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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (1312)	7/12/1999 8:49:00 AM
From: 2MAR$	Read Replies (1) \| Respond to of 15615

(PR NEWSWIRE) Global Crossing Revenues to Exceed Analysts' Estimates Global Crossing Revenues to Exceed Analysts' Estimates * Second quarter revenues expected to be approximately $190 million * Strong Atlantic system performance is key to second quarter * Significant contract sales signed on new systems not yet in service HAMILTON, Bermuda, July 12 /PRNewswire/ -- Global Crossing Ltd. (Nasdaq: GBLX), which is building and operating the world's first and most advanced global IP-based datacentric network, announced today that its second quarter revenues are expected to be approximately $190 million, exceeding analysts' estimates and the company's internal targets. Continuing robust sales and circuit activations on the company's Atlantic Crossing 1 (AC-1) cable, along with associated terrestrial circuits, are responsible for the robust revenues. The company noted that, when final second-quarter results are reported later this month, a number of one-time expenses related to merger activity and financing will affect reported operating results. "Our sales and customer base have continued to expand during the quarter along with the explosive demand for transnational, global telecommunications," said Bob Annunziata, Chief Executive Officer of Global Crossing. "In addition to the strong performance in the Atlantic, we are particularly gratified by the advance sales we have closed on systems other than AC-1 as we speed them to completion. Pacific Crossing, Pan European Crossing, and Mid-Atlantic Crossing are developing significant sales backlogs that will become revenue after those systems enter service later this year. We're also building significant backlog in our flexible Global Network Offer, which will become revenue on AC-1 or our new systems as customers activate capacity where they need it." Also during the quarter, Global Crossing completed the acquisition of the Global Marine subsidiary of Cable & Wireless plc. The company completed the financing of the Global Marine acquisition, and refinanced its project debt, through a new $3 billion corporate credit facility. The company continued the rapid development of its global network during the quarter. On May 26th, the company marked the first anniversary of the Atlantic Crossing 1 system, which surpassed $1 billion in sales during its first year in operation. On June 4th, Global Crossing announced an agreement to serve as general contractor in building the Africa ONE system, a fiber-optic system circling the African continent. On June 15th, Global Crossing announced the completion of both landings in Japan for Pacific Crossing 1, which will connect Japan to the West Coast of the United States and be ready for service at year-end. About Global Crossing Global Crossing is building and operating the world's first and most advanced global IP-based datacentric network, an end-to-end fiber optic platform for data, voice, video and Internet transmissions. The Global Crossing Network will span five continents and address 80% of the world's international traffic. A new unit of Global Crossing, Global Marine Systems Limited, possesses the largest flotilla of cable laying and maintenance vessels in the world and currently services more than a third of the world's undersea cable kilometers. Global Crossing's operations are headquartered in Hamilton, Bermuda, with executive offices in Los Angeles. 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. It is important to note that the company's actual results could differ materially from those projected in such forward- looking statements. Information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the company's filings with the U.S. Securities and Exchange Commission (SEC). Copies of these filings may be obtained by contacting the company or the SEC. General information: Visit Global Crossing at www.globalcrossing.com on the World Wide Web. SOURCE Global Crossing Ltd. -0- 07/12/99 /CONTACT: Investor/analyst: Jensen Chow, 310-385-5283 or jchow@globalcrossing.com, or Press: Tom Goff, 310-385-5231 or tgoff@globalcrossing.com, both of Global Crossing Ltd./ /Web site: globalcrossing.com (GBLX) CO: Global Crossing Ltd. ST: Bermuda IN: TLS CPR SU: ERP *** end of sto

To: John Carragher who wrote (1312)	7/12/1999 10:53:00 AM
From: Frank A. Coluccio	Read Replies (2) \| Respond to of 15615

John, the press release was interesting. What's been missing in many of the latter day releases on this subject has been the strategic significance of what picking up FRO would mean to GBLX. Without FRO or an EXDS-like company, or even an mfnx/ABOVE.net, for that matter, GBLX is almost entirely lacking in an IP foothold on the 'net where peering, and even supporting ISP functions (and content providers) is concerned. IMO, GBLX would be best served - indeed they absolutely must pick up - an IP stronghold that could bolster their organization for the future. The longer time goes by without an FRO-like company, the greater their exposure is to competition from their already-Internet-capable rivals (WCOM, LVLT, QWST). FRO is quickly becoming just such a player in the IP sector with its Global Center ops, and without them or someone similarly situated, there remains a gaping hole in GBLX's global agenda. Effectively, the global overlays which GBLX is putting in must be made IP aware. Regards, Frank Coluccio