Level 3 Communications Inc. (LVLT) Sharply Reduces Loss
Level 3 Communications Inc., on Thursday reported a sharply reduced loss in the second quarter from the previous three-month period, but the loss was about level with Q2 2006 results.
The Broomfield-based communications and information services company (Nasdaq: LVLT), reported a loss of $202 million, or minus 13 cents a share, which was down from a loss of $647 million, or minus 44 cents a share, in the first quarter. In the second quarter of 2006, its net loss was reported as $201 million.
Analysts' estimates predicted an EPS of minus 12 cents per share in the second quarter of 2007.
Level 3 reported little change in consolidated revenue between the first and second quarters of 2007: $1.052 billion in Q2, down slightly from $1.056 in Q1. In the second quarter of 2006, revenue was $835 million.
The company has been hit with costs associated with integrating several recent acquisitions, and in the first quarter was hit with a one-time refinancing charge of nearly $3 billion.
Since 2005, Level 3 spent more than $2 billion to acquire WilTel Communications Group, TelCove Inc., Looking Glass Networks Inc., ICG Communications Inc., Progress Telecom and Broadwing Corp.
On July 11, it announced it would buy Servecast Ltd., an Irish online video management service.
"While we have a great deal of work remaining, we made good progress on our overall integration of acquired companies," CEO James Crowe said in a statement.
In the third quarter, Level 3 expects "accelerated growth in core communications services revenue and expect to have some of the operational challenges that damped ... revenue growth in the 2nd quarter," Level 3 CFO Sunit Patel said.
As of 9:59 a.m. MDT, Level 3's stock price stood at $4.99 a share, down nearly 13 percent on the day.
Published July 26, 2007 by The Denver Business Journal
The Broomfield-based communications and information services company (Nasdaq: LVLT), reported a loss of $202 million, or minus 13 cents a share, which was down from a loss of $647 million, or minus 44 cents a share, in the first quarter. In the second quarter of 2006, its net loss was reported as $201 million.
Analysts' estimates predicted an EPS of minus 12 cents per share in the second quarter of 2007.
Level 3 reported little change in consolidated revenue between the first and second quarters of 2007: $1.052 billion in Q2, down slightly from $1.056 in Q1. In the second quarter of 2006, revenue was $835 million.
The company has been hit with costs associated with integrating several recent acquisitions, and in the first quarter was hit with a one-time refinancing charge of nearly $3 billion.
Since 2005, Level 3 spent more than $2 billion to acquire WilTel Communications Group, TelCove Inc., Looking Glass Networks Inc., ICG Communications Inc., Progress Telecom and Broadwing Corp.
On July 11, it announced it would buy Servecast Ltd., an Irish online video management service.
"While we have a great deal of work remaining, we made good progress on our overall integration of acquired companies," CEO James Crowe said in a statement.
In the third quarter, Level 3 expects "accelerated growth in core communications services revenue and expect to have some of the operational challenges that damped ... revenue growth in the 2nd quarter," Level 3 CFO Sunit Patel said.
As of 9:59 a.m. MDT, Level 3's stock price stood at $4.99 a share, down nearly 13 percent on the day.
Published July 26, 2007 by The Denver Business Journal
Labels: Level 3 Communications Inc., LVLT
posted by Stock Administrator @ 1:48 PM
1 Comments:
At 5:22 PM ,
Anonymous said...
It's LVLT, not LLL.
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