Global Crossing, the fifth largest long distance provider, reported a loss for its third quarter but said in general it remained unaffected by revenue mix the problems plaguing its competitors.

Global Crossing’s net loss applicable to common shareholders was $602.4 million, or 69¢ a share, compared with a loss of $516.2 million, or 62¢ a share in the second quarter. The company did not provide year-earlier earnings comparisons, saying they weren’t comparable due to acquisition-related costs. The larger loss was attributed to higher sales, acquisition, and network buildout expenditures.

Global Crossing’s pro forma cash revenues, adjusted for acquisitions and unit sales, were $1.367 billion, up 46% from the third quarter a year ago and an increase of 4% from the second quarter.

New CEO Tom Casey, who took the reigns when Leo Hindery resigned in October, said Global Crossing already has the data services focus that AT&T, WorldCom and Sprint are striving for as the economics of the voice long distance business erode.

“Global Crossing already has the network and the revenue mix that those companies are targeting, but does not have the burden of managing billions of dollars of sharply declining voice [long distance] business,” said Tom Casey, CEO.

Data products comprised 59% of Global Crossing’s telecom services cash revenue in the third quarter, up from 46% in 1999, and grew 88% year-over-year to $712 million. Wholesale voice made up 16% of cash revenue, commercial 12% and consumer voice 3%.

“We sell corporate voice only in a package of voice and data services so that the customers and the revenue are stickier and a little bit less determined by day to day moves in pricing in the voice market,” Casey said.

Casey also took pains to separate Global Crossing from the herd of emerging carriers in need of capital to build out their network. Global Crossing’s 101,000 route mile network is 60% complete and the company’s business plan is fully funded, Casey said.

“We won’t be scaling back on network completion plans or on revenue and services projections that require that network completion,” he added, saying the carrier still expects to spend $6 billion on capital expenditures in 2000 and $4 billion in 2001.

At the end of the third quarter, Global Crossing had $4.25 in cash on its balance sheet and expects to reap 2.75 billion in after-tax proceeds from the sale of its local exchange business to Citizens Communications. The carrier also has a $1 billion in untapped revolving credit.

Casey reiterated the growth forecasts supplied to analysts. Sales are expected to grow 30% annually through 2004 and cash flow is expected to grow in the 35%-40% range.

Despite the solid earnings report, analyst Daniel Fletcher of Lehman Brothers cut his price target for the company’s shares, saying increased competition in the long distance and data markets may defray the growth Global Crossing projects for 2001.