But posts net income of $44m compared to a loss of $91m for the fourth quarter of 2007
Level 3 Communications has reported net income of $44m for the fourth quarter 2008, against a loss of $91m in the year-ago quarter, on revenue down 5% at $1.04 billion.
Operating income was $82m compared to a loss of $29m in the same period last year. Diluted net loss per share narrowed to $0.03 compared to $0.06 a year ago. Consolidated adjusted EBITDA was $323m during the quarter.
The company said total communications revenue fell 4% to $1.03 billion, with core communications services revenue up 2% at $966m. Other communications revenue declined 47% to $68m following expected declines in SBC contract revenue and managed modem revenue.
For fiscal 2008, the company reported a net loss of $290m on revenue up 1% at $4.3 billion.
Last December the company announced plans to cut 8% of its workforce, 450 employees, in North America in a bid to counter the economic slowdown.
James Crowe, chief executive at Level 3, said: The actions we took during 2008 have improved our financial outlook and we are confident about the said strength of our financial position in these difficult times. Given the uncertain economic outlook, we remain focused on assuring our cost structure is appropriate for a wide range of potential revenue growth rates; on improving credit quality; and on ensuring we are positioned to take advantage of the opportunities that will emerge as the longer term positive fundamentals of our business displace short-term challenges.