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Technology Stocks : (LVLT) - Level 3 Communications -- Ignore unavailable to you. Want to Upgrade?

To: VIXandMore who wrote (1781)	4/1/1999 1:20:00 PM
From: MangoBoy	Read Replies (1) \| Respond to of 3873

[Level 3 Reduces Charge For XCOM Merger, Boosting 1998 Earnings] OMAHA, Neb. -(Dow Jones)- Level 3 Communications Inc. Thursday announced it would probably revise its 1998 earnings upward following an adjustment in charges taken related to the acquisition of XCOM Technologies Inc. Level 3 (LVLT) said it had filed its 10-K form with the Securities and Exchange Commission, anticipating an adjustment to its charge for in-process research and development, affecting the second quarter of 1998, as part of its purchase of XCOM. The telecommunications and information services company said the adjustment boosts 1998 earnings to 64 cents a share from the previously reported 40 cents a share. Based on SEC guidance, Level 3 reduced the charge for in-process research and development to $30 million from $115 million and recorded an increase to goodwill of $85 million - to be amortized over five years. The SEC has been cracking down on such charges in recent months, and several other companies similarly have restated results for previous quarters and years. The SEC says an increasing number of acquiring companies over the past few years have vaporized most of their acquisition deals' costs through a large initial charge. Thus, they have avoided repeated small earnings charges for goodwill (the premium paid over acquired net assets). XCOM is a privately held company working on technology which Level 3 hopes to use in developing an interface between its Internet protocol-based network and the existing public telephone network.

To: VIXandMore who wrote (1781)	4/1/1999 1:22:00 PM
From: MangoBoy	Respond to of 3873

[Level 3 to pay MassPike $50 mln to lay optic cable] BOSTON, April 1 (Reuters) - Internet communications company Level 3 Communications Inc. on Wednesday inked a deal worth at least $48 million with the Massachusetts Turnpike Authority to lay fiber optic cable along the roadway, Boston newspapers reported on Thursday. The 25-year deal, which includes a $2 million up-front payment, will provide MassPike with the money necessary to eliminate tolls on the western section of the highway in 2007, MassPike Chairman James Kerasiotes told the Boston Globe. Under terms of the deal, Level 3 will be allowed to bury fiber optic communications wires along the 135-mile roadway. Level 3 is using high-speed fiber optic cables to deliver a new generation of voice, video and data services over the Internet the way phone companies traditionally supplied voice services. Last week, MassPike signed a similar deal, worth at least $18 million over 25 years, with Williams Communications, the Globe and Boston Herald said. The MassPike has long sought a way to get rid of tolls on its western portion. Meanwhile, tolls on the section of road closest to Boston are slated to increase in 2002 to help pay for the massive Big Dig highway project in downtown Boston. While tolls are slated to increase on the easternmost section of the Turnpike in 2002, tolls could be eliminated in 2007 from Route 128 outside of Boston to the New York border, the Globe said.