Level 3 Communications has reported a net loss of $170m for the third quarter 2009, compared to a loss of $129m in the same quarter last year. Revenue was down 14% at $916m. Skip related content
Diluted net loss per share was $0.10 compared to diluted net loss per share of $0.08 last year. Consolidated adjusted EBITDA was $213m compared to $255m in the same quarter last year. Cash and cash equivalents at the end of the quarter was $532m.
It said total communications revenue fell 15% to $901m, with core communications services revenue down 11% at $859m, and revenue from other communications services down 53% at $42m.
During the quarter, the company filed an appeal in the Virginia district court against a ruling in favor of Limelight Networks in their internet content-delivery network technology patent dispute.
James Crowe, chief executive at Level 3, said: "While we remain cautious, we saw positive signs in the business this quarter, as evidenced by the improvement this quarter in the rate of decline in Core Network Services revenue. Our focus on managing costs, combined with our targeted investments in local market penetration, wireless tower connections, content delivery and rural broadband, provide the foundation for stronger performance when we emerge from the challenging economic environment."
Looking ahead, for fiscal 2009, the company expects consolidated adjusted EBITDA of $900m to $950m.
