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MFN Posts Q4 Results

NEW YORK -- Metromedia Fiber Network, Inc. (MFN) (Nasdaq: MFNX - news), the leader in deployment of optical IP Internet infrastructure within key metropolitan areas domestically and internationally, reported fourth quarter and year-end results for the period ended December 31, 2000. Revenues for the quarter ended December 31, 2000 increased 136% to $61.0 million, compared with $25.9 million for the quarter ended December 31, 1999. Revenues for the year ended December 31, 2000 increased 150% to $188.2 million, compared with $75.2 million for the year ended December 31, 1999. Total fiber contracts at December 31, 2000 were in excess of $4 billion, as compared to $2 billion at December 31, 1999.

The company reported a net loss of $134.8 million, or $(.24) per share, for the quarter ended December 31, 2000, compared with a net loss of $70.6 million, or $(.15) per share, for the quarter ended December 31, 1999. The increased net loss was primarily attributable to the amortization of goodwill related to the September 8, 1999 acquisition of AboveNet Communications, Inc., the cost of additional debt acquired related to the issuance and sale of 10% senior notes in October 1999, as well as the convertible subordinated notes issued in March 2000, and to increased headcount and other overhead to support the company's network expansion.

http://www.mmfn.com
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