DENVER-Qwest Communications International Inc. has restated its financial results for 2001 and 2000 following an internal review.
Qwest said its revenue for full year 2001 was $18.37 million, down $1.325 million from its previously reported revenue of $19.695 million. Revenue for 2000 was $15.721 million, off by $889,000 from the original $16.61 million reported. Adjustments to EBITDA were also reported. For 2001, EBITDA was $6.036 million, down $1.317 million from previously reported $7.353 million. And for 2000, EBITDA was $6.075 million, off by $842,000 from previously reported $6.917 million.
Qwest said the revenue adjustments mainly relate to accounting for nonrecurring equipment sales, and it added that billing errors, timing of revenue recognition, and other accounting errors also contributed. The EBITDA adjustments resulted from under-accrual of expenses, deferral of nonrecoverable costs and other accounting errors.
Qwest will release its 2002 results on Feb. 19.
