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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Level 3 and Global Crossing met with staff from the Wireline Competition Bureau, the Office of Strategic Planning and Policy Analysis, the International Bureau, and the Office of the General Counsel to discuss their proposed merger.
Global Crossing (NASDAQ: GLBC) will expand its Global Crossing EtherSphere Virtual Private LAN Services (VPLS) to more than 40 new locations in the United States, Europe and China by the end of 2011. Global Crossing’s EtherSphere family of Wide Area Network (WAN) transport services
International design network Fashion One is bringing its signature style to Canadian television viewers now that it’s using Global Crossing (NASDAQ: GLBC) Genesis Solutions’ video transmission services to extend its round-the-clock programming to a leading Canadian Internet Protocol television (IPTV) service provider.
Fashion One Network connects to Ethnic Channels Group in Toronto, Canada, using a fully managed downlink and international fiber delivery solution.
Level 3 has arranged to acquire fellow Tier 1 network operator Global Crossing in an all-stock deal worth $3 billion.
The deal will create an operator with fiber and other networks in around 50 countries throughout North America, Latin America and Europe, and subsea cable network connections to more than 70.
The combined company will operate a unique global services platform anchored by fiber optic networks on three continents, connected by extensive undersea facilities. The combined network will serve a worldwide customer set with owned network in more than 50 countries and connections to more than 70 countries. This transaction will create a company with pro forma combined 2010 revenues of $6.26 billion and pro forma combined 2010 Adjusted EBITDA of $1.27 billion before synergies and $1.57 billion after expected synergies.
Under the terms and subject to the conditions of the agreement, Global Crossing shareholders will receive 16 shares of Level
Daniel Wagner has been appointed to lead XO’s Business Services unit, effective immediately. In his role as president of Business Services, Wagner will focus on accelerating the division