Level 3 Reports Third Quarter 2007 Results
Tuesday October 23, 8:00 am ET
Financial and Business Highlights
- Consolidated Revenue of $1.061 billion
- Communications Revenue increased to $1.043 billion
- Net Loss of $174 million, or $0.11 per share
- Consolidated Adjusted EBITDA of $215 million
- Company meets third quarter guidance; Reduces Consolidated Adjusted EBITDA guidance for full year 2007 and 2008
BROOMFIELD, Colo., Oct. 23 /PRNewswire-FirstCall/ -- Level 3 Communications, Inc. (Nasdaq: LVLT - News) reported consolidated revenue of $1.061 billion for the third quarter 2007, compared to consolidated revenue of $1.052 billion for the second quarter 2007.
The net loss for the third quarter 2007 was $174 million, or $0.11 per share, compared to a net loss of $202 million, or $0.13 per share, for the second quarter 2007.
Consolidated Adjusted EBITDA(1) increased to $215 million in the third quarter 2007, compared to $193 million for the second quarter 2007.
"While we continued to grow Core Communications Services revenues and we did meet our guidance measures in the third quarter, the company had difficulties with provisioning orders for its services," said James Q. Crowe, CEO of Level 3. "The breadth of the problem was greater than we had earlier diagnosed, and we did not increase provisioning capacity as we had expected. This increase in provisioning capacity was necessary to meet the revenue increases we had previously projected. As a result, we are lowering our Consolidated Adjusted EBITDA guidance for the full year 2007 and the full year 2008. We are disappointed by our performance, particularly given the strength of the current market. We believe we have identified the underlying causes of our provisioning constraints, and we have begun to implement additional changes. We are focused on correcting this issue as quickly as possible." |
