Company Expects Adjusted EBITDA Growth of 20 to 25 Percent in 2012
Fourth Quarter and Full Year 2011 Highlights
Excluding the effects of the Global Crossing acquisition, completed on Oct. 4, 2011, on a standalone basis, Level 3:
- Grew Core Network Services revenue by 2.6 percent sequentially and 7.9 percent year-over-year, on a constant currency basis
- Achieved double-digit Consolidated Adjusted EBITDA growth of 13 percent for the full year 2011 compared to the full year 2010
- Generated $103 million of positive Free Cash Flow in the fourth quarter 2011 and negative $32 million for the full year 2011, exceeding annual Free Cash Flow projections by positive $83 million
- Capital expenditures were $443 million for the full year 2011, approximately 12 percent of total revenue
For the Global Crossing business on a standalone basis:
- Excluding UK Government revenue declines, “Invest and Grow” revenue was flat sequentially and increased three percent year-over-year, on a constant currency basis
- Grew GC Impsat “Invest and Grow” revenue by two percent sequentially, and nine percent year-over-year, on a constant currency basis
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