Global Crossing Reports Third-Quarter Loss
HAMILTON, Bermuda, Nov. 15 -- Global Crossing Ltd., provider of a services on its global Internet protocol-based fiber optic network, reported a recurring net loss of $572 million, or $0.65 per share. The loss was slightly lower than estimates forecast by industry analysts, the company said. The company reported, for its continuing operations, a cash revenue of $1.36 million and a recurring adjusted EBITDA of $355 million. The company did not release last year's figures due to its number of recent acquisitions.
Global Crossing sold about 1 million local telephone lines to Citizens Communications for $3.65 billion in cash in July of 2000. GlobalCenter, which the Company agreed to sell to Exodus Communications in September of this year for about $3.2 billion, is included in the reported results from continuing operations because of Global Crossing's continuing equity investment in Exodus. The company's investment in Exodus will be accounted for on the equity basis following completion of the
We are very pleased to have once again exceeded our financial targets, and we continue to see strong demand, said Tom Casey, CEO of Global Crossing. As we complete the sales of the ILEC and GlobalCenter, we will continue to sharpen our focus on our targeted customer sets: multinational corporations, carriers, next-generation Internet service providers, and governments. Our top priority is to drive revenue growth from these customers, and increase margins by streamlining our organization and cost structure to match the requirements of serving these key customers.
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