I hate to break your train of thought, but here's a release mentioning NN's participation in Worldwide Fiber's network:
August 13, 1999 20:19
Worldwide Fiber Inc. Announces Second Quarter Results
VANCOUVER, B.C.--(BUSINESS WIRE)--Aug. 13, 1999--Worldwide Fiber Inc. today announced financial results for the second quarter ended June 30, 1999.
The Company commenced operations on May 31, 1998. Therefore, comparative periods are not presented.
Revenue for the three month period ended June 30, 1999 was $81,103,000, representing a 90% increase over the first quarter of 1999, and was primarily derived from accelerating progress towards completion of the Company's 18,000 mile North American fiber optic network. Revenues for the six months ended June 30, 1999 totaled $123,884,000. In addition, the Company's gross margin continues to improve.
EBITDA and net income for the three-months ended June 30, 1999 were $23,884,000 and $10,623,000 respectively. EBITDA represents earnings before interest, taxes, depreciation and amortization. There were no unusual charges or gains. EBITDA and net income for the six months ended June 30, 1999 were $32,433,000 and $12,393,000 respectively.
A number of strategic milestones were achieved during the second quarter, including:
-- the announcement of the Company's entry into the carriers' carrier market with an initial installation of high bandwidth optical and electronic transmission equipment supplied by Nortel, Newbridge and Fore;
-- the announcement of the Hibernia trans-Atlantic cable project, with Tyco Submarine Systems as primary supplier; -- securing long-term joint ventures with Canadian National
Railways, and their affiliate Illinois Central, for strategic rights-of-way throughout North America;
-- the development of six additional City Ring developments in Canada;
-- the completion of the Seattle--Portland segment of the Network;
-- the full implementation of crews and railplow equipment to north east segments of the Network;
-- the co-development of the Chicago--Denver segment with Pathnet;
-- the co-development of Los Angeles - San Diego with GST Telecommunications;
-- the addition of Jim Voelker to the Company's board of directors, and several key hires in the areas of bandwidth operations and marketing.
Subsequent to June 30, the Company has completed a very successful issue of high yield notes totaling $500 Million.
Larry Olsen, vice chairman and chief financial officer said, "The build-out of our terrestrial Network is proceeding on schedule and surpassing our original 1999 revenue and EBITDA targets. We're pleased with our achievement of these significant strategic milestones and look forward to announcing more developments on our Network, bandwidth business and Hibernia as they occur through the balance of 1999."
Worldwide Fiber is a facilities based provider of technologically advanced, high-bandwidth fiber optic communications infrastructure. Formerly the Telecommunications Division of Ledcor Industries Limited, WFI has designed, engineered, developed and constructed communications networks for more than twelve years. The Company is building an 18,000-mile North American fiber optic communications infrastructure and expects to complete the development of approximately 6,000 route miles in 1999 adding to its existing terrestrial network of approximately 5,000 miles. Worldwide Fiber Inc. is building a Network to meet the facilities requirements of communications carriers, Internet service providers, and corporations with enterprise network needs and to satisfy the increasing demand generated by high-bandwidth data, voice, and video communications.
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