Qwest Errors

By: Associated Press
By: Associated Press

Qwest Communications has announced it expects to restate financial reports for 1999 to 2001 because of accounting errors, including overstated revenues.

Company officials say the errors were related to telephone
services and sales of optical capacity and equipment.

They declined to estimate how they will affect the books. They did not say when a restatement of revenue would be completed.

Qwest's accounting practices are under a federal investigation. It says it will miss the August 14th deadline set by the Securities and Exchange Commission for the nation's biggest companies to certify the accuracy of their financial statements.

The SEC is investigating Qwest's fiber-optic capacity swaps with Global Crossing, Enron and others in 2000 and 2001.

The announcement comes as the federal government is pledging a thorough crackdown on corporate misdeeds after a series of scandals at major companies eroded investor confidence in Wall Street.

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