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Level 3's shares sink again
By Jeffry Bartash , MarketWatch
Last Update: 5:06 PM ET Feb 10, 2005
WASHINGTON (MarketWatch) -- Shares of Level 3 Communications sank for a third straight session Thursday, reflecting lingering concerns about the phone company's financial health.
Earlier this week, the Broomfield, Colo.-based company ( LVLT ) forecast lower sales for its main communications business in 2005. The stock fell 12 percent on Tuesday, followed by a 14 percent pullback on Wednesday.
Then on Thursday, securities firm Fulcrum Global Partners issued a bearish note, questioning whether the company can generate enough cash to stay afloat over the next few years.
Level 3 fell an additional 16 percent in Thursday's trading, down 36 cents at $1.90. The stock, which closed at $3.11 just three days ago, set a 52-week low.
Over the past year, Level 3's stock has suffered amid concerns about growth prospects in an industry where rapidly declining prices have been the norm.
On a Tuesday conference call, CEO James Crowe said prices for some services have fallen as much as 50 percent annually, outstripping efforts to cut costs. "Undeniably, the telecom industry environment remains challenging," he said.
Crowe also said the rising number of phone-industry mergers might help to ease further price declines for communications services, thereby giving Level 3 some relief. He insisted that the company would no longer sign up customers if it meant foregoing profits.
Yet Fulcrum analyst Greg Miller ridiculed that notion, saying an "expected pricing improvement is sheer fantasy, in our opinion."
Some analysts say Crowe's open talk about industry trends might smack of desperation - a plea to rivals that it's time for every carrier to end the destructive spiral of price cuts. Yet Miller told clients that larger Level 3 rivals are in better financial shape and can still put the squeeze on smaller companies.
Fulcrum's Miller also raised the specter of future bankruptcy, saying Level 3 is "on a trend to burn through the remaining cash by the end of 2006."
Level 3, for its part, reported $782 million in cash at the end of December, down from $856 million in the prior quarter. The company also carried $5.2 billion in debt.
In light of the phone industry's difficulties, Crowe suggested that Level 3 might be able to acquire valuable assets at relatively inexpensive prices. That would help the company generate extra revenue and capture better economies of scale.
Along these lines, Level 3 bought several computer-software companies several years ago to help fortify its finances.
Fulcrum, however, also raised the possibility that Level 3 might have to sell those or other assets to stave off a cash crunch.
Whatever action Level 3 takes, Fulcrum said, it will not "solve the company's long-term problem of having an unattractive business model in a highly competitive industry with a crushing debt load."
Fulcrum has a "sell" rating on Level 3 and a stock price target of $1.
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http://finance.yahoo.com/q/ks?s=LVLT
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تحياتي ... وبالتوفيق
