ASIA GLOBAL CROSSING LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share data)
Quarter Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
Cost of sales 13,344 -- 98,194 --
Operations,
administrative and
maintenance 12,301 -- 36,499 --
Sales and marketing 1,193 -- 3,021 --
Network development 1,484 -- 2,497 --
General and
administrative 15,375 66 30,310 66
Depreciation and
amortization 5,513 -- 13,539 --
Total operating
expenses 49,210 66 184,060 66
Operating income
(loss) (27,435) (66) (53,605) (66)
Equity in income
(loss) of
affiliates -- (804) -- (3,199)
Interest income 3,236 3,306 11,427 8,745
Interest expense (463) -- (1,551) --
Other expense 229 -- (76) --
Total other
income
(expense) 3,002 2,502 9,800 5,546
INCOME TAXES (21,947) 2,436 (53,437) 5,480
NET INCOME
(LOSS) $(23,300) $2,436 $(54,790) $5,480
COMMON SHARE:
Income (loss)
applicable to
common shareholders
- basic and
diluted $(0.05) $0.01 $(0.12) $0.01
Shares used in
computing income
(loss) per share
- basic and
diluted (1) 450,000,000 450,000,000 450,000,000 450,000,000
All the shares and per share information have been adjusted to
reflect the split retroactively.
September 30, 2000 December 31, 1999
(Unaudited)
Cash and cash equivalents $103,782 $9,784
Restricted cash and
cash equivalents 57,271 --
Accounts receivable, net 24,480 --
Receivable from affiliates 88,561 89,735
Other assets 15,423 1,170
Total current assets 289,517 100,689
Restricted cash and
cash equivalents 18,462 138,118
Property and equipment, net 1,685,272 101,598
Deferred finance fees, net 21,969 --
Other assets 39,401 --
Investments in affiliate -- 263,438
Total assets $2,054,621 $603,843
Accrued construction costs $230,699 $--
Accounts payable and
accrued liabilities 16,472 1,131
Deferred revenue 5,103 --
Payable to affiliates 21,909 101,402
Total current liabilities 274,183 102,533
Long-term debt 750,000 --
Long-term deferred revenue 142,681 --
Other long-term liabilities 1,421 --
Loan payable to affiliate 9,780 --
Total liabilities 1,178,065 102,533
Minority interest 150,026 --
Common stock 12 12
Additional paid-in capital 758,173 478,141
Retained earnings
(accumulated deficit) (31,634) 23,157
Cumulative translation adjustment (21) --
726,530 501,310
Total liabilities and
shareholders' equity $2,054,621 $603,843
Quarter Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
(loss) (6,606) (2,789) 26,953 (4,425)
LIMITED (1)
(loss) (4,253) (2,904) (11,673) (7,430)
CROSSING HOLDINGS
LIMITED AND
SUBSIDIARIES (1)
(loss) (10,360) (8,070) (27,531) (19,731)
Global Crossing contributed its ownership interest in Global Access
Limited and Hutchison Global Crossing to the Company. The reported
results of the third quarter 2000 do not include these joint ventures.
Quarter Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
Proportionate
Cash Revenue 57,652 14,319 208,599 39,585
Proportionate
Adjusted EBITDA 9,011 (5,593) 86,617 (11,663)
Customer Cash
Revenue 125,220 28,638 418,749 79,170
capital
expenditure $183,040 $12,000 $450,870 $12,000
Sales-Type Leases $16,983 $-- $122,344 $--
Services 2,229 -- 2,751 --
Operations,
administrative
and maintenance 2,563 -- 5,360 --
Total Revenue $21,775 $-- $130,455 $--
Operating income
(loss) $(27,435) $(66) $(53,605) $(66)
Depreciation and
amortization 5,513 -- 13,539 --
Non-cash cost of
capacity sold 13,344 -- 98,194 --
Incremental cash
deferred revenue 50,791 -- 116,904 --
Adjusted EBITDA $42,213 $(66) $175,032 $(66)
Proportionate Cash
Revenue (1):
Pro forma Cash
Revenue $72,566 $-- $247,359 $--
Pro forma minority
interest in Cash
Revenue (11,217) -- (56,434) --
Pro forma
proportionate
Cash Revenue from
non-consolidated
joint ventures 23,612 14,319 100,255 39,585
Pro forma
elimination
adjustments with
affiliates (2) (2,309) -- (42,781) --
Pro forma
incremental cash
deferred revenue
from payments for
non-specific
capacity (3) (25,000) -- (39,800) --
Pro forma
Proportionate
Cash Revenue $57,652 $14,319 $208,599 $39,585
Proportionate
Adjusted EBITDA (1):
Pro forma Adjusted
EBITDA $42,213 $(2,855) $175,032 $(4,491)
Pro forma minority
interest in
Adjusted EBITDA (6,382) 990 (42,493) 1,571
Pro forma
proportionate
Adjusted EBITDA
from non-consolidated
joint ventures 489 (3,728) 36,659 (8,743)
Pro forma
elimination
adjustments with
affiliates (2) (2,309) -- (42,781) --
Pro forma
incremental cash
deferred revenue
from payments for
non-specific
capacity (3) (25,000) -- (39,800) --
Pro forma
Proportionate
Adjusted EBITDA $9,011 $(5,593) $86,617 $(11,663)
Crossing Ltd., and the contribution of Global Crossing's ownership
interest in Hutchison Global Crossing and Global Access Limited
occurred as of the earliest period presented.
Global Crossing, Global Access Limited, GlobalCenter Japan, and
Pacific Crossing Ltd.
capacity is excluded from the calculation of Proportionate Adjusted
EBITDA and Proportionate Cash Revenue until customers determine the
specific traffic connections related to the prepaid capacity.
2 พ.ค.-พีอาร์นิวส์ไวร์/เอเชียเน็ท การเปลี่ยนแปลงเจ้าของ ฮ่องกง: บริษัท ฮัทชิสัน เทเลคอมมิวนิเคชั่นส์ (Hutchison Telecommunications) จะเข้าถือหุ้นในบริษัท เอเชีย โกลบอล ครอสซิ่งส์ (Asia Global Crossings) ในการร่วมลงทุนในฮ่องกง จำนวนเงินสด 120 ล้านเหรียญสหรัฐ นายแคนนิ่ง ฟอค (Canning Fok) กรรมการผู้จัดการกลุ่ม บริษัท ฮัทชิสันกล่าวว่า บริษัทมีความสัมพันธ์ด้านการทำงานที่ดีมากกับฝ่ายบริหารของเอเชีย โกลบอล ครอสซิ่งส์ และบริษัทของเราจะคงความสัมพันธ์ทางการค้ากับเอเชีย โกลบอล ครอสซิ่งในฮ่องกงต่อไป เว็บ