FLORHAM PARK, N.

Capital Expenditures
For the first quarter of 2005, cash paid for capital expenditures
("capex") and capital leases was $27 million, compared with $32 million in the
first quarter of 2004 and $21 million in the fourth quarter of 2004. This cash flow was driven by a net
loss from operations, 2004 annual cash bonuses that were paid in the first
quarter, working capital changes resulting from the company's decision to pay
certain maintenance-related obligations upfront in order to generate full-year
savings, and repayment of capital leases.

Summary of specific financial guidance for 2005 compared with first
quarter results:

Metric 2005 Guidance First Quarter
(in millions) Performance
Revenue $1,800 - $1,950 $526
"Invest and Grow" Revenue $1,120 - $1,195 $273
Wholesale Voice Revenue $615 - $685 $219
"Harvest/ Exit" Revenue $65 - $70 $34
Gross Margin Percentage 36% - 41% 39%
Adjusted EBITDA ($145 - $115) ($28)
Cash Use ($180 - $150) ($88)
Capital Expense/Capital Leases $95 - $100 $27

Conference Call
The company has scheduled a conference call for Tuesday, May 10, 2005 at
9:00 a.
"Scratches" is available for a frighteningly value-packed suggested retail
price of $19.com/cgi-bin/prnh/20060302/NYTH037 )
In the role of horror writer Michael Arthate, you find yourself isolated
by a washed out road, with a telephone as your only means of communication..O.

These sites may contain additional elements as long as the primary focus is on gothic poetry.

darker morbid

As a result of restructuring activities initiated in 2004, Global
Crossing's "manage for margin" revenue declined by 17 percent sequentially,
from $264 million in the fourth quarter of 2004 to $219 million in the first
quarter of 2005. The year -over-year increase in consolidated "invest and grow"
gross margins comprised an $18 million increase in contribution from the rest
of the world, partially offset by a $2 million reduction from GCUK . For the first quarter
of 2005, unusual items included $5 million in excess medical contributions , $2
million in a legal settlement gain and a $24 million increase in the company's
real estate restructuring reserve.
Consolidated loss applicable to common shareholders in the first quarter
of 2005 was reported at $107 million, compared with losses of $109 million and
$28 million for the first and fourth quarters of 2004, respectively.m.xml. ET and will be accessible until Tuesday, May 17, 2005 at 11:30
a. ET.
Global Crossing IP services are global in scale, linking the world's
enterprises, governments and carriers with customers, employees and partners
worldwide in a secure environment that is ideally suited for IP-based business
applications, allowing e-commerce to thrive. Such statements are subject to known and unknown risks,
uncertainties and other factors that could cause the actual results to differ
materially from those contemplated by the statements , including the
conditioning of the company's continued listing on the NASDAQ National Market
on its timely filing with the SEC of all periodic reports for all reporting
periods ending on or prior to September 30, 2005; the company's history of
substantial operating losses and the fact that, in the near term, funds from
operations will not satisfy cash requirements; legal and contractual
restrictions on the payment of dividends and the inter-company transfer of
funds by the company's subsidiaries , including restrictions under the senior
secured notes indenture applicable to Global Crossing (UK ) Telecommunications
Limited ("GCUK"); the likelihood that the prices the company charges for its
services will continue to decrease; the company's ability to continue to
connect its network to incumbent carriers' networks or maintain Internet
peering arrangements on favorable terms; the success of the company's business
realignment plan and the realization of anticipated cost savings; the
consequences of any inadvertent violation of the company's Network Security
Agreement with the U.

CONTACT GLOBAL CROSSING:
Press Contacts
Becky Yeamans
+ 1 973-937-0155
PR@globalcrossing.

witching wolfstorm

- Gross margin dollars grew to $206 million in first quarter, a year -
over-year increase of 10 percent."
On May 3, 2005, the company announced completion of the sale of its trader
voice business, generating $22 million in net cash proceeds.
Within the "invest and grow" category, gross margins were $149 million or
54 percent of "invest and grow " revenue in the first quarter of 2005.
The year-over-year increase resulted primarily from a $24 million increase
in the company's non-cash real estate restructuring reserve, an $8 million
increase in non-cash stock compensation expense, and a $4 million increase in
the incentive compensation accrual .GotGameEntertainment."

Asked about the album's production, CORGAN says, "I don't really think
about production much..)"
"TheCameraEye"
"To Love Somebody"
"A100"
"DIA"
"Now (And Then)"
"I'm Ready"
"Walking Shade"
"Sorrows (in blue)"
"Pretty, pretty STAR"
"Strayz "

darkly peering

"Just as initiatives to streamline and focus our UK business yielded
significant improvements in its 2004 results, likewise those same initiatives
are now producing results for Global Crossing's consolidated business,
particularly with respect to gross margins and Adjusted EBITDA . Wholesale voice revenue declined
38 percent when compared to the first quarter of 2004, when this category
contributed $351 million in revenue. The sequential operating expense increase reflects
an $11 million net increase in restructuring charges, an $8 million increase
in non-income related taxes, and a $5 million increase in non-cash stock
compensation expense. Proceeds from sales of
Global Crossing's trader voice and small business group businesses, which the
company expects to receive in future quarters, will also reduce its cash burn."
For more information on "Scratches ," visit
http://www.)"
contains images of apocalypse -- "the siren calls outside/they want to kill
us all/innocents, wounded souls/full of rage/nowhere to go" -- but has the
sincere, uplifting refrain, "Can I give my old heart to you?" Later, amid
the pointed guitar lines of the upbeat "Walking Shade," CORGAN sings, "I'm
out walking shade/to brush these fires aside/to calm the rising fight /to
build you a new life.

peering darkpandora

Global Crossing
expects to complete the sale of SBG in the third quarter . Management believes that Adjusted EBITDA is a relevant indicator
of operating performance, especially in a capital-intensive industry such as
telecommunications. Adjusted EBITDA is an important aspect of the company's
internal reporting and is also used by the investment community in assessing
financial performance.

Global Crossing Limited
Reconciliation of EBITDA to Net Loss (unaudited )
($ in millions)

Quarter Ended March 31 , 2005
GCUK ROW(1) Total

Adjusted EBITDA $24 $(52) $(28)
Depreciation and amortization (11) (26) (37)
Interest (expense), net (13) (8) (21)
Other income (expense), net (6) (7) (13 )
Gain on pre-confirmation contingencies - 2 2
Income tax provision - (9) (9)
Discontinued operations, net of income tax - - -
Preferred stock dividends - (1) (1)

Net income (loss) applicable to
common shareholders $(6) $(101) $(107)

Quarter Ended December 31, 2004
GCUK ROW(1) Total

Adjusted EBITDA $35 $(54) $(19)
Depreciation and amortization (9) (28) (37)
Interest (expense), net (4) (11) (15)
Other income (expense), net 12 30 42
Gain on pre-confirmation contingencies 4 20 24
Income tax provision (19) (4) (23)
Discontinued operations, net of income tax - 1 1
Preferred stock dividends - (1) (1)

Net income (loss) applicable to
common shareholders $19 $(47) $(28)

Quarter Ended March 31, 2004
GCUK ROW(1) Total

Adjusted EBITDA $29 $(66) $(37)
Depreciation and amortization (13) (30) (43)
Interest (expense), net 1 (6) (5)
Other income (expense), net 1 3 4
Gain on pre-confirmation contingencies - - -
Income tax provision (3) (11) (14 )
Discontinued operations, net of income tax - (13) (13)
Preferred stock dividends - (1) (1)

Net income (loss) applicable to
common shareholders $15 $(124) $(109)

(1) Rest of World ("ROW") represents operations of Global Crossing
Limited excluding Global Crossing (UK) Telecommunications Ltd.

PRESS RELEASE Billy Corgan to Release Debut Solo Album 'THEFUTUREEMBRACE ' June 21 on Warner Bros. Records; World Tour to Follow

BILLY CORGAN, one of alternative modern
rock's most compelling artists, is set to release his debut solo album
"THEFUTUREEMBRACE" June 21 on Warner Bros. The
album contains 11 CORGAN originals plus a cover of the early Bee Gees
classic "To Love Somebody," which dovetails with CORGAN's own themes of
devotion and features Robert Smith of the Cure on backing
vocals.

dismay eldritchs

Cash and Liquidity

As of March 31, 2005, unrestricted cash and cash equivalents were
approximately $277 million., Got Game Entertainment today
announced that "Scratches," an atmospheric suspense-adventure game for the PC,
brimming with eerie twists and terrifying surprises, has shipped to game
retailers across North America.com.. The rhythmically propulsive "Mina Loy (M. All the official album
releases are here in all their glory, as well as 114 non-album tracks,
including rare imports, long out-of-print songs, obscure covers, soundtrack
releases, vinyl only B-sides and limited editions.

litterature dismay

"Our first quarter results, including both the revenue mix and our
successful disposition of non-core businesses, attest to our continued focus
on our niche, providing higher-margin IP services to global enterprises. The sales of both
businesses align with the company's plan to de-emphasize non-strategic areas
of its business, including the small- to medium-sized enterprise space and
specialized trader voice services, while continuing to enjoy revenue from
these market segments through indirect sales by its partners. These items were partially offset by an $8 million
reduction in professional fees, a $5 million medical contribution excess, and
a $2 million legal settlement gain. Unusual items
in the first quarter of 2004 had no net impact. Cash used in investing activities,
specifically in the purchases of property and equipment and changes in
restricted cash, amounted to $29 million..

The album opens with "All Things Change," in which CORGAN looks at life on
all fronts -- "all things change/around/all is faith/unwound" -- but is
ultimately hopeful.

darkpandora theirs

Cost of access declined 33 percent when
compared to the first quarter of 2004, when cost of access was reported at
$479 million. A Webcast will also be
available at http://www.com

Analysts/Investors Contact
Laurinda Pang
+ 1 800-836-0342
glbc@globalcrossing.

Pursuant to the SEC's Regulation G, the following table provides a
reconciliation of Adjusted EBITDA, which is considered a non-GAAP (Generally
Accepted Accounting Principles) financial metric, to net income, which is the
most directly comparable GAAP measure. Records.

nightshade upfront

"
Revenue in the company's "invest and grow" category -- that is, Global
Crossing's core businesses serving global enterprise, government,
collaboration and carrier data customers through direct and indirect channels
-- grew to $273 million in the current period, up from $271 million in the
fourth quarter of 2004 and $268 million in the first quarter of 2004.5 million or 40 percent over the fourth quarter of
2004. Finally, the company experienced a
$2 million reduction in cash as a result of the effects of exchange rate
changes on cash and cash equivalents .

Global Crossing Limited and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
($ in millions)

Quarter Ended March 31, 2005
GCUK ROW(1) Total

REVENUES $112 $414 $526
OPERATING EXPENSES:
Cost of access (35) (285) (320)
Third party maintenance (9) (17) (26)
Other operating expenses (44) (164) (208)
Depreciation and amortization (11) (26) (37)
(99) (492) (591)
OPERATING INCOME (LOSS) 13 (78) (65)
OTHER INCOME (EXPENSE )
Interest expense, net (13) (8) (21)
Other income (expense), net (6) (7) (13)
INCOME (LOSS) BEFORE REORGANIZATION
ITEMS, NET AND INCOME TAXES (6) (93) (99)
Gain on preconfirmation contingencies - 2 2
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE PROVISION FOR
INCOME TAXES (6) (91) (97 )
Provision for income taxes - (9) (9)
INCOME (LOSS ) FROM CONTINUING
OPERATIONS (6) (100) (106)
Discontinued operations, net of
income tax - - -
NET INCOME (LOSS) (6) (100) (106)
Preferred stock dividends - (1) (1)
INCOME (LOSS) APPLICABLE TO COMMON
SHAREHOLDERS $(6) $(101) $(107)

Quarter Ended December 31, 2004
GCUK ROW(1) Total

REVENUES $117 $456 $573
OPERATING EXPENSES:
Cost of access (32) (335) (367)
Third party maintenance (9) (18) (27)
Other operating expenses (41) (157 ) (198)
Depreciation and amortization (9) (28) (37)
(91) (538) (629)
OPERATING INCOME (LOSS) 26 (82) (56)
OTHER INCOME (EXPENSE)
Interest expense, net (4) (11) (15)
Other income (expense), net 12 30 42
INCOME (LOSS) BEFORE REORGANIZATION
ITEMS , NET AND INCOME TAXES 34 (63) (29)
Gain on preconfirmation contingencies 4 20 24
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE PROVISION FOR
INCOME TAXES 38 (43) (5 )
Provision for income taxes (19) (4) (23)
INCOME (LOSS ) FROM CONTINUING
OPERATIONS 19 (47) (28)
Discontinued operations, net of
income tax - 1 1
NET INCOME (LOSS) 19 (46) (27)
Preferred stock dividends - (1) (1)
INCOME (LOSS) APPLICABLE TO COMMON
SHAREHOLDERS $19 $(47) $(28)

Quarter Ended March 31, 2004
GCUK ROW(1) Eliminations Total

REVENUES $124 $543 $(1) $666
OPERATING EXPENSES:
Cost of access (42) (438) 1 (479)
Third party maintenance (10 ) (21) - (31)
Other operating expenses (43) (150) - (193)
Depreciation and amortization (13) (30) - (43)
(108) (639) 1 (746)
OPERATING INCOME (LOSS) 16 (96) - (80)
OTHER INCOME (EXPENSE)
Interest expense, net 1 (6) - (5)
Other income (expense), net 1 3 - 4
INCOME (LOSS) BEFORE REORGANIZATION
ITEMS , NET AND INCOME TAXES 18 (99) - (81)
Gain on preconfirmation contingencies - - - -
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE PROVISION FOR
INCOME TAXES 18 (99) - (81 )
Provision for income taxes (3) (11) - (14)
INCOME (LOSS ) FROM CONTINUING
OPERATIONS 15 (110) - (95)
Discontinued operations, net of
income tax - (13) - (13)
NET INCOME (LOSS) 15 (123) - (108 )
Preferred stock dividends - (1) - (1)
INCOME (LOSS ) APPLICABLE TO COMMON
SHAREHOLDERS $15 $(124) $- $(109 )

(1) Rest of World ("ROW") represents operations of Global Crossing
Limited excluding Global Crossing (UK) Telecommunications Ltd.

gothica eldritchs

The $9 million year-over-year improvement in Adjusted EBITDA reflected a
$19 million improvement in gross margins, $5 million in reduced third party
maintenance costs, a $12 million reduction in rents and network operations,
and a $2 million decrease in non-income taxes. GCUK's net cash provided by
operating and financing activities was $7 million, while Global Crossing's
business outside the UK used $64 million.globalcrossing. Evil makes its North American debut in this gothic tinged suspense-adventure
game

WESTON, Conn. Over shadowy guitar
lines and beautifully lush cascades of sound, CORGAN warmly and vividly
delivers pure expressions of love and devotion in the face of
uncertainty, doubt and sorrow. "'THEFUTUREEMBRACE' just seemed to sum up the
way I felt about my desire to move forward, in life, in love, and in
music.

upfront darkpandora

- Adjusted EBITDA improved 24 percent year over year.
"Global Crossing's first quarter results continue to prove our execution
against a focused business plan that is accelerating our pace toward
profitability," said John Legere, Global Crossing's chief executive officer. Additionally, on
March 21, 2005, the company announced an agreement to sell its small business
group (SBG) for expected net cash proceeds of $35 million. This
compares with $153 million or 56 percent of this revenue category in the
fourth quarter of 2004, and $133 million or 50 percent of such revenue in the
first quarter of 2004. Gross margins at GCUK declined $7 million sequentially
to $77 million.
This compares with 13 percent of revenue or $33 million in the fourth quarter
of 2004 and 9 percent of revenue or $31 million in the first quarter of 2004.globalcrossing. Global Crossing's calculation of its
Adjusted EBITDA measure may not be consistent with EBITDA measures of other
companies. Developed by Nucleosys, "Scratches " is set in
and around Blackwood Manor, a lonely Victorian mansion concealing a terrible
secret , where a long forgotten story from the past emerges to haunt the
present.

The full track listing for "THEFUTUREEMBRACE" is as follows:

"All Things Change"
"Mina Loy (M.

superficial darker

"The result has been a significant improvement in gross margins, both
as a percentage of revenue and in terms of absolute dollars, as well as steady
growth in those core revenues. The replay call-in number is +1 402-977 -9140 or +1 800-633-8284. "'Scratches' is sure to have you leaving a
light on at night..

quizes entangled

com for more information about
Global Crossing.

He'll bring these melodic and haunting
songs -- including "Walking Shade," the album's upcoming first track for
radio -- to audiences in intimate venues when he launches a world tour
beginning in July (dates TBA)."

What inspired the title "THEFUTUREEMBRACE?"

"Album titles usually just come to me, I don't really give them much
thought ," explains CORGAN.. like a child who doesn't color in
between the lines.O.

witching nightshade

, Global Crossing
(Nasdaq: GLBC) today reported financial results for the first quarter of 2005."
Management will hold a conference call at 9:00 a.
Gross margins for the "manage for margin" category improved significantly
in the first quarter of 2005 to 17 percent of revenue or $38 million in
absolute terms, despite a revenue decline of $132 million year over year. Absent the unusual items in
the first quarter of 2005, Adjusted EBITDA would have improved $25 million or
69 percent over the previous year.
Global Crossing's cash used in operating and financing activities in the
first quarter of 2005 totaled $57 million. The call may be accessed at +1
212-271-4510 15 minutes prior to the start time.

ABOUT GLOBAL CROSSING
Global Crossing (Nasdaq: GLBC) provides telecommunications solutions over
the world's first integrated global IP-based network. For more information, visit
http://www. It is easy to be
negative, and much harder to find that silver lining behind the clouds of
modern society." The album concludes with "Strayz," a ballad about
truth and love that's simple , pure and evocative, as CORGAN relates: "you
know I'm true/wasn't born to follow/you stay with me /you stay with me when
I go.

vindictive despondency

The company
continues to aggressively manage its access spending by optimizing its access
network, leveraging its wide array of access vendors, and extending its
network closer to the customer.
Pursuant to the SEC's Regulation G, a definition and reconciliation of the
company's Adjusted EBITDA measures to the reported net income or loss for the
relevant periods is included in the attached schedules. ET to discuss its financial results. The
reservation number is 21242732.

Global Crossing Limited and Subsidiaries
Condensed Consolidated Balance Sheets
($ in millions)

March 31, December 31,
2005 2004
(unaudited)
ASSETS:
Current assets:
Cash and cash equivalents $277 $365
Restricted cash and cash equivalents 7 4
Accounts receivable, net 286 298
Other current assets and prepaid costs 93 94
Current assets of discontinued
operations 4 4
Total current assets 667 765
Property and equipment, net 1,032 1,065
Intangible assets , net 2 14
Other assets 94 87
Non current assets of discontinued
operations - -
Total assets $1,795 $1,931

LIABILITIES:
Total current liabilities 770 822
Debt with controlling shareholder 250 250
Long-term debt 392 396
Obligations under capital leases 85 90
Deferred revenue 129 135
Accrued restructuring costs 119 106
Deferred reorganization costs 31 31
Other deferred liabilities 49 50
Non current liabilities of
discontinued operations - -
Total liabilities 1,825 1,880
SHAREHOLDERS' EQUITY (30) 51
Total liabilities and shareholders'
equity $1,795 $1,931

* Balances as of December 31, 2003 reflect certain debt and equity
restructuring, reorganization and fresh start accounting adjustments
associated with Global Crossing Limited's emergence on
December 9, 2003. In
search of clues , you delve into every dark corner of the manor and its
untended grounds via a point-and-click interface . Beyond merely telling a
story, Nucleosys wants gamers to live it with compelling stories, immersive
atmospheres, and organic challenges. For more information, visit
http://www. His tone is questioning , his vocals are tender,
and his lyrical flow is as seamless as the poetry in his book of
poems "Blinking With Fists" (Faber & Faber, 10/04). A noteworthy
achievement, "Blinking With Fists" was the highest-debuting poetry book on
the New York Times' best-seller list in over a decade."

In other news, April 5 marks the date that the entire Smashing Pumpkins
catalog will be available in the digital domain for the first time.

elfwood darkpandora

The $9 million sequential decline in Adjusted EBITDA resulted primarily
from the changes in operating expenses mentioned above.com

Mish Desmidt
Europe
+ 44 (0) 7771-668438
EuropePR@globalcrossing. As the wretched noises echoing throughout the walls of this cryptic
mansion grow ever louder, you must set about solving a dark mystery.
A careful combination of inventory-based and deductive-style puzzles,
integrated with a riveting storyline, non-linear gameplay, intricately
detailed graphics, and an entrancing soundtrack by Cellar of Rats, immerses
you in a haunting gothic atmosphere until the final shocking revelation.H.

superficial eldritchs

The fourth quarter of 2004 also had
unusual items, but there was no net impact on Adjusted EBITDA. Some of this improvement was
offset by an $8 million increase in non-cash stock compensation expense and a
$4 million increase in the accrual for incentive compensation. Restricted cash was $22 million.
A replay of the call will be available on Tuesday, May 10, 2005 beginning
at 11:30 a.m.

Statements made in this press release that state the company's intentions ,
beliefs, expectations, or predictions for the future are forward-looking
statements.

Definitions:
Adjusted EBITDA is earnings before interest, taxes, depreciation and
amortization , other income/(expense), gain from pre-confirmation
contingencies, reorganization items, net income from discontinued operations,
and preferred stock dividends for the consolidated business of Global
Crossing.
(Photo: http://www.com.com..

irrational vindictive

m.
Legere.
"Shifting our revenue mix to include a greater percentage of core services
revenue is a key component of our global strategy, one that will yield more
stable and more profitable recurring revenue in the long term," said Mr. Cash burn is expected to diminish significantly throughout 2005,
as operating leverage and working capital improve. The company offers a full range
of managed data and voice products including Global Crossing IP VPN Service,
Global Crossing Managed Services and Global Crossing VoIP services, to more

than 40 percent of the Fortune 500, as well as 700 carriers, mobile operators
and ISPs. With the release of games such as "Scratches", Got Game
Entertainment continues its commitment to bringing to market quality games
offering exceptional entertainment.

For those sites that are mostly poetry.

litterature distractions

Global Crossing Announces Consolidated First Quarter 2005 Results

Legere.
Global Crossing lowered its cost of access charges by 13 percent
sequentially, to $320 million in the first quarter of 2005, from $367 million
in the fourth quarter of 2004. These increases were offset by $12
million of reductions in rents and network operations, a one-time $5 million
excess in medical contributions , a $2 million decrease in non-income taxes,
and a $2 million legal settlement gain. In addition ,
unusual items for the first quarter included a non-cash $24 million increase
in the company's real estate restructuring reserve, $5 million in excess
medical contributions, and a $2 million legal settlement gain.m. Its core network
connects more than 300 cities and 30 countries worldwide, and delivers
services to more than 500 major cities, 50 countries and 6 continents around
the globe .ScratchesMystery. Elsewhere, former Smashing Pumpkins drummer Jimmy Chamberlin plays
on "DIA.

litterature despondency

- "Invest and grow" revenue grew 2 percent year over year, with gross
margin of 54 percent .

Gross Margin
Gross margin as a percentage of revenue improved significantly in the
first quarter of 2005 to 39 percent, compared with 36 percent for the fourth
quarter of 2004 and 28 percent for the first quarter of 2004. Absent the
unusual items mentioned above, Adjusted EBITDA for the first quarter of 2005
would have improved $7. The company undertakes no duty to update
information contained in this press release or in other public disclosures at
any time.com

Kendra Langlie
+ 1 305-808-5912
LatAmPR@globalcrossing."

"THEFUTUREEMBRACE" was produced by Corgan along with Bjorn Thorsrud and Bon
Harris, mixed by Alan Moulder and recorded in Chicago ."

On "THEFUTUREEMBRACE," CORGAN aims to find innocence and purity as the
world rages around him.

distractions gothica

Revenue
Revenue for the first quarter of 2005 was $526 million, representing a
sequential decline of approximately 8 percent compared with the fourth quarter
of 2004, when revenue was reported at $573 million, and a year-over-year
decline of 21 percent compared with first quarter of 2004, when revenue was
reported at $666 million.
"At the end of 2004, we chose to concentrate on higher-margin revenues
from our core IP services, resulting in lower total revenues ," continued Mr. Together, the
anticipated net sales proceeds from trader voice and SBG total $57 million, an
amount included in the company's 2005 cash guidance of $60 to $80 million to
be generated from sales of non-core assets, marketable securities and
indefeasible rights of use. Of this decline , $2 million was attributable to GCUK's
sequential revenue decline, while the balance reflected the impact of one-time
net cost of access credits of $5 million in the fourth quarter of 2004. The
$7 million sequential decline in GCUK's gross margins in the "invest and grow"
category was partially offset by a $3 million increase to $72 million in
"invest and grow" gross margins for Global Crossing 's business in the rest of
the world.

Operating Expenses

Operating expenses for the first quarter of 2005 were $208 million,
compared with $198 million in the fourth quarter of 2004 and $193 million for
the first quarter of 2004.
Approximately two-thirds of the company 's total capex was used for success-
based, revenue-generating opportunities in IP and managed services , as well as
for enhancement of the company's Voice over Internet Protocol (VoIP) network.
Specifically , the sale of trader voice, which was completed on May 3, 2005,
yielded net proceeds of $22 million , and the sale of the small business group,
scheduled to close in the third quarter of 2005, is expected to generate net
proceeds of $35 million.S.newscom.

About Nucleosys
Founded in Argentina by Agustin Cordes and Alejandro Graziani, Nucleosys
is committed to creating quality adventure games .

About Got Game Entertainment
Founded by Howard Horowitz, Got Game Entertainment, LLC is a publisher of
games for PC. I tried to sum up all my feelings about my life and the world
around me in the most beautiful ways I could dream up..

superficial darkpandora

J. ET on Tuesday, May 10,
2005 to review the company's first quarter results.
The company's cash burn was significantly impacted by 2004 annual cash
bonuses paid during the first quarter, and certain front-loaded maintenance-
related expenditures that will result in lower total cash spending for the
full year.com/xml/investors/index . The company's global sales and support model matches the network
footprint and, like the network , delivers a consistent customer experience
worldwide. These statements contain words such as "anticipate ," "estimate,"
"expect," "project," "intend," "plan," "believe," "will," "seek," or similar
expressions .com

4 PAGES OF FINANCIAL INFORMATION TO FOLLOW

Global Crossing Limited and Subsidiaries
Summary of Consolidated Revenues (unaudited)
($ in millions)

Quarter Ended March 31, 2005
GCUK ROW(1) Total

Revenues:
Enterprise , carrier data and
indirect channels $111 $162 $273
Wholesale voice 1 218 219
Consumer voice , small business
group and trader voice - 34 34
Consolidated revenues $112 $414 $526

Cost of access:
Enterprise, carrier data and
indirect channels $(34) $(90) $(124)
Wholesale voice (1) (180) (181 )
Consumer voice, small business
group and trader voice - (15) (15)
Consolidated cost of access $(35) $(285) $(320)

Gross margin:
Enterprise, carrier data and
indirect channels $77 $72 $149
Wholesale voice - 38 38
Consumer voice, small business
group and trader voice - 19 19
Consolidated gross margin $77 $129 $206

Quarter Ended December 31, 2004
GCUK ROW(1) Total

Revenues:
Enterprise, carrier data and
indirect channels $114 $157 $271
Wholesale voice 3 261 264
Consumer voice, small business
group and trader voice - 38 38
Consolidated revenues $117 $456 $573

Cost of access:
Enterprise, carrier data and
indirect channels $(30) $(88) $(118)
Wholesale voice (2) (229) (231)
Consumer voice, small business
group and trader voice - (18) (18)
Consolidated cost of access $(32) $(335) $(367)

Gross margin:
Enterprise , carrier data and
indirect channels $84 $69 $153
Wholesale voice 1 32 33
Consumer voice , small business
group and trader voice - 20 20
Consolidated gross margin $85 $121 $206

Quarter Ended March 31, 2004
GCUK ROW(1) Eliminations Total

Revenues:
Enterprise, carrier data and
indirect channels $114 $154 $- $268
Wholesale voice 10 342 (1) 351
Consumer voice, small business
group and trader voice - 47 - 47
Consolidated revenues $124 $543 $(1) $666

Cost of access:
Enterprise, carrier data and
indirect channels $(35) $(100) $- $(135)
Wholesale voice (7) (314) 1 (320)
Consumer voice, small business
group and trader voice - (24) - (24)
Consolidated gross margin $(42) $(438) $1 $(479)

Gross margin:
Enterprise, carrier data and
indirect channels $79 $54 $- $133
Wholesale voice 3 28 - 31
Consumer voice, small business
group and trader voice - 23 - 23
Consolidated gross margin $82 $105 $- $187

(1) Rest of World ("ROW") represents operations of Global Crossing
Limited excluding Global Crossing (UK) Telecommunications Ltd. The sound
is panoramic, and the songs have a push-and -pull emotional tension.it's like saying, 'Why did you choose to wear that
color?' Sound to me is the way I express the shades of emotion, and this
album has a lot of smeared paint.

vindictive distractions

"Invest
and grow" revenue from the company's Global Crossing (UK) Telecommunications
subsidiary (GCUK) declined by $3 million to $111 million when compared to the
fourth quarter of 2004, while such revenue from operations outside of the UK
increased sequentially by $5 million to $162 million. Gross margin
dollars remained flat sequentially and increased from $187 million in the
first quarter of 2004 to $206 million in the first quarter of 2005, despite a
revenue decline of $140 million.
Please visit http://www. Government; the impact of actual and potential
customers' bankruptcies on the company 's sales prospects and results of
operations; increased competition and pricing pressures resulting from
technology advances and regulatory changes; competitive disadvantages relative
to competitors with superior resources; the impact on the company's
competitiveness of its technology choices; the company's dependence on third
parties for many functions; political, legal and other risks due to the
company's substantial international operations; risks arising out of the
company's material weaknesses in internal controls and possible difficulties
and delays in improving such controls; the concentration of GCUK's revenue in
a limited number of customers, and the rights of such customers to terminate
their contracts or to simply cease purchasing services thereunder; and other
risks referenced from time to time in the company's filings with the
Securities and Exchange Commission .Nucleosys.H. As one
of the pre-eminent alternative groups in history, the band's prolific
output of 227 songs in 10 years shed light on both their enormous success
as a cult favorite and mega-platinum monster.

darker darkpandora

When comparing year
over year, GCUK experienced an "invest and grow" revenue decline of $3
million, while the rest of the company's operations increased revenues by $8
million in this revenue category. This category of revenue, which comprises Global Crossing's
wholesale voice business , is one that management will continue to manage
closely in order to increase profitability.
The sequential and year-over-year reductions in access costs resulted
primarily from lower wholesale voice volume, continued improvement in access
costs associated with all business categories, and the company's strategic
shift toward a greater ratio of higher-margin IP services revenue, which
relies to a lesser extent on the services of access providers. This non-GAAP measure should be used in addition to,
but not as a substitute for, the analysis provided in the statement of
operations .95 (USD) and is rated "T" for Teen by the ESRB for Alcohol and
Tobacco Reference/Blood/Mild Language /Mild Violence.
"This game is the perfect storm of story, puzzles, and suspense," said Got
Game President Howard Horowitz.

irrational theirs

Third party maintenance costs for the first quarter of 2005 were $26
million, compared with $27 million and $31 million for the fourth and first
quarters of 2004 , respectively.

Earnings
For the first quarter of 2005, Adjusted EBITDA (as defined in tables that
follow) was reported at a loss of $28 million, compared with a loss of $19
million in the fourth quarter of 2004 and a loss of $37 million in the first
quarter of 2004.
As it adds capacity and capabilities to its VoIP network in 2005, Global
Crossing plans to continue decommissioning Time Division Multiplexing (TDM)
switches.

Got Game Entertainment Ships 'Scratches'

Examining , probing, and
hunting your way through musty rooms, an overrun greenhouse, a sinister
chapel, and a forbidding crypt, your investigation deepens, and you slowly
become aware of one terrifying fact: you are not alone.

Says the revered singer, songwriter and guitarist whose groundbreaking work
with the Smashing Pumpkins and later Zwan defined modern rock: "Many
people assume when I do more progressive work that I am trying to move away
from something, when honestly what I am trying to do is get closer to who I
really am.