Global Crossing and Level 3 Communications, the network service providers that announced plans to merge last month, both reported lower losses in the first quarter of 2011 as their revenues inched a bit higher.
Global Crossing of Florham Park, N.J. reported a consolidated net loss applicable to common shareholders of $34 million, marking an $86 million improvement over the companys loss in the same period a year ago.
Meanwhile, Level 3s net loss shrank year over year from $238 million, or $0.14 per share, to $205 million, or $0.12 per share.
Revenues at both companies climbed 2 percent. Global Crossing reported consolidated revenues of $661 million while Level 3 brought home consolidated revenues of $929 million.
Level 3 of Broomfield, Colo. announced plans last month to acquire Global Crossing in a stock-for-stock transaction. Both companies operate vast fiber-optic networks in the U.S. and abroad. Level 3 said the buy would allow it to better serve enterprises, content providers, carriers and governments throughout North America, Latin America and Europe.
Shares of Level 3 (LVLT) were last trading at $1.67 on the NASDAQ Global Select Market.
Global Crossings shares were last valued at $25.08 on the NASDAQ Global Select Market and reached a 52-week high of $26.50 on April 11, 2011 the day Global Crossing and Level 3 announced plans to combine forces.