Qwest Communications International Inc. on Wednesday reported a smaller second-quarter net loss than analysts had predicted, and said it was close to restating financial results for previous years.
The Denver-based regional Bell operating company posted a loss of $91 million, or 5 cents per share, on revenue of $3.6 billion. Analysts surveyed by Thomson First Call had expected a quarterly loss of 7 cents per share.
Oren Shaffer, vice chairman and CFO of Qwest, says the company is on track to meet its 2003 financial objectives. Analysts surveyed by Thomson First Call expect Qwest to post an annual loss of 27 cents per share, on revenue of $14.47 billion.
Qwest said Wednesday it has nearly completed restating financial results for the 2000 and 2001 fiscal years, adding the company anticipates talks with the Securities and Exchange Commission over completing the financial statements.
Qwest has been the subject of SEC and Justice Department probes over its accounting practices. The company said it plans to file financial statements for the last three full fiscal years “as soon as possible.”
