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Level 3 Reports First Quarter 2011 Results

Level 3 Communications, Inc. (NASDAQ: LVLT) reported consolidated revenue of $929 million for the first quarter 2011, compared to consolidated revenue of $921 million for the fourth quarter 2010 and $910 million for the first quarter 2010.

The net loss for the first quarter 2011 was $205 million, or $0.12 per share which included charges totaling $0.03 per share, for income tax expense of $27 million, primarily related to deferred tax liabilities attributable to certain indefinite-lived intangible assets, and a loss of $20 million on the extinguishment of debt. The net loss for the fourth quarter 2010 was $52 million, or $0.03 per share, which included an income tax benefit of $93 million, or $0.06 per share. For the first quarter 2010, the net loss was $238 million or $0.14 per share, which included a loss on the extinguishment of debt of $54 million, or $0.03 per share.

Consolidated Adjusted EBITDA was $225 million in the first quarter 2011, compared to $226 million in the fourth quarter 2010 and $200 million in the first quarter 2010.

“We are pleased to report a solid quarter, giving us a strong start to 2011,” said James Q. Crowe, CEO of Level 3. “We see many opportunities across our customer base to continue growing our business throughout the year. Our customers require more and more bandwidth to support the continued adoption of video over the Internet, the continued growth in wireless broadband, and the rising demand for bandwidth in the enterprise market. Our mix of network assets, our service capabilities and our focus on customer service excellence are making Level 3 a top choice for wholesale and enterprise customers in the U.S. and Europe.”

“Demand for bandwidth is becoming increasingly global in nature, which is one of the many reasons why we believe our agreement to acquire Global Crossing, announced in April, will be transformational for Level 3,” said Crowe. “We expect the strategic and financial benefits to be significant for our customers, employees and investors. Since the announcement, we have moved forward with a number of regulatory filings and have continued with integration planning as appropriate and consistent with regulatory limitations.”

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