Kawasaki, Japan, Feb 10, 2010 - (ACN Newswire) - Fujitsu Laboratories Ltd. and the University of Toronto today announced their joint development of a new processing method for transceiver chips used in gigabit-class(1) high-speed data transmission over wirelines. The new technology employs digital circuitry to replace previously-required structures that used analog circuits. While analog processing require circuits that are adapted to the specifications of a signal being transmitted, such as transmission distance and amplitude, this new digital approach can perform these optimizations automatically, so that a single circuit could be used to accommodate a wide range of various wireline communications. Compared to conventional processing methods, this new digital-processing method makes it possible to shorten development periods by approximately half. It is anticipated that this new technology in the future could be applied to a variety of wireline communication applications, including 10 Gbps high-speed Ethernet in datacenters.
Details of this technology were presented at the IEEE International Solid-State Circuits Conference 2010 (ISSCC 2010) being held in San Francisco from February 7-11. (Presentation number: 8.7)
Background and Technological Challenges
File size data volumes for large photographic, audio, and video files are becoming increasingly larger, thus requiring a significant amount of bandwidth to transmit, leading to demand for ever-faster wireline data communications. Conventional transceiver chips rely on analog circuitry which needs to be optimized to accommodate specifications of the signal being transmitted - such as transmission distance and amplitude - and therefore require multiple transceiver chips to be designed in order to accommodate for various applications.
With a growing diversity of devices featuring high-speed data transmission, the need to optimize an existing technology for every new type of device or model has become a bottleneck in the development process. Efforts to develop transceiver chips within short development periods that can accommodate the wide range of different devices have been proven challenging.
Newly-developed Technology
Fujitsu Laboratories and the University of Toronto have developed a digital circuit-based transceiver chip. Featuring digital circuitry, the new transceiver chip can automatically optimize itself for a variety of high-speed communications circuits, thus significantly reducing development periods by approximately half compared with conventional methods.
This technology detects variations in the delay on the time axis of the input signal, caused during data transmission, and based on that can automatically adjust the timing it uses for judging whether an incoming signal is a 0 or 1 (Figure 1). Since variations in data transmissions increase along with faster transmission speeds, this new technology is essential for accurate data exchange. This is the world's first technology to achieve Gbps-class speeds without the use of analog circuitry elements, while offering fully-digital timing adjustments for signal-determination.
Results
As a world's first, by using digital circuitry-based high-speed transceiver technology, Fujitsu Laboratories and the University of Toronto's new technology makes it possible to reduce the design and development period for a gigabit-class transceiver chip by approximately one-half (1/2) compared with conventional methods. This suggests that transceiver chips for a wide range of communications devices could be offered in a timely manner.
Future Developments
Fujitsu Laboratories and the University of Toronto will continue with development of this technology to optimize the digital signal processing, to further reduce the transceiver's power consumption.
Glossary and Notes
1 Gigabit-class/Gigabits-per-second (Gbps):Gigabits-per-second (Gbps) expresses data rate and indicates how many gigabits can be transferred per second. 10 Gbps is 10 billion bits-per-second (10 billion bps) = 10,000 megabits-per-second (10,000 Mbps), and indicates that 10 billion bits of data can be transferred per second.
About University of Toronto
Established in 1827, the University of Toronto is Canada's largest university, recognized as a global leader in research and teaching. U of T's distinguished faculty, institutional record of groundbreaking scholarship and wealth of innovative academic opportunities continually attract outstanding students and academics from around the world. U of T is committed to providing a learning experience that benefits from both a scale almost unparalleled in North America and from the close-knit learning communities made possible through its college system and academic divisions. Located in and around Toronto, one of the world's most diverse regions, U of T's vibrant academic life is defined by a unique degree of cultural diversity in its learning community. The University is sustained environmentally by three green campuses, where renowned heritage buildings stand beside award-winning innovations in architectural design.
For more information: http://www.utoronto.ca/
About Fujitsu Ltd
Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 160,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.6 trillion yen (US$47 billion) for the fiscal year ended March 31, 2009. For more information, please visit www.fujitsu.com.
Contact: Fujitsu Laboratories Ltd. Design Solutions Lab. Platform Technologies Lab. Tel: +81-44-754-2635 E-mail:hsio_adc_pr@ml.labs.fujitsu.com University of Toronto Prof. Ali Sheikholeslami Dept. of Electrical and Computer Engineering Tel: +1(416)978-1681 E-mail:ali@eecg.utoronto.ca Address: 10 King's College Road, Toronto, Ontario, M5S 3G4
Copyright 2010 ACN Newswire. All rights reserved.
Kawasaki, Japan, Feb 10, 2010 - (ACN Newswire) - Fujitsu Laboratories Limited and the University of Toronto today announced that they have jointly developed the world's first high-reliability read-method for use with spin-torque-transfer (STT) MRAM(1) that is insusceptible to erroneous writes. STT MRAM is regarded as a potential future form of non-volatile memory(2) that could be used as an alternative to flash memory. NOR flash memory that is embedded in microcontrollers widely used in mobile phones and other electronic devices is expected to reach the limits of its feasible miniaturization in the near future, which has led to the search for an alternative low-power non-volatile memory that will allow continued necessary miniaturization. By resolving one of the major obstacles to using STT MRAM, Fujitsu and the University of Toronto's new read-method marks a major step towards the practical implementation of STT MRAM as a necessary replacement for flash memory, in view of future requirements that will be necessary for compact and low-power electronic devices.
Details of this technology were presented at the IEEE International Solid-State Circuits Conference 2010 (ISSCC 2010) being held in San Francisco from February 7-11. (Presentation number: 14.1)
Background
Many electronic devices such as mobile phones or PDAs use microcontrollers with embedded flash memory, which allows onboard software to be rewritten. However, NOR flash memory used in such microcontrollers is nearing the physical limits of its miniaturization, which has led to research on various types of memory that could replace NOR flash memory.
STT MRAM, which uses magnetic materials as the memory storage element, is gaining attention as an emerging potential candidate to replace flash memory, as STT MRAM meets the needs for speed, low power consumption, and miniaturization that would make it a good candidate to replace flash memory.
Technological Challenges
STT MRAM uses memory storage elements that take advantage of the effect in which a current that is passed through a magnetic material - such as a magnetic tunnel junction (MTJ)(3) - reverses its direction of magnetization (Figure 1). Passing a current through the MTJ causes its direction of magnetization to switch between a parallel or anti-parallel state, which has the effect of switching between low resistance and high resistance. Because this can be used to represent the 1s and 0s of digital information, STT MRAM can be used as a non-volatile memory.
Reading STT MRAM involves applying a voltage to the MTJ to discover whether the MTJ offers high resistance to current ("1") or low ("0"). However, a relatively high voltage needs to be applied to the MTJ to correctly determine whether its resistance is high or low, and the current passed at this voltage leaves little difference between the read-current and the write-current. Any fluctuation in the electrical characteristics of individual MTJs could cause what was intended as a read-current, to have the effect of a write-current, thus reversing the direction of magnetization of the MTJ.
Newly-developed Technology
In a joint collaboration, Fujitsu Laboratories and the University of Toronto have developed an innovative circuit design (Figure 3) that for the first time resolves the issue of erroneous writes in STT MRAM during read operations.
The newly developed read-method uses a negative resistance(4) that is intermediate between the MTJ's high resistance and low resistance on a parallel circuit (Figure 4). If the MTJ is in a high-resistance state, this circuit exhibits negative-resistance characteristics. If the MTJ is in a low-resistance state, then it exhibits normal-resistance characteristics. These characteristics allow the resistance value to be read at lower voltages than before, suppressing the tendency of the read operation to reverse the direction of magnetization and avoiding the problem of erroneous write operations.
Results
The development of this new read circuit with negative resistance has resulted in STT MRAM that is insusceptible to erroneous writes caused by fluctuations in the electrical characteristics of the MTJs. It is anticipated that the STT MRAM used as miniaturized non-volatile memory would enable greater high-performance in mobile phones and other electronic devices.
Future Developments
Fujitsu Laboratories and the University of Toronto plan to continue with R&D related to STT MRAM to strive toward practical implementation, such as lowering write currents and developing process technologies for further miniaturization.
Glossary and Notes
1 Spin- Torque-Transfer MRAM:Spin-torque-transfer magnetoresistive (STT) random access memory. MRAM that uses the "spin-torque-transfer" effect to reverse the direction of magnetization of an element by passing current through it.
2 Non-volatile memory:Memory that persists even when electrical power is cut.
3 Magnetic tunnel junction (MJT):A tunnel junction that uses the magnetoresistive effect. Consists of a recording layer made of ferromagnetic material, an insulating film a few atoms thick, and a layer made of ferromagnetic material that will not change its direction of magnetization in the presence of a current.
4 Negative resistance:An element that has negative resistance value, in which its current decreases when voltage rises.
About University of Toronto
Established in 1827, the University of Toronto is Canada's largest university, recognized as a global leader in research and teaching. U of T's distinguished faculty, institutional record of groundbreaking scholarship and wealth of innovative academic opportunities continually attract outstanding students and academics from around the world. U of T is committed to providing a learning experience that benefits from both a scale almost unparalleled in North America and from the close-knit learning communities made possible through its college system and academic divisions. Located in and around Toronto, one of the world's most diverse regions, U of T's vibrant academic life is defined by a unique degree of cultural diversity in its learning community. The University is sustained environmentally by three green campuses, where renowned heritage buildings stand beside award-winning innovations in architectural design.
For more information: http://www.utoronto.ca/
About Fujitsu Ltd
Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 160,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.6 trillion yen (US$47 billion) for the fiscal year ended March 31, 2009. For more information, please visit www.fujitsu.com.
Contact: Fujitsu Laboratories Ltd. Technology Integration Lab. Platform Technologies Lab. Tel: +81(46)250-8379 E-mail:til-si@ml.labs.fujitsu.com University of Toronto Prof. Ali Sheikholeslami Dept. of Electrical and Computer Engineering Tel: +1(416)978-1681 E-mail:ali@eecg.utoronto.ca Address: 10 King's College Road, Toronto, Ontario, M5S 3G4 Canada
Copyright 2010 ACN Newswire. All rights reserved.
DUBLIN--(BUSINESS WIRE)-- Research and Markets(http://www.researchandmarkets.com/research/08842a/global_gis_enginee) has announced the addition of the "Global GIS Engineering Applications Market 2008-2012" report to their offering.
A Geographic Information System/Spatial Information Management (GIS) is a collection of software and geographic data used for capturing, managing, analyzing, and displaying all forms of geographically referenced information. In the strictest sense, it is a computer system that is capable of integrating, storing, editing, analyzing, sharing, and displaying geographically referenced information. In a more generic sense, GIS is a tool that allows users to create interactive queries (user-created searches), analyze the spatial information, edit data, maps, and present the results of all these operations.
With the rapid development in hardware, software and GPS technology, GIS is increasingly being integrated into engineering projects. Today, the governments and corporate around the world are incorporating GIS into different phases of infrastructure life cycle; such as surveying, planning, design, construction and maintenance process. Instead of using GIS as a standalone system, the companies are integrating GIS into their existing infrastructure, which is helping them increase their efficiency and take better decisions. Certain factors like database integration and lack of digital infrastructure are inhibiting the growth of GIS in the Engineering sector. These issues need to be addressed to keep this industry in the high growth trajectory.
The report by TechNavio Insights forecasts the size of the Global Mapping & GIS in Engineering over the period 2008-2012. It segments the market into three geographic regions: Americas, APAC and EMEA, representing the market size and forecast for each of these regions. Further, it discusses the key market trends, drivers and challenges of the Global GIS Engineering Applications market and profiles some of the key vendors of this industry.
Key Topics Covered:
-- Introduction
-- Global GIS Engineering Applications Market Size & Forecast
-- Geographic Segmentation
-- GIS Engineering Applications Market in Americas
-- GIS Engineering Applications Market in EMEA
-- GIS Engineering Applications Market in APAC
-- GIS Engineering Applications Market Trends
-- GIS Engineering Applications Market Growth Drivers
-- GIS Engineering Applications Market Challenges
-- GIS Engineering Applications Vendors
-- Other Reports in this Series
-- List of Exhibits
-- Exhibit 2.1: Global GIS Engineering Applications Market Size and
Forecast 2008-2012 (In $ million)
-- Exhibit 3.1: GIS Engineering Applications Segmentation by Geography -
2008
-- Exhibit 3.2: Americas GIS Engineering Applications Market Size 2008-2012
(in $ million)
-- Exhibit 3.3: EMEA GIS Engineering Applications Market Size 2008-2012 (In
$ million)
-- Exhibit 3.4: APAC GIS Engineering Applications Market Size 2008-2012 (in
$ million)
Companies Mentioned:
-- Autodesk
-- Bentley Systems
-- ESRI
-- Intergraph Corporation
For more information visit http://www.researchandmarkets.com/research/08842a/global_gis_enginee
Source: Research and Markets
EDEN, Utah, Feb. 10 /PRNewswire/ -- Global Data Mining LLC (http://www.gdmllc.com), the leading provider of database management and customs classification systems, today announced a free Webinar on the company's Global Trade Desktop(TM), a Web-based HS Classification System.
What: Free Webinar on optimizing HS classification processes
When: Thursday, Feb. 18, 2010 from 2:00 p.m. to 3:00 p.m. EST
Why: Learn why trade professionals are saying this is the must-have tool
Where: Online: register by visiting https://www1.gotomeeting.com/register/705100272
"We added the February 18th Webinar due to market demand, and we had nearly 100 registrations on the first business day," said Matt Gersper, president and founder at Global Data Mining LLC. "We are committed to helping trade professionals get their jobs done efficiently, quickly, and positively affecting the company's bottom line."
Global Trade Desktop Background
The Desktop optimizes the process of classifying products and maintaining complete "audit-ready" records. It maintains company-specific trade data with HS classifications assigned to each item, for every country, with supportive rulings and other documentation stored with the item in a single, universally accessible database.
The Desktop is designed so approved classification data can be easily integrated with GTM applications, Importer Security Filing (10+2) applications, Product Lifecycle Management applications, Transportation Management Systems, ERP systems or any other application that may need accurate customs and classification data.
About Global Data Mining
Global Data Mining and its sister company CUSTOMS Info provide database management and customs classification systems to help businesses optimize global trade management (GTM) systems and streamline global trade automation. Global Data Mining helps multi-national companies optimize business processes and turn unorganized data into corporate assets managers and executives use to improve performance, save money and accelerate the international supply chain. CUSTOMS Info provides the world's most comprehensive trade data repository delivered via web-based subscription or as data to populate any GTM or Landed Cost application.
Working in conjunction with GTM applications, Global Data Mining and CUSTOMS Info's strategic partners include SAP, Oracle, MIC, Kewill, Arigo, Qwestaweb and others. Please visit http://www.gdmllc.com for more information.
Contact Info: Lori Bertelli Bertelli Group for Global Data Mining (916) 216-2968 lbertelli@bertelligroup.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
SOURCE Global Data Mining LLC
Company Generated Positive Free Cash Flow of $44 Million for the Full Year 2009
Fourth Quarter Financial Highlights
-- Consolidated Revenue of $924 million
-- Sequential growth in Total Communications Revenue of 1 percent
-- Consolidated Adjusted EBITDA of $217 million
-- Free Cash Flow of $97 million
BROOMFIELD, Colo.--(BUSINESS WIRE)-- Level 3 Communications, Inc. (NASDAQ: LVLT) reported consolidated revenue of $924 million for the fourth quarter 2009, compared to consolidated revenue of $916 million for the third quarter 2009 and $1.05 billion for the fourth quarter 2008. For the full year 2009, consolidated revenue was $3.76 billion, compared to $4.30 billion in 2008.
The net loss for the fourth quarter 2009 was $182 million, or $0.11 per share. This compared to a net loss of $170 million, or $0.10 per share for the third quarter 2009. For the fourth quarter 2008, the company reported net income of $43 million, or $0.03 per basic share and a net loss of $0.04 per diluted share, which included a gain on the extinguishment of debt of $86 million or approximately $0.05 per share. The net loss for 2009 was $618 million, or $0.38 per share. The net loss for 2008 was $318 million, or $0.20 per share, which included a gain of $237 million, or $0.15 per share on the sale of the company's Vyvx Advertising Distribution business, a gain on the extinguishment of debt, and the benefit of adjustments made in the fourth quarter 2008.
Consolidated Adjusted EBITDA was $217 million in the fourth quarter 2009, compared to $213 million in the third quarter 2009. In the fourth quarter 2008, Consolidated Adjusted EBITDA was $271 million, which excludes the benefits of adjustments made in the quarter as described on page 2 of the 4Q09 Earnings Presentation. For the full year 2009, Consolidated Adjusted EBITDA was $909 million, compared to $988 million for the full year 2008, which excludes the benefit of the 2008 adjustments.
"We saw continued improvement in customer buying behavior during the fourth quarter 2009, which contributed to sequential growth in both Core Network Services revenue and sales," said James Crowe, CEO of Level 3. "And we were pleased to deliver positive Free Cash Flow in both the fourth quarter 2009 and for the full year 2009, while continuing to invest in expanding our sales force and local market infrastructure."
Financial Results
Metric Fourth Fourth Third Full Full
Quarter Quarter Quarter Year Year
($ in millions) 2009 2008 2009 2009 2008
Revenue
Core Communications $868 $966 $859 $3,503 $3,860
Services(1)
Other
Communications $38 $68 $42 $192 $366
Services
Total
Communications $906 $1,034 $901 $3,695 $4,226
Revenue(1)
Other Revenue $18 $15 $15 $67 $75
Total Consolidated $924 $1,049 $916 $3,762 $4,301
Revenue
Consolidated
Adjusted EBITDA(2) $217 $323 $213 $909 $1,040
(3)
Capital $80 $107 $75 $313 $449
Expenditures
Unlevered Cash Flow $218 $251 $152 $559 $480
(3)
Free Cash Flow(3) $97 $124 $9 $44 ($36)
Communications 60.2% 60.0% 59.0% 59.4% 58.8%
Gross Margin(3)
Communications
Adjusted EBITDA 23.8% 31.3% 23.9% 24.6% 24.6 %
Margin(2) (3)
Communications
Adjusted EBITDA
Margin, Excluding N/A 26.3% N/A N/A 23.4%
Fourth Quarter 2008
Adjustments(2) (3)
(1) Includes Vyvx Advertising Distribution business revenues of $15
million for the full year 2008.
Excluding Fourth Quarter 2008 Adjustments of $52 million,
(2) Consolidated Adjusted EBITDA would have been $271 million and $988
million for the fourth quarter 2008 and full year 2008,
respectively.
(3) See schedule of non-GAAP metrics for definition and reconciliation
to GAAP measures.
Communications Business
Revenue
Total Communications Revenue for the fourth quarter 2009 was $906 million, versus $901 million in the third quarter 2009 and $1.03 billion for the fourth quarter 2008. Total Communications Revenue for 2009 was $3.70 billion, compared to $4.23 billion in 2008.
Note: For purposes of this press release, "Normalized" means reported prior period revenues after subtracting the revenues from the Vyvx Advertising Distribution business, which was sold on June 5, 2008.
Communications
Revenue Fourth Fourth Percent Full Normalized Percent
Quarter Quarter Change Year Full Year Change
($ in 2009 2008 2009 2008
millions)
Core Network $706 $785 (10%) $2,843 $3,132 (9%)
Services(1)
Wholesale $162 $181 (10%) $660 $713 (7%)
Voice Services
Total Core
Communications $868 $966 (10%) $3,503 $3,845 (9%)
Services(1)
Other
Communications $38 $68 (44%) $192 $366 (48%)
Services
Total
Communications $906 $1,034 (12%) $3,695 $4,211 (12%)
Revenue(1)
Excludes Core Network Services revenue associated with the Vyvx
(1) Advertising Distribution business of $15 million for the full year
2008.
Core Network Services revenue was $706 million in the fourth quarter 2009, an increase of 1 percent compared to $701 million in the third quarter 2009. Core Network Services revenue decreased by 10 percent compared to $785 million in the fourth quarter 2008. Core Network Services revenue by market group was:
Core Network Services Fourth Fourth Third
Revenue Quarter Quarter Percent Quarter Percent
2009 2008 Change 2009 Change
($ in millions)
Wholesale Markets Group $348 $385 (10%) $342 2%
Business Markets Group $199 $230 (13%) $203 (2%)
Content Markets Group $86 $99 (13%) $81 6%
European Markets Group $73 $71 3% $75 (3%)
Total Core Network $706 $785 (10%) $701 1%
Services Revenue
Wholesale Voice Services $162 $181 (10%) $158 3%
Revenue
Core Communications $868 $966 (10%) $859 1%
Services Revenue
For the full year 2009, Core Network Services revenue was $2.84 billion, compared to $3.15 billion for the full year 2008.
Deferred Revenue
The communications deferred revenue balance was $902 million at the end of the fourth quarter 2009, compared to $880 million at the end of the third quarter 2009 and $887 million at the end of the fourth quarter 2008.
Cost of Revenue
Communications cost of revenue for the fourth quarter 2009 decreased to $361 million, versus $369 million in the third quarter 2009 and $414 million in the fourth quarter 2008. For the full year 2009, communications cost of revenue was $1.50 billion, compared to $1.74 billion for the full year 2008.
Communications gross margin increased to 60.2 percent for the fourth quarter 2009, compared to 59.0 percent for the third quarter 2009 and 60.0 percent in the fourth quarter 2008.
Communications gross margin increased to 59.4 percent for the full year 2009, compared to 58.8 percent for the full year 2008.
Selling, General and Administrative (SG&A) Expenses
Communications SG&A expenses were $352 million for the fourth quarter 2009, an increase compared to $326 million in the third quarter 2009. This increase was primarily a result of a bonus accrual and an increase in sales and sales support headcount in the fourth quarter 2009. Fourth quarter 2008 SG&A expenses were $365 million, excluding the net benefit of the adjustments in that quarter.
Communications SG&A expenses include $24 million, $10 million and $17 million of non-cash compensation expense for the fourth quarter 2009, the third quarter 2009 and the fourth quarter 2008, respectively.
Excluding non-cash compensation expense, Communications SG&A expenses were $328 million in the fourth quarter 2009, compared to $316 million in the third quarter 2009 and $348 million in the fourth quarter 2008, excluding the net benefits of the adjustments in that quarter.
Communications SG&A expenses, excluding non-cash compensation expenses, declined to $1.28 billion for the full year 2009 compared to $1.49 billion for the full year 2008, which excludes non-cash compensation and the net benefit from the adjustments in the fourth quarter 2008.
Adjusted EBITDA
Communications Adjusted EBITDA was $216 million for the fourth quarter 2009 compared to $215 million for the third quarter 2009. Communications Adjusted EBITDA was $324 million for the fourth quarter 2008, or $272 million excluding the adjustments during the period.
Communications Adjusted EBITDA margin was 23.8 percent in the fourth quarter 2009, which compares to 23.9 percent for the third quarter 2009, and 26.3 percent for the fourth quarter 2008, excluding the adjustments in that quarter.
Communications Adjusted EBITDA excludes non-cash compensation expense and includes restructuring charges. Restructuring charges were $1 million for the fourth quarter 2009, $1 million for the third quarter 2009, and $12 million for the fourth quarter 2008.
Communications Adjusted EBITDA was $910 million for the full year 2009, compared to $987 million for the full year 2008, excluding the benefit of the adjustments in the fourth quarter 2008.
Consolidated Cash Flow and Liquidity
During the fourth quarter 2009, Unlevered Cash Flow was $218 million, compared to $152 million for the third quarter 2009 and $251 million for the fourth quarter 2008.
Free Cash Flow was $97 million for the fourth quarter 2009, compared to $9 million in the third quarter 2009 and $124 million for the fourth quarter 2008.
For the full year 2009, Unlevered Cash Flow increased to $559 million compared to $480 million in 2008. Free Cash Flow increased to positive $44 million in 2009 compared to negative $36 million in 2008. Capital expenditures were $313 million for the full year 2009 compared to $449 million in 2008.
During the fourth quarter 2009, the company repurchased approximately $73 million of debt with maturities from 2010 through 2012. After the close of the quarter, the company announced and closed the private issuance by its wholly owned subsidiary, Level 3 Financing, Inc., of $640 million aggregate principal amount of its 10% Senior Notes due 2018, and completed a tender offer for approximately 99.4 percent of Level 3 Financing's 12.25% Senior Notes due 2013. As a result of these financing transactions completed in January 2010, the company expects to record a $55 million loss on the extinguishment of debt in the first quarter of 2010.
As of Dec. 31, 2009, the company had cash and cash equivalents of approximately $836 million.
2010 Business Outlook
"In 2010, while we are still cautious about the effect the economy will have on our business, we believe it is the right time to increase our investment for growth," said Sunit Patel, executive vice president and CFO of Level 3. "As such, we expect to see an increase in capital expenditures in the coming year. We are expanding our sales force and sales support operations. As a result, we expect overall operating expenses to increase slightly compared to 2009."
In 2010, the company expects GAAP interest expense to increase to approximately $585 million and net cash interest expense to increase to approximately $525 million.
Disclosure
Beginning with the first quarter 2010 results, the company will modify its revenue disclosure to reflect changes in the way certain customers are classified within its market-facing groups. Using the reporting categories that will be used for the first quarter 2010 results, in the fourth quarter and third quarter 2009, Core Network Services revenue would have been reported as follows:
Core Network Services Revenues by Fourth Third Percent Customer Type Quarter Quarter Change ($ in millions) 2009 2009 Wholesale $353 $347 2% Large Enterprise and Federal $129 $123 5% Mid-Market $151 $155 (3%) Europe $73 $75 (3%) Total Core Network Services Revenue $706 $700 1%
Beginning with the first quarter 2010, the company will no longer use the Wholesale Markets Group, Business Markets Group, Content Markets Group and European Markets Group designations in reporting revenue.
Summary
"While we remain cautious, we do see evidence that customers are returning to more historically normal levels of purchases," said Crowe. "We therefore expect to increase investment in both sales personnel and in expanding our network so that we benefit from improving trends. Longer term, the fundamentals of both demand and pricing remain generally positive as online distribution of media and content continues to replace alternative delivery channels."
Conference Call and Web Site Information
Level 3 will hold a conference call to discuss the company's fourth quarter results at 10 a.m. EST today. To join the call, please dial 888-208-1386 or 913-312-0940 passcode 4967743. A live broadcast of the call can also be heard on Level 3's Web site at www.level3.com. During the call, the company will review an earnings presentation that summarizes the results of the quarter. The company has also provided a supplemental schedule with historical financial results. The presentation and supplemental schedule may be accessed at http://lvlt.client.shareholder.com/results.cfm.
An audio replay of the call will be available until 11:59 p.m. EST on Friday, Feb. 19, 2010, by dialing 888-203-1112 or 719-457-0820, access code 4967743. The archived webcast of the fourth quarter conference call together with the press release, financial statements, earnings presentation, and non-GAAP reconciliations may also be accessed at http://www.level3.com/investor_relations/index.html. For additional information please call 720-888-2502.
About Level 3 Communications
Level 3 Communications, Inc. (NASDAQ: LVLT) is a leading international provider of fiber-based communications services. Enterprise, content, wholesale and government customers rely on Level 3 to deliver services with an industry-leading combination of scalability and value over an end-to-end fiber network. Level 3 offers a portfolio of metro and long-haul services, including transport, data, Internet, content delivery and voice. For more information, visit www.Level3.com.
(C) Level 3 Communications, LLC. All Rights Reserved. Level 3, Level 3 Communications and the Level 3 Communications Logo are either registered service marks or service marks of Level 3 Communications, LLC and/or one of its Affiliates in the United States and/or other countries. Level 3 services are provided by wholly owned subsidiaries of Level 3 Communications, Inc. Any other service names, product names, company names or logos included herein are the trademarks or service marks of their respective owners.
Forward-Looking Statement
Some of the statements made in this press release are forward looking in nature. These statements are based on management's current expectations or beliefs. These forward looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside Level 3's control, which could cause actual events to differ materially from those expressed or implied by the statements. The most important factors that could prevent Level 3 from achieving its stated goals include, but are not limited to, the current uncertainty in the global financial markets and the global economy; disruptions in the financial markets that could affect Level 3's ability to obtain additional financing; as well as the company's ability to: successfully integrate acquisitions; increase the volume of traffic on the network; defend intellectual property and proprietary rights; develop effective business support systems; manage system and network failures or disruptions; develop new services that meet customer demands and generate acceptable margins; attract and retain qualified management and other personnel; and meet all of the terms and conditions of debt obligations. Additional information concerning these and other important factors can be found within Level 3's filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors. Level 3 is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Non-GAAP Metrics
Pursuant to Regulation G, the company is hereby providing a reconciliation of non-GAAP financial metrics to the most directly comparable GAAP measure.
The following describes and reconciles those financial measures as reported under accounting principles generally accepted in the United States (GAAP) with those financial measures as adjusted by the items detailed below and presented in the accompanying news release. These calculations are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. In keeping with its historical financial reporting practices, the company believes that the supplemental presentation of these calculations provides meaningful non-GAAP financial measures to help investors understand and compare business trends among different reporting periods on a consistent basis, independently of regularly reported non-cash charges and infrequent or unusual events.
Consolidated Revenue is defined as total revenue from the Consolidated Statements of Operations.
Communications Revenue is defined as communications revenue from the Consolidated Statements of Operations.
Normalized Communications Revenue is defined as communications revenue from the Consolidated Statements of Operations less Vyvx advertising distribution business revenue. The Vyvx advertising distribution business was sold in June 2008.
Core Communications Services Revenue includes core network services revenue and wholesale voice services revenue.
Normalized Core Communications Services Revenue includes core network services revenue and wholesale voice services less Vyvx advertising distribution business revenue.
Core Network Services Revenue includes revenue from transport and infrastructure, IP and data services, local and enterprise voice services, and Level 3 Vyvx broadcast.
Normalized Core Network Services Revenue includes revenue from transport and infrastructure, IP and data services, local and enterprise voice services, and Level 3 Vyvx broadcast services less Vyvx advertising distribution business revenue.
Year Ended December 31, 2008
Vyvx
Advertising
Revenue Metrics Distribution
($ in millions) As Reported Business Normalized
Core Network Services
Revenue:
Wholesale Markets Group $ 1,528 $ - $ 1,528
Business Markets Group 936 - 936
Content Markets Group 394 (15 ) 379
European Markets Group 289 - 289
Total Core Network Services 3,147 (15 ) 3,132
Revenue
Wholesale Voice Services
Revenue:
Wholesale Markets Group 649 - 649
Business Markets Group 23 - 23
Content Markets Group 4 - 4
European Markets Group 37 - 37
Total Wholesale Voice 713 - 713
Services Revenue
Core Communications Services
Revenue:
Wholesale Markets Group 2,177 - 2,177
Business Markets Group 959 - 959
Content Markets Group 398 (15 ) 383
European Markets Group 326 - 326
Total Core Communications 3,860 (15 ) 3,845
Services Revenue
Other Communications Revenue 366 - 366
Total Communications Revenue 4,226 (15 ) 4,211
Other Revenue 75 - 75
Total Consolidated Revenue $ 4,301 $ (15 ) $ 4,286
Communications Gross Margin ($) is defined as Communications Revenue less Communications Cost of Revenue from the Consolidated Statements of Operations.
Communications Gross Margin (%) is defined as Communications Gross Margin ($) divided by Communications Revenue. Management believes that gross margin is a relevant metric to provide to investors, as it is a metric that management uses to measure the margin available to the company after it pays third party network services costs; in essence, a measure of the efficiency of the company's network.
Adjusted EBITDA is defined as net income (loss) from the Consolidated Statements of Operations before income taxes, total other income (expense), non-cash impairment charges, depreciation and amortization and non-cash stock compensation expense.
Adjusted EBITDA on a Normalized Basis is defined as Adjusted EBITDA less a net benefit of $52 million from four adjustments taken in the fourth quarter 2008 ("Fourth Quarter 2008 Adjustments"), which are comprised of an $86 million benefit related to asset retirement obligation ("ARO") adjustments, partially offset by $14 million in patent-related litigation expenses, $12 million in restructuring charges and $8 million in real estate lease impairment charges.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue.
Adjusted EBITDA Margin on a Normalized Basis is defined as Adjusted EBITDA on a Normalized Basis divided by revenue.
Adjusted EBITDA Metrics Q4 2009 ($ in millions) Communications Other Consolidated Net Income (Loss) $ (169 ) $ (13 ) $ (182 ) Income Tax Expense (Benefit) (3 ) - (3 ) Total Other (Income) Expense 134 8 142 Depreciation and Amortization 230 6 236 Non-cash Stock Compensation 24 - 24 Adjusted EBITDA $ 216 $ 1 $ 217 Revenue $ 906 Adjusted EBITDA Margin 23.8 %
Adjusted EBITDA Metrics Q3 2009 ($ in millions) Communications Other Consolidated Net Income (Loss) $ (166 ) $ (4 ) $ (170 ) Income Tax Expense 1 1 2 Total Other (Income) Expense 142 - 142 Depreciation and Amortization 228 1 229 Non-cash Stock Compensation 10 - 10 Adjusted EBITDA $ 215 $ (2 ) $ 213 Revenue $ 901 Adjusted EBITDA Margin 23.9 %
Adjusted EBITDA Metrics Q4 2008 ($ in millions) Communications Other Consolidated Net Income (Loss) $ 39 $ 4 $ 43 Income Tax Expense 1 1 2 Total Other (Income) Expense 40 (3 ) 37 Depreciation and Amortization 227 (3 ) 224 Non-cash Stock Compensation 17 - 17 Adjusted EBITDA $ 324 $ (1 ) $ 323 ARO Adjustment (86 ) - (86 ) Patent-related Litigation Expense 14 - 14 Real Estate Lease Impairment 8 - 8 Restructuring Charges 12 - 12 Adjusted EBITDA on a Normalized $ 272 $ (1 ) $ 271 Basis Revenue $ 1,034 $ 15 $ 1,049 Adjusted EBITDA Margin 31.3 % Adjusted EBITDA Margin on a 26.3 % Normalized Basis
Adjusted EBITDA Metrics Year Ended December 31, 2009 ($ in millions) Communications Other Consolidated Net Income (Loss) $ (605 ) $ (13 ) $ (618 ) Income Tax Expense (Benefit) - 1 1 Total Other (Income) Expense 550 2 552 Depreciation and Amortization 906 9 915 Non-cash Stock Compensation 59 - 59 Adjusted EBITDA $ 910 $ (1 ) $ 909 Revenue $ 3,695 Adjusted EBITDA Margin 24.6 %
Adjusted EBITDA Metrics Year Ended December 31, 2008 ($ in millions) Communications Other Consolidated Net Income (Loss) $ (322 ) $ 4 $ (318 ) Income Tax Expense 4 2 6 Total Other (Income) Expense 350 (7 ) 343 Depreciation and Amortization 929 2 931 Non-cash Stock Compensation 78 - 78 Adjusted EBITDA $ 1,039 $ 1 $ 1,040 ARO Adjustment (86 ) - (86 ) Patent-related Litigation Expense 14 - 14 Restructuring Charges 12 - 12 Real Estate Lease Impairment 8 - 8 Adjusted EBITDA on a Normalized $ 987 $ 1 $ 988 Basis Revenue $ 4,226 $ 75 $ 4,301 Adjusted EBITDA Margin 24.6 % Adjusted EBITDA Margin on a 23.4 % Normalized Basis
Management believes that Adjusted EBITDA, Adjusted EBITDA on a Normalized Basis, Adjusted EBITDA Margin and Adjusted EBITDA Margin on a Normalized Basis are relevant and useful metrics to provide to investors, as they are an important part of the company's internal reporting and are key measures used by Management to evaluate profitability and operating performance of the company and to make resource allocation decisions. Management believes such measures are especially important in a capital-intensive industry such as telecommunications. Management also uses Adjusted EBITDA, Adjusted EBITDA on a Normalized Basis, Adjusted EBITDA Margin and Adjusted EBITDA Margin on a Normalized Basis to compare the company's performance to that of its competitors and to eliminate certain non-cash and non-operating items in order to consistently measure from period to period its ability to fund capital expenditures, fund growth, service debt and determine bonuses. Adjusted EBITDA excludes non-cash impairment charges and non-cash stock compensation expense because of the non-cash nature of these items. Adjusted EBITDA also excludes interest income, interest expense and income taxes because these items are associated with the company's capitalization and tax structures. Adjusted EBITDA also excludes depreciation and amortization expense because these non-cash expenses reflect the impact of capital investments which management believes should be evaluated through free cash flow. Adjusted EBITDA excludes the gain on extinguishment of debt and other, net because these items are not related to the primary operations of the company. Adjusted EBITDA for the fourth quarter 2008 and year ended Dec. 31, 2008 is normalized for the net benefit of $52 million from a reduction in estimated asset retirement obligations of $86 million, $14 million charge for patent litigation expenses, $12 million in restructuring charges for employee workforce reductions, and $8 million in real estate lease impairment charges.
There are limitations to using non-GAAP financial measures, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from the company's calculations. Additionally, this financial measure does not include certain significant items such as interest income, interest expense, income taxes, depreciation and amortization, non-cash impairment charges, non-cash stock compensation expense, the gain on extinguishment of debt and net other income (expense). Adjusted EBITDA and Adjusted EBITDA Margin should not be considered a substitute for other measures of financial performance reported in accordance with GAAP.
Unlevered Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid and less interest income all as disclosed in the Consolidated Statements of Cash Flows or the Consolidated Statements of Operations. Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, as it is an indicator of the operational strength and performance of the company and, measured over time, provides management and investors with a sense of the growth pattern of the business.
There are material limitations to using Unlevered Cash Flow to measure the company against some of its competitors as it excludes certain material items such as payments on and repurchases of long-term debt, interest income and cash interest expense. Level 3 does not currently pay a significant amount of income taxes due to net operating losses, and therefore, generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable and accounts payable and capital expenditures. Unlevered Cash Flow should not be used as a substitute for net change in cash and cash equivalents on the Consolidated Statements of Cash Flows.
Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures as disclosed in the Consolidated Statements of Cash Flows. Management believes that Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of the company's ability to generate cash to service its debt. Free Cash Flow excludes cash used for acquisitions and principal repayments.
There are material limitations to using Free Cash Flow to measure the company against some of its competitors as Level 3 does not currently pay a significant amount of income taxes due to net operating losses, and therefore, generates higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable and accounts payable and capital expenditures. This financial measure should not be used as a substitute for net change in cash and cash equivalents on the Consolidated Statements of Cash Flows.
Unlevered Cash Flow and Free Cash Flow Three Months Ended December 31, 2009 Unlevered ($ in millions) Cash Flow Free Cash Flow Net Cash Provided by Operating Activities $ 177 $ 177 Capital Expenditures $ (80 ) $ (80 ) Cash Interest Paid $ 121 N/A Interest Income $ (- ) N/A Total $ 218 $ 97
Unlevered Cash Flow and Free Cash Flow Three Months Ended September 30, 2009 Unlevered ($ in millions) Cash Flow Free Cash Flow Net Cash Provided by Operating Activities $ 84 $ 84 Capital Expenditures $ (75 ) $ (75 ) Cash Interest Paid $ 143 N/A Interest Income $ (- ) N/A Total $ 152 $ 9 Unlevered Cash Flow and Free Cash Flow Three Months Ended December 31, 2008 Unlevered ($ in millions) Cash Flow Free Cash Flow Net Cash Provided by Operating Activities $ 231 $ 231 Capital Expenditures $ (107 ) $ (107 ) Cash Interest Paid $ 129 N/A Interest Income $ (2 ) N/A Total $ 251 $ 124
Unlevered Cash Flow and Free Cash Flow Year Ended December 31, 2009 Unlevered ($ in millions) Cash Flow Free Cash Flow Net Cash Provided by Operating Activities $ 357 $ 357 Capital Expenditures $ (313 ) $ (313 ) Cash Interest Paid $ 517 N/A Interest Income $ (2 ) N/A Total $ 559 $ 44
Unlevered Cash Flow and Free Cash Flow Year Ended December 31, 2008 Unlevered ($ in millions) Cash Flow Free Cash Flow Net Cash Provided by Operating Activities $ 413 $ 413 Capital Expenditures $ (449 ) $ (449 ) Cash Interest Paid 531 N/A Interest Income $ (15 ) N/A Total $ 480 $ (36 )
Attachment #1
LEVEL 3 COMMUNICATIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited)
Three Months Ended Year Ended
December 31, September 30, December 31, December 31, December 31,
(dollars in
millions, except 2009 2009 2008 2009 2008
per share data)
Revenue:
Communications $ 906 $ 901 $ 1,034 $ 3,695 $ 4,226
Coal Mining 18 15 15 67 75
Total Revenue 924 916 1,049 3,762 4,301
Costs and
Expenses
(exclusive of
depreciation and
amortization
shown separately
below):
Cost of
Revenue:
Communications 361 369 414 1,499 1,740
Coal Mining 15 18 16 66 69
Total Cost of 376 387 430 1,565 1,809
Revenue
Depreciation
and 236 229 224 915 931
Amortization
Selling,
General and 354 325 301 1,338 1,505
Administrative
Restructuring 1 1 12 9 25
Charges
Total Costs 967 942 967 3,827 4,270
and Expenses
Operating Income (43 ) (26 ) 82 (65 ) 31
(Loss)
Other Income
(Expense):
Interest income - - 2 2 15
Interest (150 ) (147 ) (143 ) (595 ) (570 )
expense
Gain on sale of
business - - 3 - 99
groups, net
Gain (loss) on
extinguishment (2 ) 2 86 14 89
of debt
Other, net 10 3 15 27 24
Total Other
Income (142 ) (142 ) (37 ) (552 ) (343 )
(Expense)
Income (Loss)
Before Income (185 ) (168 ) 45 (617 ) (312 )
Taxes
Income Tax
Benefit 3 (2 ) (2 ) (1 ) (6 )
(Expense)
Net Income $ (182 ) $ (170 ) $ 43 $ (618 ) $ (318 )
(Loss)
Earnings (Loss)
per Share:
Basic $ (0.11 ) $ (0.10 ) $ 0.03 $ (0.38 ) $ (0.20 )
Diluted $ (0.11 ) $ (0.10 ) $ (0.04 ) $ (0.38 ) $ (0.20 )
Shares Used to
Compute Earnings
(Loss) per Share
(in thousands):
Basic 1,641,091 1,637,727 1,606,229 1,633,049 1,564,996
Diluted 1,641,091 1,637,727 1,629,052 1,633,049 1,564,996
Financial statements for the three months and year ended December 31, 2008 have been adjusted for
the retrospective application of Accounting Standards Codification ("ASC") 470-20 (formerly FSP
APB 14-1).
(C) 2010 by Level 3 Communications, Inc. All rights reserved.
Attachment #2
LEVEL 3 COMMUNICATIONS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(unaudited)
December 31, September 30, December 31,
(dollars in millions) 2009 2009 2008
Assets
Current Assets:
Cash and cash equivalents $ 836 $ 532 $ 768
Restricted cash and 3 3 3
securities
Receivables, less allowances
for doubtful accounts of 323 356 390
$18, $20 and $16,
respectively
Other 97 97 81
Total Current Assets 1,259 988 1,242
Property, Plant and 5,687 5,828 6,159
Equipment, net
Restricted Cash and 122 124 127
Securities
Goodwill 1,429 1,430 1,432
Other Intangibles, net 467 490 559
Other Assets 98 108 115
Total Assets $ 9,062 $ 8,968 $ 9,634
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable $ 364 $ 351 $ 365
Current portion of long-term 705 160 186
debt
Accrued payroll and employee 51 32 105
benefits
Accrued interest 140 124 117
Current portion of deferred 162 153 168
revenue
Other 97 82 111
Total Current Liabilities 1,519 902 1,052
Long-Term Debt, less current 5,755 6,100 6,245
portion
Deferred Revenue, less 740 727 719
current portion
Other Liabilities 557 568 597
Total Liabilities 8,571 8,297 8,613
Stockholders' Equity 491 671 1,021
Total Liabilities and $ 9,062 $ 8,968 $ 9,634
Stockholders' Equity
Financial statements as of December 31, 2008 have been adjusted for the
retrospective application of Accounting Standards Codification ("ASC") 470-20
(formerly FSP APB 14-1).
(C) 2010 by Level 3 Communications, Inc. All rights reserved.
Attachment #3
LEVEL 3 COMMUNICATIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited)
Three Months Ended
December 31, September 30, December 31,
(dollars in millions) 2009 2009 2008
Cash Flows from Operating
Activities:
Net income (loss) $ (182 ) $ (170 ) $ 43
Adjustments to reconcile net
income (loss) to net cash
provided by operating
activities:
Depreciation and 236 229 224
amortization
Non-cash compensation
expense attributable to 24 10 17
stock awards
(Gain) loss on 2 (2 ) (86 )
extinguishment of debt, net
Asset retirement obligation - - (86 )
adjustment
Accretion of debt discount
and amortization of debt 13 13 13
issuance costs
Accrued interest on 16 (9 ) 1
long-term debt
Change in fair value of (14 ) 1 -
embedded derivative
Other, net (2 ) (8 ) (8 )
Changes in working capital
items:
Receivables 32 19 34
Other current assets 11 15 28
Payables 8 15 53
Deferred revenue 23 (25 ) (10 )
Other current liabilities 10 (4 ) 8
Net Cash Provided by 177 84 231
Operating Activities
Cash Flows from Investing
Activities:
Capital expenditures (80 ) (75 ) (107 )
(Increase) decrease in
restricted cash and 2 - (3 )
securities, net
Proceeds from sale of
property, plant and 1 - -
equipment
Proceeds from sale of - - 3
business groups, net
Proceeds from sale and of - - 4
marketable securities
Net Cash Used in Investing (77 ) (75 ) (103 )
Activities
Cash Flows from Financing
Activities:
Long term debt borrowings, 274 (3 ) 400
net of issuance costs
Payments on and repurchases (67 ) (107 ) (338 )
of long-term debt
Net Cash Provided by (Used 207 (110 ) 62
in) Financing Activities
Effect of Exchange Rates on (3 ) 3 (4 )
Cash and Cash Equivalents
Net Change in Cash and Cash 304 (98 ) 186
Equivalents
Cash and Cash Equivalents at 532 630 582
Beginning of Period
Cash and Cash Equivalents at $ 836 $ 532 $ 768
End of Period
Supplemental Disclosure of
Cash Flow Information:
Cash interest paid $ 121 $ 143 $ 129
Income taxes paid $ 1 $ - $ 1
Financial statements for the three months ended December 31, 2008 have been
adjusted for the retrospective application of Accounting Standards Codification
("ASC") 470-20 (formerly FSP APB 14-1).
(C) 2010 by Level 3 Communications, Inc. All rights reserved.
Source: Level 3 Communications, Inc.
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