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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here -- Ignore unavailable to you. Want to Upgrade?

To: Archie Meeties who wrote (8528)	9/18/2000 11:41:08 AM
From: transmission	Respond to of 12823

ICG Communications sees lower second half earnings ENGLEWOOD, Colo., Sept 18 (Reuters) - Telecommunications services provider ICG Communications Inc. (NASDAQ: ICGX) said on Monday its second half revenues and operating earnings would come in "significantly" lower than it had originally expected, and cited network outages and other technical difficulties as the culprit. It also said it will need additional funding and is currently seeking the help of financial institutions to explore strategic options for the company. The company estimates its third and fourth quarter revenues to total $300 million, compared with its earlier estimate of $400 million for the second half. It expects a loss before interest, taxes, depreciation and amortization of $25 million for the same period, compared with its earlier expectation of a profit of $60 million. ICG expects revenues for the full year to be approximately $630 million, EBITDA of approximately $17 million and capital expenditures of approximately $1 billion. For 2001, revenues are now expected to range between $700 million and $800 million, compared with its previous estimate of $1.4 billion. EBITDA for 2001 is seen ranging from $100 million to $150 million, compared with the earlier estimate of $350 million. Due to the lower expectations, the company will be in breach of certain covenants of its $200 million senior secured bank credit facility, assuming it cannot get the appropriate waivers. NOTE: Liberty Exec was appointed acting CEO 1-2 months ago. Who rescues will be curious as CLEC footprint pretty regionalized in Midwest though backbone remainder of ISP Netcom is national.