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February 9, 2010

Level 3 Q4 revenue down to $924m

Sees continued improvement in customer buying behaviour

By CBR Staff Writer

Level 3 has reported revenue of $924m for the fourth quarter 2009, compared to revenue of $1.05bn for the same period last year. Total communications revenue was down to $906m from $1.03bn.

The company posted an operating loss of $43m for the fourth quarter of 2009, compared to an operating income of $82m for the fourth quarter of 2008. Adjusted EBITDA was $217m, compared to $271m.

For the fourth quarter ended December 31, 2009, the company posted net loss of $182m, or $0.11 per share compared to net income of $43m, or $0.03 per basic share and a net loss of $0.04 per diluted share.

For full year 2009, the company reported revenue of $3.76bn, compared to $4.30bn in 2008. Operating loss was $65m, compared to an operating income of $31m. The net loss for 2009 was $618m, or $0.38 per share, compared to net loss of $318m, or $0.20 per share.

James Crowe, CEO of Level 3, said: “We saw continued improvement in customer buying behaviour during the fourth quarter 2009, which contributed to sequential growth in both core network services revenue and sales. And we were pleased to deliver positive free cash flow in both the fourth quarter 2009 and for the full year 2009, while continuing to invest in expanding our sales force and local market infrastructure.”

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