Global Crossing to Restate 2003 Results

Fiber optic network operator Global Crossing Ltd., which exited bankruptcy protection in December, will restate its 2003 results, reversing an earlier decision that accounting mistakes could be fixed by taking a charge.

Global Crossing will increase 2003 costs related to the use of other carriers’ networks by $67 million, the company said. The restatement will increase Global Crossing’s 2003 net loss before gains between Jan. 1 and Dec. 9 to $295 million from $230 million, the company said. It will boost the net loss for the rest of the year to $11 million from $9 million.

Shares of Hamilton, Bermuda-based Global Crossing rose 12 cents to $14.95 on Nasdaq.

* Cardinal Health Inc. said it would restate financial results for 2001, 2002 and 2003 and delay its report for its fiscal fourth quarter by 15 more days.

* Sun Microsystems Inc. revised its fiscal fourth-quarter profit lower by $12 million, or 1 cent a share, because of the finalized legal settlement with Microsoft Corp. and property leases.