**Editor's Note: Click here for a look back at how some of the industry's biggest players fared in Q2.**
Colorado-based Level 3 Communications, the nation's largest CLEC, saw revenues rise slightly in the third quarter – from $1.586 billion to $1.59 billion – while cutting its net losses from $62 million to $57 million. (That excludes $109 million in losses related to interest-rate swap agreements and cutting down on its debt.)
EBITDA (earnings before interest, taxes, depreciation and amortization) grew to $273 million, up 12 percent year-over-year and 5 percent from the previous quarter. Level 3 says it remains on track to "achieve $300 million of projected total run-rate Adjusted EBITDA synergies and $40 million of capital expense synergies from the Global Crossing acquisition." Level 3 is about halfway through its integration of Global Crossing, the fellow CLEC it bought a year ago.
"Looking back over the year since closing the Global Crossing acquisition, we are pleased with the progress we have made integrating the two companies," said Jeff Storey, president and COO of Level 3. "We continue to rationalize our product portfolio, while also augmenting our capabilities, such as the broad range of managed security services we announced earlier this month."
"We continue to see strong demand from enterprise customers," said James Crowe, CEO of Level 3. "Our local to global network reach and broad portfolio of services position us for continued growth."
Level 3 is more than $8 billion in debt.