SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 12, 2005
Level 3 Communications, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 47-0210602
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1025 Eldorado Blvd., Broomfield, Colorado 80021
(Address of principal executive offices) (Zip code)
720-888-1000
(Registrant's telephone number including area code)
Not applicable
(Former name and former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.05 Costs Associated with Exit or Disposal Activities
On January 12, 2005, Level 3 Communications, Inc. ("Level 3") issued a press
release relating to certain workforce reduction actions. In the release, Level 3
indicated that its operating subsidiaries will initiate a work force reduction
of approximately 500 to 600 employees in its communications business. The
reduction, which is expected to result in operational savings of approximately
$60 million to $70 million per year, will take place before the end of January
2005. As a result of the planned reduction, Level 3 expects to incur severance
charges of approximately $20 million to $25 million in the fourth quarter of
2004 or the first quarter of 2005. Level 3 is taking this action in part so that
its financial and organizational resources are properly allocated and aligned to
take advantage of demand as it develops in consumer-oriented voice over IP and
other growth areas. In addition, these actions are being taken, in part, to
accelerate Level 3's achievement of positive free cash flow.
Additional information regarding these work force reduction actions will be
available in connection with Level 3's fourth quarter 2004 earnings press
release and associated conference call.
Item 7.01 Regulation FD Disclosure.
On January 12, 2005, Level 3 Communications, Inc. ("Level 3") issued a press
release relating to certain workforce reduction actions and the re-affirmation
of communications revenue guidance for the fourth quarter 2004. This press
release is furnished as Exhibit 99.1 to this Current Report and incorporated by
reference as if set forth in full. The furnishing of this information shall not
be deemed an admission as to the materiality of the information included in this
Current Report. This information is not filed but is furnished to the Securities
and Exchange Commission ("SEC") pursuant to Item 7.01 of Form 8-K.
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Item 9.01 Financial Statements and Exhibits
(a) Financial Statements of business acquired
None
(b) Pro forma financial information
None
(c) Exhibits
99.1 Press Release dated January 12, 2005, relating to work force reduction.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Level 3 Communications, Inc.
January 13, 2005 By: /s/ Neil J. Eckstein
Date Neil J. Eckstein, Senior Vice President
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