Qwest Finds More Accounting Errors

Qwest Communications International Incorporated says it has found more accounting mistakes. That will force the company to erase 358 million dollars more in earnings before interest, taxes, depreciation and amortization for 2000 and 2001. Qwest previously disclosed that it overstated revenue by 1-point-86 billion dollars in 2000 and 2001, affecting 1-point-2 billion dollars in earnings. The new disclosures in a regulatory filing yesterday bring the total affected earnings to 1-point-56 billion dollars. Qwest also said it could have trouble meeting debt service obligations in 2004 if economic conditions do not improve even if it sells the rest of its QwestDex phone directory arm. The first half of the deal closed last week.

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