Hi Dale ! Enjoy reading your thread, noticed you couldn't find any filings for GBT . Filings are on the SEDAR website. Below is FP research report. Hope this helps.
Global Light Telecommunications Inc.
FINANCIAL RATIOS as of Apr 20, 2000 10:41:00 PM :
LISTED: V/GGB.U INVESTOR RELATIONS: Robert Blankstein (604) 688 - 0553
52W HIGH: 23.750 IAD: 0.000 12MO EPS: US$-3.650 BETA: n.a.
52W LOW: 6.050 YIELD: n.a. EPS DATE:
Sep 30, 1999 1YR TOTAL RET: 146.667
CLOSE: 12.750 LAST DIVIDEND: P/E: n.a. 3YR TOTAL RET: n.a.
AVG 20-DAY VOL: 230 TSE300: N
TRANSFER AGENT: CIBC Mellon Trust Company, Vancouver.
SIC CODES: 4899 - Communications services, nec
COMPANY PROFILE:
Develops telecommunications opportunities in Latin America, Europe, the Pacific Rim and other selected markets.
RECENT DEVELOPMENTS:
Principal operations are conducted through 60.93%-owned Highpoint Telecommunications Inc., which through 80%-owned Vitacom Corporation, specializes in satellite communications and is based in Mountain View, Calif.
Wholly owned GST Mextel, Inc. owns 49% interest in Bestel, S.A. de C.V., a Mexican company formed to construct and operate a fibre-optic telecommunications network which will extend 2,270 kms and link 14 Mexican cities.
In January 1999, Highpoint entered into an agreement with Axxess Network to acquire an 11.11% interest in Axxon Telecom for US$1,800,000, payable by the issuance of Highpoint common shares with a deemed value of Cdn$8.50 per share.
In February 1999, the company agreed to transfer its 44.44% interest in Axxon Telecom to Highpoint in exchange for US$9,000,000 to be paid in the form of 1,590,000 Highpoint common shares at a deemed value of Cdn$8.50 per share. Highpoint also agreed to acquire an additional equity interest in Axxon Telecom by investing up to US$11,000,000, with such investment to initially be made by way of a convertible loan by a subsidiary of Highpoint. Upon full conversion of the principal amount and accrued interest into common shares of Axxon Telecom, Highpoint would then own an approximate 76% equity interest in Axxon Telecom.
Also in February 1999, the company acquired an additional 3.6% in NeTrue Communications Inc. for US$292,800 cash.
In March 1999, Highpoint entered into a Heads of Agreement with respect to the purchase of a controlling interest in a project referred to as Vine Telecom. Highpoint will invest US$9,000,000 for the initial development phase of Vine in instalments up to June 1999. As of Apr. 30, 1999, the company has advanced US$3,000,000. The initial shareholders of Vine will be issued warrants entitling then to 2,000,000 common shares of Highpoint at Cdn$8.50 per share for a period of two years. Upon completion by Vine of the required financing for Phase 1 of the project Highpoint will have the right to subscribe for the controlling equity interest in Vine for a purchase price to be determined at that time.
On Apr. 9, 1999, Highpoint acquired a 50% interest in The North American Gateway Inc. for US$6,500,000 in cash and the issuance of 3,071,152 convertible preferred series 1 shares. North American Gateway is a facilities-based international telecommunications carrier based in Toronto, Ont.
In July 1999, the company, GST Mextel, GST Telecommunications, Inc., GST Telecom Inc., GST (U.S.A.) Inc., W. Gordon Blankstein, Ian Watson and Peter E. Legault agreed to settle as to those parties various law suits in California, Washington and B.C. The terms of the settlement include a payment to GST Telecommunications of a minimum of US$27,000,000 and a maximum of US$30,000,000 to be made on Sept. 15, 1999.
In February 2000, the company agreed to acquire 51% of New World Network Holdings Ltd., a telecommunications carrier that owns 85% of the underwater fiber-optic cable network Arcos-1. The company noted that Siemens Project Ventures, the investment arm of Siemens AG, had agreed to acquire 20.4% of New World, with the remaining interest being held by the company founders. Arcos-1 was to connect the U.S. to Mexico, Central and South America, and the Carribean. Approximately 30 carriers, including GTE Corp., MCI Worldcom Inc. and AT&T Corp. are partners in the network.
PREDECESSOR DETAILS:
Name changed from GST Global Telecommunications Inc., Oct. 29, 1998.
Name changed from Canadian Programming Concepts Ltd., Oct. 1, 1996.
INCORPORATION: Yukon Territories Nov 29, 1993
FINANCIALS:
Fiscal years ended Dec 31 1998 1997
US$000 %Chg US$000
Operating revenue 35,365 +192 12,130
Pre-tax income (43,888) n.a. (12,718)
Minority interest (3,542) (487)
Income taxes 108 118
Net income before disc. opers. (40,455) n.a. (12,349)
Net income before ext. items (40,455) n.a. (12,349)
Net income (40,455) n.a. (12,349)
Net income for common (40,455) n.a. (12,349)
Current assets 35,846 21,720
Long-term investments 7,000 ....
Fixed assets, net 73,078 43,045
Intangibles 11,913 2,914
Total assets 141,200 +75 80,874
Current liabilities 32,561 21,177
Long-term debt, net 95,635 29,331
Shareholders' equity 6,003 30,366
Unissued capital reserve .... 9,667
Equity portion - conv. debs. 7,162 8,942
Cash flow (31,357) (10,655)
Cash from oper. activs. (28,139) n.a. (1,127)
Net cash position 19,913 +390 4,067
US$ US$
Earns. per sh. bef. disc. op. (2.320) (0.940)
Earns. per sh. bef. ext. (2.320) (0.940)
Earnings per sh. (2.320) (0.940)
shs. shs.
No. of com. shs. outstanding 19,094,523 14,604,060
Avg. no. of com. shs. outstanding 17,461,638 13,081,986
% %
Net profit margin % (124.410) (105.820)
Return on equity % (222.470) (54.500)
Return on assets % (39.620) (25.560)
For the nine months ended Sept. 30, 1999, net loss was US$47,293,000 or US$2.32 per share compared with a net loss of US$17,686,000 or US$0.99 per share for the corresponding year-earlier period. Operating revenue jumped to US$57,264,000 from US$16,018,000.
Historical Summary
Fiscal Year Operating revenue Net income before ext. items Earnings per sh.
US$000 US$000 US$
1998 35,365 (40,455) (2.320)
1997 12,130 (12,349) (0.940)
1996 2,865 (1,164) (0.250)
AUDITORS:
KPMG LLP, Richmond
RELATED COMPANIES:
Wholly owned subsidiary
GST Mextel, Inc.
49% int. in Bestel, S.A. de C.V.
100% int. in Obras en Telecommunicaciones S.A. de C.V.
Subsidiary, principal subsidiary
Highpoint Telecommunications Inc. (60.93% int.) Vancouver, British Columbia Canada
NeTrue Communications, Inc. (55% int.)
MAJOR SHAREHOLDER as of May 19, 1999 :
GST Telecommunications, Inc. held 18.6% interest
CAPITAL STOCK:
Authorized Outstanding[1]
Preference unlimited nil
Common unlimited 23,270,506 shs.
[1] At Sept. 30, 1999.
Options - At Dec. 31, 1998, options were outstanding to purchase 3,339,750 common shares at prices ranging from Cdn$1.66 to Cdn$8.96 per share and expire between June 4, 2001 and June 18, 2003.
CAPITAL CHANGES:
In March 2000, the company negotiated a brokered private placement of 3,000,000 common shares for US$19 per share. Proceeds were to be used to further develop its investments in the telecommunications sector.
During 1998, common shares were issued as follows: 2,161,500 pursuant to private placements for US$10,594,850; 989,846 on conversion of US$5,920,658 in convertible debentures; 1,139,875 on exercise of warrants; 69,750 on exercise of options; and 129,492 as incentive for lenders.
PRICE RANGE:
Price Range - GGB.U Year Volume High Low Close
1999 294,282 US$13.50 US$4.25 US$12.50
1998 600,200 5.00 3.00 5.00
LONG-TERM DEBT:
Outstanding at Dec. 31, 1998:
Note payable due 1999 US$1,000,000
26.8% secured loan due 2001 357,611
Convertible debentures[1] 42,099,682
Affil. note pay. due 2005[2] 52,168,536
Capital lease obligs. 1,929,751
97,555,580
Less: Current portion 1,920,406
95,635,174
[1] Consisted mainly of a US$23,335,000 debt component of 10% convertible exchanged debentures due Dec. 12, 2002 with a principal amount of US$30,497,000 issued by the company, and a US$17,157,000 debt component of 10% convertible debentures due Sept. 4, 2003 with a principal amount of US$22,419,000 issued by 63.28%-owned Highpoint Telecommunications Inc.
The company's debentures are convertible into common shares at US$6.17 per share, subject to adjustment to not less that US$5.81 per share. Redeemable after July 31, 1999 provided the closing price of the common shares is equal to or greater than Cdn$8.50 per share or US$6.17 per share for at least 20 consecutive trading days during the three-month period prior to the notice of redemption. Subordinated to certain future senior indebtedness of the company. Equity component of US$7,162,000 has been classified as part of shareholders' equity.
Highpoint's debentures are convertible at the option of the holder into Highpoint common shares at Cdn$10.25 per share. Redeemable after Feb. 13, 2000 provided the closing price of the shares is equal to or greater than Cdn$10.25 per share. Secured by a security interest in the property of Highpoint and are subordinated to certain future senior indebtedness of Highpoint. Equity component of US$5,262,000 has been classified as part of minority interest.
[2] In May 1998, 49%-owned Bestel, S.A. de C.V. completed a private placement of 144,741 units, each consisting of one senior discount note due May 15, 2005 with a principal amount at maturity of US$1,000 and one warrant to purchase 1.1886 series B common shares of Bestel. The units were issued at a discount for net proceeds to Bestel of US$96,500,000. Carrying value of the notes is accreted to its redemption value of US$144,700,000 through a charge to interest expense over the period ended May 15, 2001 to yield an effective interest rate of 12.75%. Thereafter, the notes will begin to accrue cash interest at 12.75% per annum payable semiannually. Redeemable by Bestel under certain circumstances at certain prescribed prices.
Note - In September 1999, the company proposed the redemption effective Oct. 11, 1999 of US$13,600,000 of the 10% convertible exchanged debentures due Dec. 12, 2002, being the balance of such debentures outstanding. Holders could elect to receive principal plus accrued interest, or convert the principal amount into common shares and receive the accrued interest in cash.
Also in September, the company completed a private placement of US$32,000,000 of 9% debentures due Sept. 14, 2003, convertible into common shares at US$10.50 per share.
DIRECTORS:
Directors - W. Gordon Blankstein, chr., Vancouver, B.C.; Ian Watson, v-chr., pres. & CEO, San Francisco, Calif.; David W. Warnes, COO, San Francisco, Calif.; Manuel Vazquez A. Aldrete; Alexander D. Calhoun, San Francisco, Calif.; Robert M. Blankstein, v-p, Vancouver, B.C.; Larry L. Pressler, Washington, D.C.; Thomas E. Sawyer, Salt Lake City, Utah
Other Executive Officers - Donald MacFayden, CFO
CONTACT INFORMATION:
ADDRESS: 1030-999 Hastings St W
Vancouver
British Columbia
Canada
V6C 2W2
PHONE: (604) 688 - 0553
FAX: (604) 688 - 7330
WWW ADDRESS: ggbtelecom |
