Global Crossing Posts Loss of $27 Million

Global Crossing Ltd., the formerly bankrupt long-distance network operator, had a fourth-quarter loss of $27 million as sales fell 16%.

The loss compared with net income of $24.9 billion a year earlier, when liabilities were erased during the restructuring, Bermuda-based Global Crossing said. Sales fell to $573 million.

Shares of Global Crossing fell 43 cents to $15.28 on Nasdaq.

Revenue for 2005 will be $1.8 billion to $1.95 billion, a drop of 22% to 28%, with a loss, excluding interest, taxes, depreciation, amortization and other items, of $115 million to $145 million, the company said. Positive cash flow is expected in the second half of the year.

* Clorox Co. raised its fiscal third-quarter profit forecast by 3 cents a share because of tax benefits and higher product shipments. Net income will rise to 65 cents to 71 cents a share in the quarter ending this month, Oakland-based Clorox said.