Level 3 reports loss for third quarter
The Broomfield-based company's (NYSE: LVLT) net loss, which is 76 cents per share, is 168 percent greater than the $62 million net loss the company reported in the second quarter. Level 3 said the loss was inflated by a $60 million loss related to interest rate swap agreements and a $49 million payment related to the extinguishment of debt.
Like many other companies in telecommunications and industries that require very large capital investments, Level 3 says a better measure of its performance is adjusted earnings before interest, taxes, depreciation and amortization. By that measure, Level 3 did substantially better, posting 5 percent growth to $372 million for the third quarter.
Level 3 expects adjusted EBITDA to meet its projected target of 20 percent to 25 percent growth for 2012.
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