Global Crossing reported operational, network, customer and service data for 2002, saying its financial position had improved since it launched restructuring measures in the wake of its bankruptcy filing last year. Key points include:
- Service revenue of $2,878 million in 2002, $160 million above the operating plan.
- Global Crossing ended 2002 with $782 million of cash in bank accounts, well above the $611 million targeted in its operating plan.
- CAPEX spending declined to $89 million in 2002, compared to $3.2 billion in 2001.
- Global Crossing ended the year with approximately 4,300 employees, compared to approximately 8,000 employees in January 2002.
- Global Crossing’s VoIP network carried 8.2 billion minutes for the year.
- The amount of traffic running over Global Crossing’s IP network, excluding VoIP, grew 200% for 2002.
- IP traffic volume increased from 10 Gbps to 30 Gbps
- More than 2,000 new and renewal customer contracts were signed in 2002 totaling nearly $1 billion of total revenue over the lives of the contracts.
- The company is planning to write-off remaining goodwill and other intangible assets totaling approximately $8 billion.
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