DENVER, May 24, 2006 - Qwest Communications International Inc. (NYSE:Q) today announced preliminary voting results following its annual shareholders' meeting at the Denver Center for the Performing Arts. At the meeting, shareholders elected nine directors, including Richard C. Notebaert, Linda G. Alvarado, Charles L. Biggs, R. David Hoover, Patrick J. Martin, Caroline Matthews, Wayne W. Murdy, Frank P. Popoff and James A. Unruh.
Shareholders also approved the ratification of KPMG LLP as its independent auditor for 2006, with 97 percent voting in favor.
In addition to the director election and the ratification of KPMG, results from the one board-sponsored proposal and the four shareholder-sponsored proposals are as follows:
- An amendment and restatement of the Qwest Communications International Inc. Equity Incentive Plan, endorsed by the Qwest board of directors, was approved by shareholders with 80 percent voting in favor.
- A request that the company adopt a policy that, in the event of a substantial restatement of financial results, the board of directors would pursue recovery of certain performance-based compensation was rejected by shareholders with 78 percent voting against and 20 percent voting in favor.
- A request that the company seek stockholder approval of certain benefits for senior executives under its non-qualified pension plan or any supplemental executive retirement plan was rejected by shareholders with 68 percent voting against and 31 percent voting in favor.
- A proposal that would have amended the company's bylaws so that, in non-contested director elections, a director nominee would need a majority of votes cast instead of a simple plurality, was rejected by shareholders with 45 percent of outstanding shares voting in favor. To pass, this proposal required the approval of 80 percent of outstanding shares.
- A proposal that the board of directors establish a policy to require that an independent director who has not served as the company's CEO serve as its chairman was rejected by shareholders with 84 percent voting against and 16 percent voting in favor.
Qwest Communications International Inc. (NYSE: Q), through its operating subsidiaries, is a leading provider of high-speed Internet, data, video and voice services. With nearly 40,000 employees, Qwest is 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.
Forward Looking Statement Note
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: access line losses due to increased competition, including from technology substitution of our access lines with wireless and cable alternatives, among others; 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 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 regulatory authorities, media and others (including any internal analyses) of financial reporting issues and practices or otherwise; 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 or were 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; 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 consolidating with other providers; changes in demand for our products and services; 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; changes in the outcome of future events from the assumed outcome included in our significant accounting policies; and our ability to utilize net operating losses in projected amounts.
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 and other 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.