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

To: charger who wrote (5986)	5/2/2000 5:25:00 PM
From: RobertSheldon	Read Replies (3) \| Respond to of 15615

These are REALLY, REALLY, REALLY good numbers. I may even climb out of the sack at 4:00am (my time, gives me an hour to wake up) tomorrow to listen to the CC.

To: charger who wrote (5986)	5/2/2000 7:37:00 PM
From: Teddy	Read Replies (1) \| Respond to of 15615

Oh my, looks like someone finally figured it out: (Robert, see bold. Those "analysts" ain't no smarter than us.<G>) Tuesday May 2, 7:13 pm Eastern Time UPDATE 1-Global Crossing loss smaller than expected (Recasts, adds details throughout, byline) By Jessica Hall NEW YORK, May 2 (Reuters) - Undersea fiber-optic network builder Global Crossing Ltd. (NasdaqNM:GBLX - news) on Tuesday posted a smaller-than-expected first-quarter loss as data sales surged and voice sales remained strong despite pricing pressure and intense competition through the industry. Hamilton, Bermuda-based Global Crossing's first-quarter loss was $279.4 million, or 36 cents a share, compared with a loss of $151.7 million, or 20 cents, in the fourth quarter. The company did not provide year-ago figures. The first-quarter results were better than the loss of 43 cents a share expected by Wall Street, according to research firm First Call/Thomson Financial. Before the results were released, shares of Global Crossing closed at 32-5/8, down 2-3/16, on Nasdaq amid weakness throughout the general market and sharp declines in long-distance industry leader AT&T Corp. (NYSE:T - news) Revenues were $1.12 billion, up 5 percent from the fourth quarter, as data revenues jumped 27 percent to $519.2 million. Data products, including ATM (asynchronous transfer mode), dedicated Internet services, frame relay and web-hosting, generated triple-digit growth rates for the eighth consecutive quarter. Global Crossing, the fifth largest provider of long-distance telephone service in the United States, said telecommunications revenues rose 7 percent to $860 million as unexpectedly high sales to businesses offset declining sales to consumers. Many companies in the long-distance business suffered during the quarter from increased competition and price wars. Global Crossing combated these issues by adding sales people and improving management of its business, Chief Financial Officer Dan Cohrs said in an interview. The local telephone operations, which Global Crossing acquired when it bought Frontier Corp. last year, had revenues of $187 million, essentially unchanged from the fourth quarter. Global Crossing said on Monday it had hired investment bankers to help it explore the possibility of selling the local business. The move, which has been widely expected, could fetch up to $4 billion, analysts said. Global Crossing is building undersea and international fiber-optic communications networks that will serve 27 countries and more than 200 major cities when completed next year. It sells capacity on those networks to other telecommunications service providers and large corporations. The company also has been focusing on building its data and GlobalCenter Web-hosting business, which offers storage and maintenance facilities for Web sites and other Internet services such as applications management. Global Crossing plans to launch an initial public offering of a tracking stock for GlobalCenter and have an IPO for its Asia Global Crossing business. Both offerings are expected to be completed this summer. ``Global Crossing is creating a set of assets that will be difficult to replicate - assets that enable us to hit the sweet spot of two key industries, data services and complex web-hosting, each of which is growing at exponential rates,'' said Global Crossing Chief Executive Leo Hindery. Global Crossing has expanded aggressively through acquisitions, but it doesn't anticipate any major new deals in the near future, Cohrs said. ``We would never say never, but we don't think we need to do a lot of acquisitions now,'' Cohrs said. Any acquisitions would focus on adding customers or services to its product mix. The company last year acquired long-distance telephone company Frontier Corp.; Global Marine Systems, a cable installation and maintenance company; and Racal Telecom, the telecommunications arm of Britain's Racal Electronics Plc. (quote from Yahoo! UK & Ireland: RCAL.L) Its pending $3.8 billion acquisition of IXnet, a leading provider of Internet-based services to multinational financial institutions, is expected to close in June. Due to its recent offering of common and preferred shares, as well as its planned IPOs, Global Crossing said it will have enough funding to fuel its spending plans through the end of this year. If it sells its local telephone operations, it would be fully funded through the end of 2001, Cohrs said. Capital spending for Global Crossing and its various partnerships will be about $6 billion this year. Capital spending should drop by about one-third in 2001. Global Crossing said it doesn't plan to offer wireless services on its own, but it may provide broadband capacity -- transmitting voice and data services around the world -- for other wireless carriers. Global Crossing also may make small investments in wireless companies, especially in firms that will tackle the wireless data market.