Apr. 28--BROOMFIELD, Colo. -- Level 3 Communications Inc. is cutting 150 positions to further "flatten" the organization and cost structure, officials said in the Broomfield-based company's earnings report Tuesday.

Some of those affected by the cuts are directors and those in higher management positions, and include Chief Information Officer Kevin Hart and Grant van Rooyen, president of the content markets group.

About 100 additional positions will be "restructured," said Jeff Storey, president and chief operating officer of the Broomfield-based communications company. It's unclear how the restructuring and the layoffs will affect the Broomfield headquarters.

During the first quarter, Level 3 recorded a net loss of $132 million, or 8 cents per share. The loss is narrower than what was reported during the first quarter of 2008, when Level 3 had a net loss of $190 million or 12 cents per share.

Revenue for the most recent three-month period was $980 million, down from the $1.1 billion from the same year-ago quarter.

Analysts polled by Thomson One Analytics expected quarterly revenue of $1.03 billion and an average earnings per share loss of 8 cents.

Shares of Level 3 (Nasdaq: LVLT) declined 5 cents, or 4.4 percent, to $1.08 in morning trading.

James Crowe, Level's 3 chief executive officer, said the company remains cautious amidst the slowing in the economy, but said gains made in credit; Earnings Before Interest, Taxes, Depreciation and Amortization; cash flow; and growth trends related to video over the Internet are some positive signs.

Also, he added, the company remains focused on its efforts to serve larger enterprise customers and those in the mid-market and is bulking up its sales force and activities in those areas.

Sunit Patel, senior vice president and chief financial officer, said the company's current cash flow should help meet Level 3's debt obligations for 2009, 2010 and potentially to 2011.

"In short, we don't need to raise any capital for the course of this year or next year," Patel told analysts and investors during a conference call.

The layoffs, which affect about 2.7 percent of Level 3's 5,550-person work force, are expected to shave expenses and improve service toward its customers, officials said. Level 3 is expected to take $6 million to $7 million in severance charges during the second quarter, officials said.

At the end of 2008, Level 3 cut 450 positions. At the time, Level 3 officials noted it was facing challenges because of a weakened economy and a slowing in its sales cycles.

Some of the issues noted by officials Tuesday included: challenges with having to serve non-target customers obtained through acquisitions, customers leaving because of integration struggles and the general economy.

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