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Level 3 stock rises with Web demand

March 30, 2006 By ECN Staff

Copyright 2006 The Denver Post
All Rights Reserved
The Denver Post
March 29, 2006 Wednesday
FINAL EDITION
By Beth Potter, Denver Post Staff Writer
From Lexis Nexis

Stock of Broomfield-based Level 3 Communications shot up more than 15 percent to $5.18 Tuesday after company executives said they are raising financial projections based on strong demand for broadband webcasts and Internet-based phone service.

Analysts said CBS’ recent Internet broadcasts of NCAA basketball tournament games are giving webcasts a high profile.

“With 45-50 percent of customers having broadband access, things like the NCAA games are more real,” said Donna Jaegers, a telecommunications analyst at Greenwood Village-based Janco Partners. “All the fiber (Level 3) put in the ground in 2000 and 2001, now we’re seeing demands for it.”

Level 3 said Tuesday it also expects to benefit more quickly than it expected from buying rival WilTel Communications of Tulsa, Okla., in late 2005 in a $680.5 million deal.

“We reached some of the benchmarks and exceeded others,” said company spokesman Chris Hardman.

The company forecast operating income for 2006 before depreciation and amortization at between $140 million and $150 million. That’s up from its previous estimate of $105 million to $125 million.

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