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Strategies & Market Trends : Making Money is Main Objective
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To: Softechie who wrote (1747)1/9/2002 11:19:54 PM
From: Softechie   of 2155
 
WorldCom CEO Puts '02 Capex At $5.5B Vs $7.5B In '01
Dow Jones Newswires

By Christine Nuzum
Of DOW JONES NEWSWIRES
SCOTTSDALE, Ariz. -- WorldCom Inc. (WCOM) Chief Executive Bernard Ebbers estimated the company will cut its capital spending by nearly 27% this year, bringing it to $5.5 billion.

Currently, the company estimates 2001 capital spending at $7.5 billion, said Ebbers at a Salomon Smith Barney conference here Tuesday.

Ebbers said he doesn't anticipate a major round of layoffs in 2002 on the order of last year's reductions.

Ebbers told reporters after the presentation that WorldCom is never finished cutting jobs, but last March's work-force reduction was the first in the company's history. WorldCom cut its work force by between 6% and 7% then.

The company's voice business is improving, Ebbers said, as pricing stabilizes and the number of customers who switch to other services decreases. He noted that voice revenue rose 2% in the third quarter. At the same time, the fraction of sales contributed by the voice business is decreasing as the data business has become WorldCom's largest. International sales and Internet services are also becoming increasingly important to WorldCom's sales, he said.

Ebbers said he was "comfortable" with estimates that WorldCom's revenue will grow by a percentage in the upper single digits to lower double digits next year, but he declined to comment on the fourth quarter, citing a quiet period. WorldCom has previously predicted 10% sales growth in the fourth quarter.
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