DENVER, May 25, 2004 ? Qwest Communications International Inc. (NYSE:Q), today held its annual shareholders? meeting at the Marriott City Center and announced preliminary voting results. At the meeting, shareholders re-elected four directors. The four re-elected are Thomas J. Donohue with 95.02 percent voting in favor, Peter S. Hellman, with 93.22 percent voting in favor, Vinod Khosla with 93.6 percent voting in favor, and K. Dane Brooksher with 95.06 percent voting in favor.
Shareholders also approved a proposal to declassify the Qwest Board of Directors and allow for the removal of directors without cause, with 96.52 percent voting in favor. All other shareholder proposals submitted for consideration were defeated.
?We?re extremely pleased that our shareholders agree with the company on these important issues,? said Richard C. Notebaert, Qwest chairman and CEO. ?Our long-term success is dependent upon the sharing of ideas and information between Qwest management and customers, employees, retirees and investors. Our board of directors and leadership team take this matter very seriously and appreciate the continued support of investors, customers, employees and retirees.?
Shareholders also rejected three other proposals, including:
- Requesting that the company amend its bylaws to require that an independent director who has not served as the company?s CEO serve as its chairman, which was rejected by shareholders with 70.84 percent voting against and 28.05 voting in favor.
- Requesting that the company seek shareholder approval of certain benefits for senior executives under our non-qualified pension or supplemental executive retirement plans, which was rejected by shareholders with 69.37 percent voting against and 29.59 voting in favor.
- Requesting that the Board nominate director candidates such that, if elected, a two-thirds majority of directors would be independent under the standard adopted by the Council of Institutional Investors, which was rejected by shareholders, with 74.05 percent voting against and 24.82 voting in favor.
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 46,000 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.
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; 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 and certain 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 Congress, 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 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 emerging from bankruptcy court protection or otherwise reorganizing their capital structure and competing effectively against us; 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; 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.
The company expects to file in May 2004 its form 10-Q for the three month period ended March 31, 2004. Please refer to the form 10-Q for a full description of first quarter 2004 results.
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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