Revenues, Losses Rise at Level 3
Posted on: Thursday, 27 April 2006, 00:00 CDT
By Virgil Larson, Omaha World-Herald, Neb.
Apr. 26--Level 3 Communications Inc.'s revenue rose 27 percent in the first quarter, but higher expenses more than doubled the company's loss.
The loss for the period that ended March 31 rose to $168 million compared with $77 million in the first quarter of 2005. Per share, the loss was 20 cents; it was 11 cents a year earlier.
Revenue came in at $1.27 billion, up from $993 million.
Cost of revenue and expenses, which were $966 million in the January-March period of 2005, grew to $1.33 billion.
Revenue showed the impact of the acquisition of WilTel Communications, completed in late December.
The company attributed a 60 percent increase in core communications services revenue and a 35 percent increase in Internet Protocol traffic revenue over the last quarter of 2005 primarily to WilTel.
Increased customer demand also was cited as part of the growth in core communications services growth.
The loss increased despite a gain of $27 million (3 cents a share) associated with private debt exchange offers completed in January and revenue of $49 million (7 cents) from the sale of (i)Structure, an Omaha subsidiary.
The earnings report was issued Tuesday morning. Level 3 stock rose 40 cents a share and closed the day at $5.32.
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LVLT,
Source: Omaha World-Herald
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