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Level 3 Reports First Quarter 2011 Results

“We are pleased to see strong sequential growth in Core Network Services revenue in a quarter that typically shows a sequential decline due to the seasonal decline in broadcast services in the first quarter,” said Sunit Patel, executive vice president and CFO of Level 3.

Deferred Revenue

The communications deferred revenue balance was $888 million at the end of the first quarter 2011, compared to $887 million at the end of the fourth quarter 2010 and $880 million at the end of the first quarter 2010.

Cost of Revenue

Communications cost of revenue was $357 million in the first quarter 2011, compared to $352 million in the fourth quarter 2010 and $371 million in the first quarter 2010.

Communications gross margin was 60.9 percent for the first quarter 2011, compared to 61.1 percent in the fourth quarter 2010. Communications gross margin was 58.8 percent in the first quarter 2010.

Selling, General and Administrative Expenses (SG&A)

Excluding non-cash compensation expense, Communications SG&A was $332 million in the first quarter 2011, compared to $330 million in the fourth quarter 2010 and $327 million in the first quarter 2010 .

Communications SG&A, including non-cash compensation expense was $357 million for the first quarter 2011, compared to $347 million for the fourth quarter 2010 and $343 million for the first quarter 2010. Non-cash compensation expense was $25 million, $17 million, and $16 million for the first quarter 2011, fourth quarter 2010, and first quarter 2010, respectively.

Adjusted EBITDA

Communications Adjusted EBITDA increased to $225 million for the first quarter 2011, compared to $222 million for the fourth quarter 2010 and $202 million for the first quarter 2010.

Communications Adjusted EBITDA margin was 24.6 percent for the first quarter 2011, flat compared to 24.6 percent for the fourth quarter 2010, but an increase compared to 22.4 percent in the first quarter 2010.

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