Qwest Posts Loss On Declining Revenue - InformationWeek

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9/3/2003
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Qwest Posts Loss On Declining Revenue

Struggling telecom services company says it is nearly done revising financial statements for the past three years.

Embattled telecommunications provider Qwest Communications International on Wednesday posted slumping revenue for its third quarter, blaming tough competition in the local voice-services market.

For the quarter, which ended June 30, Qwest posted a net loss of $91 million, or 5 cents per share, on revenue of $3.60 billion. Since the company is in the process of re-stating last year's earnings, no useful numbers are available from the same quarter of 2002 for comparison. In the first quarter of that year, Qwest posted a profit of $128 million, or 7 cents per share, on revenue of $3.63 billion.

Qwest says it's nearly done with the massive restatement of the last three year's worth of its financial statements, and since May has identified adjustments that resulted in a net decrease in revenue of $99 million, $133 million, and $51 million in 2002, 2001, and 2000, respectively. The company's past accounting practices are under investigation by the U.S. Securities and Exchange Commission.

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