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To: bigbuk who wrote (55883)	7/18/2002 9:11:41 AM
From: the Chief	Read Replies (1) \| Respond to of 62348

Level 3 Communications, Inc. today announced its second quarter 2002 results. Consolidated revenue increased to $750 million from $386 million in the first quarter 2002. Consolidated EBITDA, excluding stock-based compensation expense and non-cash asset impairment charges of $44 million, increased to positive $76 million from positive $51 million for the previous quarter and negative $106 million for the same period last year, which excluded $61 million of non-cash impairment charges. Consolidated Adjusted EBITDA was $102 million for the second quarter, a decrease from $124 million in the first quarter 2002. The net loss for the quarter was $0.39 per share, or $156 million, including a $76 million gain from debt repurchases and a $102 million gain recognized from the previously announced sale of common stock of Commonwealth Telephone Enterprises, Inc. (CTCO). Excluding the gain from debt repurchases, the net loss was $232 million, or $0.58 per share versus previously announced projections of a net loss per share of $0.70. "In spite of continuing challenges in the market, we are pleased to have exceeded our previously issued projections for the second quarter," said James Q. Crowe, CEO of Level 3. "I believe our performance is a result of our continued focus on providing high quality services to high quality customers."