Tuesday, April 23, 2002

Level 3 increased revenue by 18.4% in sequential quarters Times are tough for telecos - both old and new. While Williams Communications was announcing that it filed for bankruptcy this morning, Level 3 was announcing a solid performance in the face of incredibly difficult conditions. Here's a quote from Jim Crowe, the company's CEO: ""We are pleased to have completed our acquisition of Corporate Software during the first quarter," said Crowe. "This transaction affords a number of distinct advantages to Level 3. This acquisition will enable (i)Structure to attain scale and to leverage Corporate Software's customer base, worldwide presence and IT professional relationships as (i)Structure expands its portfolio of services. As communications technology continues to improve at unprecedented rates, we see an opportunity to change the way software is purchased and utilized. This evolution should be a longer-term benefit for both our communications and information services businesses." And another: "Our existing liquidity position, our ongoing cost management effort and our belief that we will turn Operating Cash Flow positive during the fourth quarter 2002, give us confidence in the strength of our financial position," said Crowe. "We have taken steps during the first quarter to further strengthen our financial position, and we continue to believe we are fully funded to free cash flow breakeven with an adequate cushion, in accordance with our business plan. We remain well positioned with our target customer base and believe we will continue to increase our market share of their transport, IP, colocation and dial-up access business needs." 9:00:18 AM     Comments[]

"Sifting through sky noise" Supercomputing '@Home' Paying Off for Other Research. Soon, SETI will have spent a million years of computer time sifting through sky noise for a sign that someone is trying to get in touch. By George Johnson. [New York Times: Technology] 6:15:13 AM     Comments[]

An industry under siege! Williams Communications filed for Chapter 11 bankruptcy-court protection after striking a deal to distribute all of its equity to its bondholders and former parent Williams Cos. [Wall Street Journal] 6:05:58 AM     Comments[]

© Copyright 2002 Steve Pilgrim.