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

To: Mama Bear who wrote (7858)	9/21/2000 10:46:12 AM
From: Teddy	Read Replies (1) \| Respond to of 15615

It was known prior to last quarter that previous results would be restated for 2 reasons: <snips from filings> On July 11, 2000, the Company entered into an agreement to sell its incumbent local exchange carrier business, acquired as part of the Company's acquisition of Frontier Corporation, to Citizens Communications for $3.65 billion in cash, subject to certain adjustments concerning closing date liabilities and working capital balances. This Amendment No. 1 on Form 10-K/A reflects the financial position and results of operations of the incumbent local exchange carrier business as discontinued operations for all periods since the date of the Frontier acquisition. In addition, pursuant to a limited review by and subsequent discussions with the accounting staff of the Securities and Exchange Commission, this Amendment No. 1 on Form 10-K/A adjusts the Company's consolidated financial statements for the year ended December 31, 1999 to revise the estimated useful life of the $1.5 billion goodwill related to GlobalCenter from 10 to 5 years. GlobalCenter was acquired in September 1999 as part of the Company's acquisition of Frontier Corporation. As a result, loss applicable to common shareholders increased by $41 million for the year ended December 31, 1999. This adjustment has no impact on the Company's cash flow or its compliance with debt agreements.