LEVEL 3 REPORTS SECOND QUARTER 2008 RESULTS

Posted on: 24/07/2008

Level 3 Communications, Inc. (NASDAQ: LVLT) has reported strong second quarter results. Consolidated revenue was $1.09 billion for the second quarter 2008, an increase of 4 percent compared to $1.05 billion for the second quarter 2007. First quarter 2008 consolidated revenue was $1.09 billion.

Financial and Business Highlights include:

• Consolidated Revenue of $1.09 billion
• Net Loss of $33 million, or $0.02 per share
• Consolidated Adjusted EBITDA grows 30 percent year over year to $251 million
• Year over year Core Communications Services revenue growth of 9 percent
• Company generated positive Free Cash Flow of $4 million
• Company expects to generate positive Free Cash Flow for the remainder of 2008
• Company closes sale of Vyvx advertising distribution business for $129 million
• Company continues to improve service activation and delivery
• Project Unity deployment remains on track

For full details please visit the Level 3 website.