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Qwest admits Original Source Link: (May no longer be active)    http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&T=markets_bfgcgi_content99.ht&s2=ad_right1_topfin&bt=ad_position1_topfin&middle=ad_frame2_topfin&s=APUSm http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&T=markets_bfgcgi_content99.ht&s2=ad_right1_topfin&bt=ad_position1_topfin&middle=ad_frame2_topfin&s=APUSmBBZRUXdlc3Qg 07/28 22:18 Qwest Admits Accounting Errors, Will Restate Results (Update1) By Dana Cimilluca Denver, July 28 (Bloomberg) -- Qwest Communications International Inc., under a federal accounting investigation, said it will restate results because the telephone company incorrectly booked $1.16 billion in sales and some expenses. Qwest withdrew its 2002 forecasts, which called for as much as $18.4 billion in sales, because of competition and diminishing demand, Chief Executive Officer Richard Notebaert said in an interview. Qwest, which improperly booked sales from 1999-2001, didn't say which periods it expects to restate or by how much. The U.S. Securities and Exchange Commission in March began probing transactions in which Qwest, the biggest local-phone provider in 14 western U.S. states, sold space on its fiber-optic network to other carriers, then agreed to buy a similar amount from them. Investors questioned whether the company used the swaps to improperly inflate sales. ``The right thing to do is share the information we have with the shareholders and the public,'' said Notebaert, named by the board to replace Joseph Nacchio last month. ``We'd like to have resolution to the (SEC probe) so we can serve our 18 million customers.'' Forecast In April, Denver-based Qwest forecast 2002 sales of $18 billion to $18.4 billion, below its previous estimate. Qwest, also under investigation by the U.S. attorney in Denver, didn't say when the restatement would be complete. Qwest also said it improperly accounted for some expenses from the purchase of service from other carriers in 2000 and 2001. WorldCom Inc., the second-largest U.S. long-distance phone company, filed the biggest U.S. bankruptcy a week ago after hiding $3.85 billion in expenses, some from using rivals' networks. Some analysts have questioned whether Qwest will be forced to file for bankruptcy. Notebaert dismissed the possibility. ``This company will survive and the services and products we provide that are so critical will go on,'' he said.

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