EXHIBIT 1
METROMEDIA FIBER NETWORK PROVIDES GUIDANCE FOR YEAR 2001;
COMPANY FORESEES STRONG GROWTH YEAR
NEW YORK, JAN. 8, 2001--Metromedia Fiber Network, Inc. (MFN) (Nasdaq: MFNX), the
leader in deployment of optical IP Internet infrastructure within key
metropolitan areas domestically and internationally, foresees strong revenue and
normalized EBITDA (earnings before revenue, interest, taxes, depreciation and
amortization, and stock compensation charges) growth for 2001.
MFN expects its growth to continue as a result of current long-term customer
contracts, new business and the accelerating strong demand for fiber-optic
infrastructure among communication carriers, businesses and government
organizations.
* MFN reaffirms its Q4 2000 revenues guidance of $57.5 million - bringing
its year 2000 annual revenues to $184.6 million.
* MFN's growth estimates for 2001 include:
- revenues of approximately $475 million
- normalized EBITDA loss to range from $155 million to $145
million. (These figures assume the closing of the SiteSmith
acquisition in January 2001.)
The company has obtained a commitment for a fully underwritten credit facility
for $350 million from Citicorp USA, Inc., which it expects will fully fund its
current business plan of building 3.6 million fiber miles and approximately
1million square feet of data center space by the end of 2004. In addition, the
company intends to file a shelf registration to enable it to quickly access the
capital markets for up to $1.5 billion when, and if, new opportunities arise.
"We're excited about our prospects for strong growth in 2001," said Nick Tanzi,
president and chief operating officer of Metromedia Fiber Network. "Our business
model is unique and fundamentally changes the way businesses utilize the
Internet. MFN is bringing together virtually unlimited bandwidth within cities
worldwide, a global IP backbone and Internet infrastructure management that can
enable our customers to deploy the most advanced optical and Internet
applications quickly."
"The massive global optical infrastructure that we are building positions us
perfectly to meet the bandwidth demands of our customers," added Stephen
Garofalo, chairman and chief executive officer of Metromedia Fiber Network.
"Demand for our fiber infrastructure remains robust and we continue to remain
focused on growing our customer base, market share and revenues."
ABOUT METROMEDIA FIBER NETWORK, INC.
Metromedia Fiber Network, Inc., the leading provider of end-to-end optical
network solutions, is revolutionizing the fiber-optic industry. By offering
virtually unlimited, unmetered bandwidth at a fixed cost, Metromedia Fiber
Network is eliminating the bandwidth barrier and redefining the way broadband
capacity is sold. Metromedia Fiber Network is extending metropolitan fiber-optic
infrastructure to the end-user in strategic top-tier markets, enabling its
customers to implement the latest data, video, Internet and multimedia
applications. In addition to its current expansion in 51 cities in North
America, Metromedia Fiber Network is establishing an international presence with
planned fiber-optic network builds in 16 cities throughout Europe. For more
information about Metromedia Fiber Network, please visit the company's Web site
at www.mmfn.com.
Together with its subsidiaries, AboveNet Communications, Inc., a leading
provider of Internet connectivity and co-location solutions for high-bandwidth
and business-critical applications, and PAIX.net, Inc., the leading neutral
Internet exchange, Metromedia Fiber Network is unleashing the full potential of
the Internet. The combined company facilitates the explosive growth of
e-commerce and advanced Internet applications by delivering secure, reliable and
scaleable optical networks and IP services to Internet content and service
providers, carriers and enterprise users worldwide. AboveNet is the architect of
the Internet Service Exchange (ISX), a world-class network that provides
co-location services and Internet connectivity for content providers, ISPs and
application
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service providers. With its Tier 1 status and ISO 9002 certification, AboveNet
is seeking to serve the global community of the Internet. For more information
on AboveNet's service offering call 800/475- 2733 or visit the company's Web
site at www.above.net.
AboveNet, Internet Service Exchange, ISX, and AboveNet One-Hop Network are
trademarks of AboveNet Communications, Inc. All other company or brand names may
be trademarks of the respective companies with which they are associated.
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES. FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH RISKS AND
UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, GENERAL ECONOMIC AND BUSINESS
CONDITIONS, COMPETITION, CHANGES IN TECHNOLOGY AND METHODS OF MARKETING, AND
VARIOUS OTHER FACTORS BEYOND THE COMPANY'S CONTROL. THIS ALSO INCLUDES SUCH
FACTORS AS ARE DESCRIBED FROM TIME TO TIME IN THE SEC REPORTS FILED BY
METROMEDIA FIBER NETWORK INCLUDING THE MOST RECENTLY FILED FORMS S-3, 10-K AND
10-Q.
CONTACT:
Metromedia Fiber Network Gibbs & Soell Inc.
Kara Carbone Gary Gatyas
914/683.6836 212.697.2600
[email protected] [email protected]
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