DENVER, May 15, 2003 ? Qwest Communications International Inc. (NYSE: Q) today announced it will release first quarter 2003 earnings and operational highlights on Thursday, May 29, 2003, at approximately 7:00 a.m. EDT.
Qwest will host a conference call May 29, 2003, at 9:00 a.m. EDT. The call will feature Richard C. Notebaert, chairman and CEO, and Oren G. Shaffer, vice chairman and CFO, who will provide the company?s perspective on the business and first quarter operational results. Because the company continues the process of finalizing the restatement of 2000 and 2001 results and the related impact on 2002 results, Qwest will only release an income statement and operational highlights for the first quarter of 2003.
?Although we continue to advance our restatement of prior periods, we felt it was important to provide an update of operating results to date,? said Shaffer. ?We are pleased with our operational performance in the first quarter and we remain on track to meet our previously stated outlook for the year.?
The company also announced that it has received waivers regarding 2002 financial reporting for its Qwest Services Corporation credit facility and its QwestDex term loan. The 2002 financial reporting due to the lenders by May 15, 2003, has been extended to July 15, 2003.
Qwest sought the waivers because it is still in the process of restating prior period financial statements necessary to complete the 2002 financial statements. The company expects to update the progress on its restatement and the re-audit process on the May 29, 2003, conference call.
As the company has stated previously, Qwest continues to look at ways to delever its balance sheet, reduce debt, and improve liquidity through strategic financial transactions. This includes debt exchanges and other available financing alternatives.
You may access a webcast (live and replay) of the conference call at www.qwest.com/about/investor/meetings.
(Windows Media Player or RealPlayer software is needed to listen to the webcast.)
Qwest Communications International Inc. (NYSE: Q) is a leading provider of voice, video and data services to more than 25 million customers. The company?s 50,000-plus employees are committed to the ?Spirit of Service? and providing world-class services that exceed customers? expectations for quality, value and reliability. For more information, please visit the Qwest Web site at www.qwest.com.
This release may contain projections and other forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by us with the Securities and Exchange Commission, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including but not limited to: the duration and extent of the current economic downturn in our 14-state local service area, including its effect on our customers and suppliers; the effects of our anticipated restatement of historical financial statements including delays in or restrictions on our ability to access the capital markets or other adverse effects to our business and financial position; our substantial indebtedness, and our inability to complete any efforts to de-lever our balance sheet through asset sales or other transactions; any adverse outcome of the SEC's current investigation into our accounting policies, practices and procedures; any adverse outcome of the current investigation by the U.S. Attorney's office in Denver into certain matters relating to us; adverse results of increased review and scrutiny by Congress, regulatory authorities, media and others (including any internal analyses) of financial reporting issues and practices or otherwise; the failure of our chief executive and chief financial officers to provide certain certifications relating to certain public filings; rapid and significant changes in technology and markets; any adverse developments in commercial disputes or legal proceedings, including any adverse outcome of current or future legal proceedings related to matters that are the subject of governmental investigations, and, to the extent not covered by insurance, if any, our inability to satisfy any resulting obligations from funds available to us, if any; our future ability to provide interLATA services within our 14-state local service area; potential fluctuations in quarterly results; volatility of our stock price; intense competition in the markets in which we compete, including the likelihood of certain of our competitors emerging from bankruptcy court protection or otherwise reorganizing their capital structure and competing effectively against us; changes in demand for our products and services; dependence on new product development and acceleration of the deployment of advanced new services, such as broadband data, wireless and video services, which could require substantial expenditure of financial and other resources in excess of contemplated levels; higher than anticipated employee levels, capital expenditures and operating expenses; adverse changes in the regulatory or legislative environment affecting our business; and changes in the outcome of future events from the assumed outcome included in our significant accounting policies.
The information contained in this release is a statement of Qwest's present intention, belief or expectation and is based upon, among other things, the existing regulatory environment, industry conditions, market conditions and prices, the economy in general and Qwest's assumptions. Qwest may change its intention, belief or expectation, at any time and without notice, based upon any changes in such factors, in Qwest's assumptions or otherwise. The cautionary statements contained or referred to in this release should be considered in connection with any subsequent written or oral forward-looking statements that Qwest or persons acting on its behalf may issue. This release may include analysts' estimates and other information prepared by third parties for which Qwest assumes no responsibility.
Qwest undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
By including any information in this release, Qwest does not necessarily acknowledge that disclosure of such information is required by applicable law or that the information is material.
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