Computeruser.com
Latest News

Global Crossing Announces Fourth Quarter and Full Year 2010 Results

FLORHAM PARK, N.J. Feb. 22, 2011

John Legere

Results at a Glance

(Dollars in millions)

4Q Yr/Yr Growth

2010 Yr/Yr Growth

4Q 2010

Reported

Constant

Currency

2010

Reported

Constant

Currency

Consolidated Revenues

$     683

5%

6%

$ 2,609

3%

2%

"Invest and Grow" Revenues

$     602

8%

9%

$ 2,279

6%

5%

OIBDA

$     121

46%

45%

$    400

17%

14%

Free Cash Flow

$     102

$       3 0

$      16

$    (66)

The company’s OIBDA, Free Cash Flow and constant currency measures are non-GAAP measures.  See “Non-GAAP Metrics,” below, and the reconciliations of OIBDA and Free Cash Flow to the most directly comparable GAAP measures included in the attached financial tables.

Fourth Quarter Results

$683 million $7 million $5 million

$602 million $6 million $7 million $4 million

$335 million $151 million $128 million $6 million $7 million

$81 million

$231 million $208 million $190 million $6 million $4 million

$110 million $99 million $107 million

$121 million $109 million $83 million $47 million $46 million $28 million

$1 million $6 million $37 million $38 million

Full Year Results

$2.61 billion $73 million $21 million $2.28 billion $21 million $99 million

$1.28 billion $559 million $472 million

$46 million $328 million the United States

$831 million $61 million $14 million $770 million

$431 million $3 million $428 million $3 million

$400 million $58 million $11 million $47 million $124 million $176 million $100 million

$176 million $145 million $84 million $31 million $58 million $23 million

Cash and Liquidity

December 31, 2010 $372 million $311 million September 30, 2010 $477 million December 31, 2009 $9 million $381 million December 31, 2010

$149 million $55 million $32 million $64 million

$102 million $1 million $72 million

$183 million $132 million $157 million $225 million

$16 million $82 million

2011 Guidance

John Legere

$425 million $20 million $40 million

The above guidance represents management’s current good faith estimates and is based on various assumptions which may or may not materialize.  Some of the risks and uncertainties that could cause actual results to differ materially from these estimates are referenced below.

Non-GAAP Metrics

Pursuant to the Securities and Exchange Commission’s (SEC’s) Regulation G and Item 10(e)(1)(i) of Regulation S-X, the attached financial tables include definitions of non-GAAP financial measures, as well as reconciliations of such measures to the most directly comparable financial measures calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP).  In addition, measures referred to in this press release as being calculated “in constant currency terms” are non-GAAP measures intended to present the relevant information assuming a constant exchange rate between the two periods being compared.  Such measures are calculated by applying the currency exchange rates used in the preparation of the prior period financial results to the subsequent period results.

Conference Call

Wednesday, February 23, 2011 9:00 a.m. EST United Kingdom http://investors.globalcrossing.com/events.cfm

February 23, 2011 11:30 a.m. EST Wednesday, March 2, 2011 11:30 a.m. EST United Kingdom

ABOUT GLOBAL CROSSING

Global Crossing (Nasdaq: GLBC) is a leading global IP, Ethernet, data center and video solutions provider with the world’s first integrated global IP-based network.  The company offers a full range of data, voice, collaboration, broadcast and media services delivered with superior customer service. 

Global Crossing provides services to enterprises (including approximately 40 percent of the Fortune 500); government departments and agencies; and 700 carriers, mobile operators and ISPs.  It delivers converged IP services to more than 700 cities in more than 70 countries, and has 17 world-class data centers in major business centers around the globe.

www.globalcrossing.com

Website Access to Company Information

www.globalcrossing.com http://investors.globalcrossing.com

Visitors to the Investors web pages can view and print copies of Global Crossing’s SEC filings, including periodic and current reports on Forms 10-K, 10-Q, 8-K, and in respect of GCUK’s Forms 20-F and 6-K, as soon as reasonably practicable after those filings are made with the SEC.  Copies of the charters for each of the standing committees of Global Crossing’s Board of Directors, its Corporate Governance Guidelines, Ethics Policy, press releases and analysts presentations are all available through the Investors web pages.

Please note that the information contained on any of Global Crossing’s websites is not incorporated by reference in, or considered to be a part of, any document unless expressly incorporated by reference therein.

This press release contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties that could cause the actual results to differ materially, including: Global Crossing’s history of substantial operating losses and the fact that, in the near term, funds from operations will not satisfy cash requirements; the availability of future borrowings in an amount sufficient to pay our indebtedness and to fund our other liquidity needs; legal and contractual restrictions on the inter-company transfer of funds by the company’s subsidiaries; the company’s ability to continue to connect its network to incumbent carriers’ networks or maintain Internet peering arrangements on favorable terms; the consequences of any inadvertent violation of the company’s Network Security Agreement with the U.S. Government; increased competition and pricing pressures resulting from technology advances and regulatory changes; competitive disadvantages relative to competitors with superior resources; political, legal and other risks due to the company’s substantial international operations; risks associated with movements in foreign currency exchange rates; risks related to restrictions on the conversion of  the Venezuelan bolivar into U.S. dollars and to the resultant buildup of a material excess bolivar cash balance, which is carried on Global Crossing’s books at the official exchange rate, attributing to the bolivar a value that is significantly greater than the value that would prevail on an open market; potential weaknesses in internal controls of acquired businesses, and difficulties in integrating internal controls of those businesses with the company’s own internal controls; exposure to contingent liabilities; and other risks referenced from time to time in the company’s filings with the Securities and Exchange Commission. Global Crossing undertakes no duty to update information contained in this press release or in other public disclosures at any time.

CONTACT GLOBAL CROSSING:

Press Contacts

Michael Schneider

+ 1 973 937 0146

[email protected]

Analysts/Investors Contact

Mark Gottlieb

+ 1 800 836 0342

[email protected]

Gino Mathew

+1 973 937 0133

[email protected]

IR/PR1

Global Crossing Limited

Consolidated Balance Sheets

  ($ in millions)

Table 1

December 31, 2010

December 31, 2009

(unaudited)

ASSETS:

Current assets:

Cash and cash equivalents

$                                        372

$                                    477

Restricted cash and cash equivalents – current portion

4

9

Accounts receivable, net of allowances of $45 and $50

324

328

Prepaid costs and other current assets

91

101

Total current assets

791

915

Restricted cash and cash equivalents – long term

5

7

Property and equipment, net of accumulated depreciation of $1,514 and $1,216

1,179

1,280

Intangible assets, net (including goodwill of $208 and $175)

227

198

Other assets

108

88

Total assets

$                                     2,310

$                                 2,488

LIABILITIES:

Current liabilities:

Accounts payable

$                                        297

$                                    312

Accrued cost of access

78

87

Short term debt and current portion of long term debt

27

37

Obligations under capital leases – current portion

51

49

Deferred revenue – current portion

184

174

Other current liabilities

376

384

Total current liabilities

1,013

1,043

Long term debt

1,311

1,295

Obligations under capital leases

72

90

Deferred revenue

338

334

Other deferred liabilities

53

86

Total liabilities

2,787

2,848

SHAREHOLDERS’ DEFICIT:

Common stock,  110,000,000 shares authorized, $.01 par value , 60,497,709 and 60,219,817 shares  issued and outstanding as of December 31, 2010 and December 31, 2009, respectively

1

1

Preferred stock with controlling shareholder, 45,000,000 shares authorized, $.10 par value, 18,000,000 shares issued and outstanding

2

2

Additional paid-in capital

1,443

1,427

Accumulated other comprehensive income (loss)

15

(24)

Accumulated deficit

(1,938)

(1,766)

Total shareholders’ deficit

(477)

(360)

Total liabilities and shareholders’ deficit

$                                     2,310

$                                 2,488

On October 29, 2010, Global Crossing acquired Genesis Networks Inc. (Genesis), and since that date Genesis’ balance sheet has been consolidated into Global Crossing.

Global Crossing Limited

Consolidated Statements of Operations  

($ in millions)

Ta ble 2

Leave a comment

seks shop - izolasyon
basic theory test book basic theory test