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Global Crossing loss wider
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February 18, 2000: 10:00 a.m. ET
4Q loss is triple year-ago figure and wider than analysts had forecast
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NEW YORK (CNNfn) - Global Crossing Ltd. said Friday its pro forma loss more than tripled in the fourth quarter, exceeding analysts' estimates.
The Hamilton, Bermuda-based company, which has been on a buying spree in an effort to build a global fiber-optic network, had a pro forma loss from operations, excluding special items, of $184 million, or 24 cents a diluted share. Analysts surveyed by First Call, who made their forecasts on that basis, expected a loss of 22 cents a share.
In the year-earlier period, the company lost $54 million, or 7 cents a share, on a pro forma basis, which includes results from acquired companies as if they were part of Global Crossing for the full period.
Pro forma revenue climbed 6 percent to $1.11 billion from $1.05 billion a year earlier.
Global Crossing (GBLX: Research, Estimates) acquired British fiber-optic company Racal Telecom during the quarter to go with its purchases of Frontier Corp. and Global Marine Systems earlier in the year. Those acquisitions pushed revenue up to $1.07 billion in the quarter from $203 million a year earlier, and expanded the major cities on its network to more than 200 from just two.
For the year, the company had a pro forma loss excluding special items of $635 million, or 83 cents a diluted share, compared with a loss of $397 million, or 56 cents a share, on the same basis in 1998. Pro forma revenue rose to $4.14 billion from $3.64 billion in 1998, while reported revenue jumped to $1.67 billion in the year from $420 million in 1998.
Global Crossing shares fell 3-5/8 to 57-7/16 in early trading Friday. 
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