Anyone familiar with Level 3’s (LVLT) history may recognize the term “Breaking Away”. It was the theme for the 2000 annual report.
The term was used by Walter Scott and James Crowe in a letter to the stockholders at a time the industry was enveloped in turmoil. The following was taken from a special addition to the 2000 annual report, not included in the SEC internet filings.
We believe more strongly today than ever that we are at the threshold of one of the great opportunities in business… We recognize that we continue to face market challenges and that we may stumble, from time to time, along the way… We also recognize that we are not going to see the immediate and complete elimination of the inertia and influence of a century of monopoly and central planning in communications… It will take a bit of time, but we believe that the opportunity to create value – over the next several years and beyond – is immense. The opportunity before us is nothing short of extraordinary, and we believe it is ours for the taking. We have the right network, the right products, the financial strength and the right people. We believe we are uniquely positioned to break away.
What a long and winding road it’s been since the above excerpts from the 2001 letter to stockholders. Management has seen more than their share of “stumbles, from time to time” ….. Continue reading at SA