Tuesday, July 26, 2011

Level 3 Posts Revenue of $932 Million -- Flat

Level 3 Communications reported consolidated revenue of $932 million for the second quarter 2011, a slight increase compared to consolidated revenue of $929 million for the first quarter 2011 and $908 million for the second quarter 2010. The net loss for the second quarter 2011 was $181 million, or $0.11 per share, which included a $0.02 per share charge of $23 million on the extinguishment of debt and $14 million in costs associated with Global Crossing.

"Our track record around execution in the business, combined with our continued focus on the customer experience, has proven to be successful in winning new business, contributing to positive revenue growth," said James Q. Crowe, CEO of Level 3. "We are pleased with the progress we have made in growing Core Network Service revenue over the last year."

"In the second quarter 2011 we saw Core Network Services revenue increase 1.7 percent sequentially on a constant currency basis, demonstrating continued improvement in our overall rate of Core Network Services growth," said Sunit Patel, executive vice president and CFO of Level 3. "We saw particular strength from wireless, content, financial services and Government customers during the quarter. Additionally, gross margin grew from $557 million in the first quarter 2011 to $566 million in the second quarter 2011."http://www.level3.com