level 3 communications inc (LVLT) Key Developments
Level 3 Announces Amendments to By-laws
Nov 12 15
Level 3 Communications, Inc. announced that its Board of Directors has amended the company's By-laws to implement majority voting for the election of Directors and provide stockholders with the right of proxy access for director nominations, among other amendments. As amended, the By-laws will enable eligible Level 3 stockholders to have their own director nominees included in the company's proxy materials, along with candidates nominated by the Board of Directors. The amended By-laws specify the following: At the time of the nomination, the stockholder or group of up to 20 stockholders must have held at least 3% of the outstanding company's common stock for at least three years and meet other requirements specified by the bylaws; the stockholder or group of stockholders may have their director nominees included in the company's proxy statement; directors nominated through the proxy access process may total up to 20% of the Board of Directors.
Level 3 Communications, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter Ended September 30, 2015; Revises Earnings Guidance for the Full Year 2015
Oct 28 15
Level 3 Communications, Inc. reported unaudited consolidated earnings results for the third quarter ended September 30, 2015. For the quarter, the company reported revenue of $2,062 million compared to $1,629 million a year ago. Operating income was $327 million compared to $262 million a year ago. Income before income taxes was $17 million compared to $93 million a year ago. Net income was $1 million compared to $85 million a year ago. Net cash provided by operating activities was $575 million compared to $321 million a year ago. Capital expenditures were $328 million compared to $204 million a year ago. Net debt was $10,339 million. Adjusted EBITDA excluding acquisition-related expenses was $675 million compared to $471 million a year ago. Including integration-related expenses, adjusted EBITDA grew to $657 million.
The company is confident on its full year financial performance, despite the change in the accounting for its Venezuelan operations and continued currency headwinds. The company now expects 2015 Adjusted EBITDA growth of 15% to 17%, compared to its previous outlook of 14% to 17%. The company continues to expect to generate $600 million to $650 million of free cash flow for the full year 2015. All other outlook measures remain unchanged. The company continues to expect CapEx of 15% of total revenue for the full year 2015.
Level 3 Communications Announces Agreement with Biosidus
Oct 23 15
Level 3 Communications, Inc. has announced an agreement and case study with Biosidus. This project required installation of videoconference rooms to connect operational plants in Bernal to production facilities in Almagro and to the new headquarter offices in Buenos Aires. Biosidus's previous communication technology was obsolete and the company needed an overhaul. The new headquarters configuration was the catalyst to create a simple and accessible communication solution for multiple devices at locations around the globe that enabled access from both public and private networks. Level 3's Enhanced Video Collaboration (EVC) was the solution of choice. In addition, Biosidus added a videoconference solution using Polycom equipment for four physical rooms that connected the plant locations of Almagro and Bernal with two rooms at the Munro facility. Multiple devices were integrated through the private network (MPLS), with collaborative access and a virtual videoconference room.
Level 3 Communications, Inc. Launches Carrier Neutral Secure Cellular Service
Oct 20 15
Level 3 Communications, Inc. is launching a new product, Level 3 Secure Access Cellular Service, that uses both cellular and security technologies to provide a redundant and scalable option for Internet connectivity. This product is useful to businesses on two fronts. First, it supplies redundancy for business continuity capabilities. Second, it enables enterprise customers to take advantage of on-demand economy opportunities like rapid network connectivity deployment for site expansions and pop-up stores for retailers. Product information: Level 3 Secure Access Cellular uses multi-vendor cellular connectivity to provide customers a back-up network connection for remote or branch locations, if a customer's normal fiber connection is disrupted; If a disruption occurs, the solution is designed to switch from a dedicated Level 3 MPLS/IP Virtual Private Network (VPN) connection to cellular backup connectivity through a LTE network. This cellular backup, the Secure Access Site product tunnel (IPsec), runs over a cellular 3G or 4G network instead of a broadband or DSL connection.
Level 3 Communications, Inc. to Report Q3, 2015 Results on Oct 28, 2015
Oct 1 15
Level 3 Communications, Inc. announced that they will report Q3, 2015 results at 10:00 AM, US Eastern Standard Time on Oct 28, 2015