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To: ComradeBrehznev who wrote (37100)	4/29/1999 2:55:00 AM
From: puborectalis	Respond to of 120523

GLOBEX is worth looking at......Global Crossing reports a narrower loss By Bloomberg News Special to CNET News.com April 28, 1999, 12:00 p.m. PT Global Crossing, which is building a global undersea fiber-optic cable network, said its first-quarter loss narrowed as the phone company began selling voice and data services. The company's loss narrowed to $1.9 million, or 4 cents a share, from $3.7 million, or 2 cents a share. Results include the payment of preferred dividends and a charge of $14.7 million for an accounting change. Global Crossing was expected to lose 1 cent a share, the average estimate of analysts polled by First Call. Shares outstanding increased 24 percent to 410.8 million. Revenue was $178.2 million compared to zero revenue a year ago. Global didn't reveal the charge on a per-share basis. Company executives weren't immediately available to comment. Hamilton, Bermuda-based Global Crossing wants to capitalize on the increasing corporate demand for Internet, multimedia, and data transmission services by acquiring related businesses and building phone networks. It started selling time and services on its network to other phone companies and multinational corporations in May while building undersea fiber-optic cable links between North America, Europe, Asia, and Latin America. This week Global agreed to buy a Cable & Wireless unit that installs submerged cables for $885 million. Last week, Global said it would increase its offer for privately held International Digital Communications in Japan, a long distance phone carrier affiliated with Toyota Motor. Last month, it agreed to acquire Frontier, the No. 5 U.S. long distance phone company, for $12.5 billion. In the first quarter, Global's expenses soared to $137.1 million from $3.79 million, because of higher selling, general and administrative costs, and network operations costs. Copyright 1999, Bloomberg L.P. All Rights Reserved.