $ 418,461 $ 310,277
GLOBAL CROSSING LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
Pro forma
Years Ended Years Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 1999 2000 |
