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Technology Stocks : 360Networks - TSX - TSIX -- Ignore unavailable to you. Want to Upgrade?

To: Chartgod who wrote (71)	12/1/2000 6:45:41 PM
From: D McP.	Read Replies (1) \| Respond to of 449

Hi Martin et al, Have you seen the latest news release re: 2001 earnings (and GAAP earnings). I wish they'd just left the project 15-20 year's earnings out of the equation and simply reported GAAP. The impression one gets is .... adolescent. Still, let's give them the benefit of the doubt and some time to grow up. Just keep it up, guys! ************************************ To: Undisclosed recipients:; Subject: 360networks - News Release December 1, 2000 Immediate Release 360NETWORKS RAISES FINANCIAL ESTIMATES FOR 2001 Vancouver 360networks today announced it anticipates significant increases in cash-based revenues and adjusted EBITDA (earnings before interest, taxes, depreciation, minority interest, stock-based compensation and amortization) for the year ending December 31, 2001. 360networks forecasts cash revenue of $3.1 to $3.3 billion, and adjusted EBITDA (also known as cash flow from operations) of $2.5 to $2.6 billion for 2001. These figures are approximately 40 to 50% higher than prior estimates of analysts. “There is tremendous interest from customers in our network services on our undersea and terrestrial routes,” said Larry Olsen, vice-chairman and chief financial officer of 360networks. “This is driven by the global coverage of our network, our optical mesh architecture and our expanding Internet Protocol product and service set. We are confident in our ability to meet these improved expectations.” Mark Grotevant, managing director of high yield research at Credit Suisse First Boston, said today: “Contrary to a recent wire story, we are pleased with 360networks’ progress, outlook and revised guidance, which are all ahead of previous expectations.” As a result of U.S. Generally Accepted Accounting Principles (GAAP), 360networks is required to report the majority of revenues over a period of 15 to 20 years, notwithstanding the fact that the company receives up front cash payment in full for these sales. The company is forecasting GAAP-based revenue of $650 to $700 million in 2001. The following table summarizes 360networks’ new financial estimates for 2001: (US $ millions) 2001 Estimate Cash revenue $3,100 - $3,300 Adjusted EBITDA $2,500 - $2,600 GAAP-based revenue $ 650 - $ 700 Gross margin 40-50% of revenue Sales, general and administrative expense 20-25% of revenue EBITDA $ 110 - $ 160 Capital expenditures $3,500 - $4,500 About 360networks 360networks (NASDAQ: TSIX and TSE: TSX) offers broadband network and co-location services to telecommunications and data-centric organizations. 360networks is developing one of the largest and most technologically advanced fiber optic mesh networks in the world. By mid-2002, the planned network will span 142,000 kilometers (88,000 miles) and link more than 100 major cities with terrestrial routes and submarine cables joining North America, South America, Asia and Europe. 360networks is also developing nearly 3.7 million square feet of network co-location space. More information is available at www.360.net. For more information contact: Investor Relations Nancy Bacchieri ir@360.net Media Michelle Gagné michelle.gagne@360.net Forward looking statements: This document contains statements about expected future events and financial results that are forward looking in nature, and, as a result, are subject to certain risks and uncertainties, such as network disruptions, pricing pressure, operating and maintenance risks, and delays in delivery of services to customers. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbor for “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. To unsubscribe click here : (http://www.360networks.com/News---Unsubscribe.asp)