Global Crossing Statement on Stock Price / Reconfirms Guidance
biz.yahoo.com
Wednesday August 29, 1:23 pm Eastern Time
Press Release
SOURCE: Global Crossing
Global Crossing Statement On Stock Price
Company Reconfirms Guidance
HAMILTON, Bermuda--(BUSINESS WIRE)--Aug. 29, 2001--Global Crossing (NYSE:GX - news), which provides telecommunications solutions over the world's first integrated global IP-based fiber optic network, today issued the following statement from Chief Executive Officer Tom Casey:
``We remain extremely confident in Global Crossing's business strategy and the fact that we will emerge from the current downturn as an industry leader well positioned for long-term growth. We continue to see growing demand for Global Crossing's unique global broadband managed services offering and stand by our August 1 guidance of 2001 Cash Revenue of $6.4-$6.9 billion, Service Revenue of approximately $4.4-$4.5 billion and Recurring Adjusted EBITDA of $1.6-$2.0 billion. We believe our stock has been trading irrationally based on highly inaccurate rumors and groundless speculation. Our cash position remains solid. Based on our reconfirmed guidance we expect to end 2001 with approximately $1.7 to $2.1 billion in cash and liquidity. In addition, our capital expenditures will continue to decrease significantly in 2002, reflecting the completion of our core network and the planned completion of our Asian extension in the first quarter of next year.''
About Global Crossing
Global Crossing Ltd. (NYSE:GX - news) provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe. 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 provides services in Asia through its subsidiary, Asia Global Crossing (NYSE:AX - news). 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.
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Contact:
Global Crossing
Analysts/Investors
Ken Simril, +1 310 385 5200
investors@globalcrossing.com
Press
Kim Polan, + 1 212 687 8080
kpolan@sardverb.com
Tom Goff, + 1 310 385 5231
tgoff@globalcrossing.com
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