QUOTE AND NEWS
SeekingAlpha  Mar 18  Comment 
ByMichael Blair: In the golden days when fiber optics were being introduced on a massive scale we saw a number of giants emerge. Global Crossing grew from a $35 million venture investment in 1997 to a massive Tier 1 communications provider only 5...
Benzinga  Jul 11  Comment 
Recent media attention has focused on a 2003 "network security agreement" between Global Crossing and "Team Telecom" – a collection of U.S. government agencies that includes the Department of Defense and the Department of Homeland Security. ...
Telecom Ramblings  Jul 11  Comment 
This article was authored by John C. Tanner, and was originally posted on telecomasia.net. ITEM: The Washington Post has published an extensive piece on what Singapore Technologies Telemedia had to do to satisfy national security concerns...
Telecom Ramblings  Feb 20  Comment 
Some interesting inorganic news today from the alternative service provider side of things. Impact Telecom has announced that it has signed a definitive agreement to acquire Matrix, or more specifically specifically all outstanding shares of both...
Cellular News  Sep 19  Comment 
T-Mobile USA has announced that John Legere, the former CEO of Global Crossing, has been named as the company's new CEO effective at the end of this week. Click here for more.
Telecom Ramblings  Jul 9  Comment 
Last week marked nine months since [company id="lvlt"] closed its purchase of Global Crossing, and this week will be fifteen months since the deal itself was announced. The company's stock price today is still below where it was on both of those...
Telecom Ramblings  May 23  Comment 
Pacific regional operator Pacnet has an interim leader in place following the sudden departure of longtime CEO Bill Barney. The current CFO, Brett Lay, has taken over CEO duties while the board seeks a permanent replacement. However, given the...
Telecom Ramblings  Mar 16  Comment 
For several years now, I have been tracking fiber-fed building counts for competitive operators, but for a couple years now I have been missing a recent datapoint for one of the largest metro fiber footprints out there, [company id="lvlt"]. The...
MarketWatch  Feb 8  Comment 
Level 3 Communications Inc.’s fourth-quarter loss narrowed amid sharply higher revenue thanks to its Global Crossing acquisition, as well as a gain related to the network-services company’s recent sale of its coal-mining business.
Telecom Ramblings  Feb 8  Comment 
In its first quarter following the close of the Global Crossing purchase, [company id="lvlt"] reported Q4 results that were as complicated as expected, and still a bit split in terms of personality.  The original Level 3 business had a great...




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Related Articles

 
Global Crossing (NASDAQ:GLBC) provides long-distance phone and data services to over 30+ countries via a vast array of undersea and terrestrial telecommunications networks. Global Crossing is a survivor of the dot-com bubble after filing from a 2003-filed bankruptcy. Since that time, however, the company has yet to generate an annual profit with losses applicable to shareholders of $280 to $340 million each year on $1.9 to $2.6 billion in sales with an average net margin of -14.7%.[1]

Notably, over this time, Global Crossing has consisently cut its cost of operations with costs as a percentage of revenue dropping from 88.5% in 2004 to 70.1% in 2008.[1] In 2008, the company's was susceptible to wild swings in currency exchange rates as the drop in the British Pound (GBP) cut into both revenues and costs for their GCUK segment. While the loss of revenue was essentially wiped out by cost savings in the pound, the more important development was the decrease of $58 million in debt, or 5% of its total debt load, thanks to pound-denominated debt and the drop in the value of the pound in 2008.[1]

Business Overview

Global Crossing's network spans 690 cities in more than 60 countries and six continents around the world with operations in North America, Europe, Latin America and a portion of the Asia/Pacific region.

Business and Financial Metrics

In 2008, Global Crossing grew revenues by 15% from $2.3 billion in 2007 to $2.9 billion in 2008 with a decrease in loss applicable shareholders from $310 million in 2007 to $281 million in 2008.[1] The improvement in the 2008 loss applicable to shareholders is partly due to the company's ongoing efforts to cut costs with cost of revenues in 2008 of $1.8 billion compared to $1.7 billion in 2007 -- an improvement that saw its costs as a percentage of revenues drop from 76.2% to 70.1%.[1]

Business Segments

ROW (58.8% Revenue)

The ROW Segment encompasses the rest of Global Crossing's operations, largely in North America with with small operations in Europe, Latin America, and Asia. In 2008, the ROW segment grew revenues by 8% from $1.42 billion in revenue in 2007 to $1.54 billion in 2008.[2]

GCUK (23.0% Revenue)

The GCUK Segment provides telecommunications services, including data, IP and voice services to major corporations and organization companies in the UK. In 2008, the GCUK segment grew revenues by 2.9% from $582 million in revenue in 2007 to $599 million in 2008.[2]

GC Impsat (18.2% Revenue)

The GCUK Segment provides telecommunications services, including data, IP and voice services to major corporations and organization companies in Latin America. In 2008, the GC Impast segment lead the company in segment revenue growth with an increase of 76.6% from $269 million in revenue in 2007 to $475 million in 2008.[2]



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References

  1. 1.0 1.1 1.2 1.3 1.4 GLBC, 10-K, 2008, page 48
  2. 2.0 2.1 2.2 GLBC, 10-K, 2008, page 67
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