Broadband network and services company Level 3 Communications has recorded its first quarterly profit in six years for the fourth quarter of 2008. The operator reported a USD44 million profit for the three months to 31 December; although it also reported lower revenue at USD1.05 billion for the quarter than it did for the same period in 2007. Level 3 had a USD290 million net loss for the full year but this was considerably less than the USD1.1 billion loss incurred in 2007. Full year 2008 revenue was USD4.3 billion, compared to USD4.27 billion in 2007.
Level 3 did not reveal financial targets for 2009, but said its cash flow should remain positive for the year. The Denver Business Journal quoted vice chairman Buddy Miller who said, ‘Positive free cash flow shows the company has a solid base of customers and has been able to lower its cost to serve them, [these] were significant accomplishments.’