 | |
 Lumen's Monroe, Louisiana Technology Center on the HQ campus | |
| Formerly |
|
|---|---|
| Type | Public |
| Industry | Telecommunications |
| Founded | 1930 |
| Headquarters | Monroe, Louisiana, U.S. |
Area served | Worldwide |
Key people | Kate Johnson (CEO) |
| Services | Network, Cloud Security, Voice, Managed Services, Big Data as a Services, Multi-Cloud Management, Private Cloud, Public Cloud, SaaS Apps, Cloud Connect, Internet, Phone, TV |
| Revenue |  US$17.48 billion (2022) |
| US$95 million (2022) | |
| US$−1.55 billion (2022) | |
| Total assets | US$45.58 billion (2022) |
| Total equity | US$10.44 billion (2022) |
Number of employees | c. 29,000 (December 2022) |
| Subsidiaries | |
| Website | lumen.com |
| Footnotes / references [1][2] | |
Lumen Technologies, Inc. (formerly CenturyLink) is an American telecommunications company headquartered in Monroe, Louisiana, that offers communications, network services, security, cloud solutions, voice, and managed services. The company is a member of the S&P 500 index and the Fortune 500.[3] Its communications services include local and long-distance voice, broadband, Multi-Protocol Label Switching (MPLS), private line (including special access), Ethernet, hosting (including cloud hosting and managed hosting), data integration, video, network, public access, Voice over Internet Protocol (VoIP), information technology, and other ancillary services.[4] Lumen also serves global enterprise customers across North America, Latin America, EMEA (Europe, Middle East, and Africa), and Asia Pacific.[5]
History[edit]
The earliest predecessor of Lumen was the Oak Ridge Telephone Company in Oak Ridge, Louisiana, which was owned by F. E. Hogan, Sr. In 1930, Hogan sold the company, with 75 paid subscribers, to William Clarke and Marie Williams, for $500. They moved the switchboard to the Williams family front parlor. In 1946, the Williams' son, Clarke McRae Williams, received ownership of the family's telephone company as a wedding gift.[6] In 1947, Clarke Williams learned the telephone company in Marion, Louisiana was for sale. With a loan from business associate Joe Sydney Carter, Clarke purchased the Marion Telephone Company and eventually made it his base of operation as he grew his company through more acquisitions. Lumen still maintains offices in the former headquarters building.[7] The company remained as a family-operated business until it became incorporated in 1968.[6][8]
1967–1999[edit]
By 1967, Oak Ridge Telephone Company served three states with 10,000 access lines. That year, the company was incorporated as Central Telephone and Electronics. Clarke M. Williams served as president and chairman of the board.[6] Between 1972 and 1975, Clarke gradually moved his headquarters from Marion to Monroe, Louisiana, to access the larger employee base and to be near the airport.
In 1971, the company was renamed Century Telephone Enterprises, Inc.[6][8] In 1972, Century Telephone acquired the La Crosse Telephone Corporation, of Wisconsin.[6]
On October 24, 1978, Century Telephone moved to the New York Stock Exchange for the first time and began to trade under the ticker symbol CTL.[6]
Century Telephone performed well during the long bear market of the 1970s, as its stock rose over fourfold. The company provided telephone service in parts of 14 states by that time.[9]
In 1981, Century Telephone acquired War Telephone in West Virginia.[10]
In 1982, Century Telephone's earnings peaked at $14 million, then declined in 1983 following the early 1980s recession, and finally began to recover in 1984. However, the 1983 decline led to a loss of half the value of the company's stock in 1984.[9]
In 1985, both earnings and the stock price had recovered to new record highs. But by then, the company had accumulated $206 million in long-term debt.[9] Century Telephone sold the operations of War Telephone and two other companies to Colonial Telephone for $4.66 million.[11]
In 1987, the stock price nearly doubled from its low that year, and from its old 1982 record high, before falling back by a third in the 1987 stock market crash. Earnings had steadily grown each year from their 1983 low, and by 1987 reached nearly US$20 million.[9]
In 1989, Century Telephone Enterprises acquired Universal Telephone, Inc. for US$90 million in cash.[6] During the late 1980s the company began a long trend in which it performed extremely well. The stock split three-for-two twice in this period, as earnings steadily grew, through the 1990-1991 recession, and by year-end 1991, they reached nearly US$40 million, double from what they had been in 1987.[9]
In 1992, Century Telephone acquired Central Telephone Company of Ohio, a Centel subsidiary, for $135 million. The acquisition served more than 65,000 access lines, and added 20% to Century's access line total. Also that year Glen F. Post III became Chief Executive Officer and, named Vice Chairman of the Board of Century Telephone.[6]
In 1993, Century Telephone revenues were over $425 million, up from about $350 million in 1992. 1993 earnings were nearly $80 million, up from about $70 million in 1992, excluding a nearly $16 million charge in 1992 due to the cumulative effect from an accounting change that year.[9][12] Also in 1993 the company split its stock three-for-two yet again. However, by that time, the company had accumulated nearly $520 million in long-term debt.[9]
By 1995, Century Telephone Enterprises had been added to the S&P MidCap 400 index. Earnings had continued their steady growth trend through the 1994 economic soft landing, and by 1995 they reached over US$115 million. But the long-term debt continued to grow as well, reaching US$623 million that year.[9]
In 1997, Century Telephone acquired Delta Security Alarm Co., Inc. of Monroe, Louisiana, and its largest acquisition up until that time, Pacific Telecom, doubling its size with 660,000 additional telephone access lines in 12 states.[6] Pacific Telecom, Inc., would continue existence and was renamed CenturyTel of the Northwest, Inc.
In 1998, Century Telephone split its stock three-for-two once again. The company acquired another Monroe, Louisiana security company, Century Protection Systems, and also acquired 89,000 access lines and 19 exchanges in 21 northern Wisconsin communities from Ameritech. The affected customers had formerly been served by Wisconsin Bell. Ameritech's directory publishing operations serving those customers were also acquired.[13]
In 1999, the company was renamed as CenturyTel, Inc.[14] It split its stock three-for-two once more, and was added to the Standard & Poor's 500 Index that year.[6]
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