BROOMFIELD, Colo., March 28, 2006 — Level 3 Communications, Inc. (Nasdaq:LVLT) announced today that it expects to meet and, for certain metrics, exceed its first quarter 2006 projections issued on February 7, 2006. The company increased its first quarter 2006 Consolidated Adjusted OIBDA projection from $105-125 million to $140-150 million. For full year 2006, Level 3 also increased its Consolidated Adjusted OIBDA projection from $550-600 million to $600-650 million and its 2006 Net Cash Interest Expense projection from $505 million to $520 million.
“The improvements to our OIBDA projections are a result of better than expected performance in our communications business,” said Sunit S. Patel, Level 3’s chief financial officer. “Our higher margin core communications services results are stronger than anticipated. Additionally, the progress we’ve made integrating WilTel Communications has also led to our improved forecast.”
As previously announced, the company is holding its 2006 Analyst and Investor Day today beginning at 8:30 a.m. EST, at the Grand Hyatt in New York City. A webcast and an archive of the event will be available on Level 3’s investor relations Web site at www.Level3.coml.
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About Level 3 Communications
Level 3 Communications, Inc. (NASDAQ: LVLT), an international communications company, operates one of the largest Internet backbones in the world, connecting 180 markets in 18 countries. The company serves a broad range of wholesale, enterprise and content customers with a comprehensive suite of services including: Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, voice and voice over IP services, content delivery and media distribution services. These services provide the building blocks to enable Level 3’s customers to meet their growing demands for advanced communications solutions. The company’s Web address is www.Level3.com.
"Level 3 Communications,” "Level 3," the red 3D brackets and the Level 3 Communications logo are registered service marks of Level 3 Communications, LLC in the United States and/or other countries. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc. Any other service, product or company names recited herein may be trademarks or service marks of their respective owners.
Forward-Looking Statement
Some of the statements that we make in this press release are forward looking in nature. These statements are based on management’s current expectations or beliefs. These forward looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside our control, which could cause actual events to differ materially from those expressed or implied by the statements. The most important factors that could prevent us from achieving our stated goals include, but are not limited to our ability to: successfully integrate acquisitions; increase the volume of traffic on our network; defend our intellectual property and proprietary rights; develop new products and services that meet customer demands and generate acceptable margins; successfully complete commercial testing of new technology and information systems to support new products and services; attract and retain qualified management and other personnel; and meet all of the terms and conditions of our debt obligations. Additional information concerning these and other important factors can be found within Level 3’s filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors. Level 3 is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
