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Global Crossing Announces Second Quarter 2011 Results

FLORHAM PARK, N.J. July 27, 2011

John Legere

Results at a Glance

(Dollars in Millions)

Change vs. 1Q 2011

Change vs. 2Q 2010

Constant

Constant

2Q 2011

Reported

Currency

Reported

Currency

Consolidated Revenues

$ 692

5%

3%

10%

6%

"Invest & Grow" Revenues

$ 622

6%

4%

12%

8%

OIBDA

$   96

14%

13%

3%

0%

Free Cash Flow

$   10

$   103

$   23

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 in the attached financial tables.

Second Quarter Results

$622 million $9 million

$349 million $163 million $116 million

$692 million $69 million

$96 million $84 million $93 million $3 million $29 million $50 million $17 million

$35 million $1 million $13 million

Cash and Liquidity

June 30, 2011 $259 million $265 million March 31, 2011 $328 million June 30, 2010 $10 million $269 million June 30, 2011

$56 million $38 million $21 million $37 million $59 million

$10 million $93 million $13 million

2011 Guidance

February 22, 2011 $425 million

Setting aside incremental costs associated with effecting the Level 3 combination, management continues to forecast 2011 revenue and OIBDA performance in line with annual guidance.  The guidance reflects various assumptions and projections 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, July 27, 2011 9:00 a.m. EDT United Kingdom http://investors.globalcrossing.com/events.cfm

July 27, 2011 11:00 a.m. EDT August 3, 2011 11:00 a.m. EDT 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.

IMPORTANT INFORMATION FOR INVESTORS

April 11, 2011 http://www.sec.gov http://www.Level3.com [email protected] Hamilton Bermuda http://www.globalcrossing.com

April 4, 2011 April 29, 2011

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: the failure to occur of any condition to the closing of the acquisition of Global Crossing by Level 3 and uncertainties as to the timing of the closing; the failure to achieve or any delay in achieving expected synergies and other financial benefits from the acquisition; changes in Global Crossing’s risk profile resulting from the acquisition; limitations on Global Crossing’s financial and operational flexibility that arise under the covenants in the amalgamation agreement that could restrict it from taking advantage of opportunities to strategically enhance its business or improve its capital structure; delays or reductions in purchases from Global Crossing by customers because of their perceived uncertainty about its ability to meet their needs after closing of the acquisition; disruptions in Global Crossing’s business due to current and prospective employees experiencing uncertainty about their future roles with the company and the diversion of their time and attention from ongoing business operations; 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 Global Crossing’s indebtedness and to fund its other liquidity needs; legal and contractual restrictions on the inter-company transfer of funds by Global Crossing’s subsidiaries; Global Crossing’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 Global Crossing’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 Global Crossing’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 Global Crossing’s own internal controls; exposure to contingent liabilities; and other risks referenced from time to time in Global Crossing’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.

IR/PR1

Global Crossing Limited and Subsidiaries

Table 1

Condensed Consolidated Balance Sheets  

($ in millions)    

June 30, 2011

December 31, 2010

(unaudited)

ASSETS:

Current assets:

Cash and cash equivalents

$                              259

$                          372

Restricted cash and cash equivalents – current portion

5

4

Accounts receivable, net of allowances of $46 and $45

370

324

Prepaid costs and other current assets

110

91

Total current assets

744

791

Restricted cash and cash equivalents – long term

5

5

Property and equipment, net of accumulated depreciation of $1,691 and $1,514

1,191

1,179

Intangible assets, net (including goodwill of $217 and $208)

234

227

Other assets

110

108

Total assets

$                           2,284

$                       2,310

LIABILITIES:

Current liabilities:

Accounts payable

$                              273

$                          297

Accrued cost of access

90

78

Short term debt and current portion of long term debt

48

27

Obligations under capital leases – current portion

54

51

Deferred revenue – current portion

173

184

Other current liabilities

346

376

Total current liabilities

984

1,013

Long term debt

1,346

1,311

Obligations under capital leases

81

72

Deferred revenue

365

338

Other deferred liabilities

56

53

Total liabilities

2,832

2,787

SHAREHOLDERS’ DEFICIT:

Common stock,  110,000,000 shares authorized, $.01 par value,

61,187,796 and 60,497,709 shares issued and outstanding as of

June 30, 2011 and December 31, 2010, 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

1,448

1,443

Accumulated other comprehensive income

6

15

Accumulated deficit

(2,005)

(1,938)

Total shareholders’ deficit

(548)

(477)

Total liabilities and shareholders’ deficit

$                           2,284

$                       2,310

Global Crossing Limited and Subsidiaries 

Table 2

Unaudited Condensed Consolidated Statements of Operations

($ in millions)

Three Months Ended

June 30,

March 31,

June 30,

2011 (1)

2011 (1)

2010

Revenue

$                      692

$                      661

$                     630

Cost of revenue (excluding depreciation and amortization, shown separately below):

Cost of access

(299)

(298)

(276)

Real estate, network and operations

(121)

(108)

(103)

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