Global Crossing ( GBLC) on Wednesday issued its first earnings statement since emerging from bankruptcy, a document that enumerates the many benefits of a Chapter 11 reorganization while still giving investors a reason to lop off a quarter of its current market value.

The undersea fiber-optic network, whose demise two years ago wiped out equity once worth $50 billion, detailed how court-supervised restructuring allowed it to eliminate $8 billion of liabilities, cancel out $16 billion of common and preferred stock, and say goodbye about $25 billion in accumulated losses.

The reorganization allowed Global Crossing to write off or write down deferred revenue from prior-period capacity swaps and the cost of vendor settlements, restructurings, retention bonuses and lawyers and accounting fees. All the action helped the company post a tidy $25 billion in net income, by some estimates the highest quarterly profit in stock market history.

That was the end of the good news. In the fourth quarter, Global said, revenue slipped to $719 million from $765 million a year earlier, reflecting delays in the Chapter 11 emergence and "pricing pressures." The company said earnings before interest, taxes, depreciation and amortization was $13 million in the quarter, all of it related to its much smaller Global Marine maintenance segment -- a company it might sell. Its telecom EBITDA was breakeven.

Global Crossing also predicted 2004 revenue from its ongoing telecom services operations of $2.55 billion to $2.70 billion. No consensus of opinion existed on the outlook, although one analyst queried by Thomson One Analytics had been hoping for $3.63 billion.

Shareholders -- who at the time of emergence comprised Singapore Technologies and its former creditors -- have seen the stock fall from the mid $30s since it started trading in January. They offered the shares down another $7.89, or 27%, to $20.92 Wednesday morning.