Global Crossing Announces Third Quarter Net Loss of $7M

Global Crossing GLBC today announced unaudited third quarter 2010 results. Global Crossing's consolidated revenue was $648 million in the third quarter of 2010, an increase of 3 percent sequentially and an increase of 1 percent year over year. The sequential comparison included a $3 million favorable foreign exchange impact and the year-over-year increase included an $8 million unfavorable foreign exchange impact. In constant currency terms, consolidated revenue increased 2 percent sequentially and 2 percent year over year. Global Crossing's consolidated net loss applicable to common shareholders was $7 million for the third quarter of 2010. On a sequential basis, net loss decreased $41 million, principally due to favorable foreign exchange impacts and higher OIBDA. On a year-over-year basis, net loss decreased $67 million, principally due to favorable foreign exchange impacts, higher OIBDA and a loss on extinguishment of debt in the year-ago period.