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Technology Stocks : Qwest Communications (Q) (formerly QWST) -- Ignore unavailable to you. Want to Upgrade?

To: Roger Hess who wrote (2841)	2/3/1999 7:03:00 AM
From: Scotsman	Respond to of 6846

I guess this is it. COMMUNICATIONS REPORTS STRONG FOURTH QUARTER AND YEAR-END 1998 RESULTS Business Editors DENVER--(BUSINESS WIRE)--Feb. 3, 1999-- Pro Forma Annual Revenues of $3.02 Billion and EBITDA of $416.7 million FOURTH QUARTER HIGHLIGHTS: -- 319 percent increase in total revenue -- $865.1 million -- Internet and data services revenue grew in excess of 600 percent -- EBITDA increased 386 percent to $148.3 million -- Sequential communications services revenue growth of 11.3 percent Qwest Communications International Inc. today reported strong fourth quarter and year-end 1998 results underscoring its successful internal growth and acquisition strategy. In the fourth quarter total revenue increased more than 300 percent to $865.1 million compared to the fourth quarter of 1997. Communications services revenue grew to $670.1 million, representing a seventeen-fold increase from the fourth quarter of 1997. Internet and data services revenue growth was in excess of 600 percent, underscoring Qwest's leadership in the convergence of Internet-based multimedia communications. Earnings before interest, taxes, depreciation and amortization (EBITDA) were up nearly four-fold to $148.3 million over the same period in 1997. Qwest exceeded the consensus of analysts' estimates. The company reported earnings of $0.03 per share, before one-time charges, for planned merger costs and the announced redemption of a portion of the company's debt. Including these one-time costs, the company reported a net loss of ($0.06) per share. On a pro forma basis, total revenue of $865.1 million grew 26 percent while EBITDA of $148.3 million increased 55 percent over the fourth quarter of 1997. Communications services revenue on a pro forma basis grew 30 percent over the fourth quarter of 1997, significantly exceeding industry growth rates. "We are pleased with another quarter of strong financial performance while we continue to invest in growing our business on a global basis," said Joseph P. Nacchio, Qwest president and CEO. "Through the acquisitions and partnerships we completed in 1998, we successfully transitioned Qwest from building a state-of- the art network into a leading, Internet protocol-based multimedia company focused on the convergence of data, video and voice services." "In 1998 we were focused on growing our base of customers, revenue and network assets. During the year we achieved a number of significant financial and strategic milestones that helped establish momentum in our effort to promote wide-spread use of Internet and web-based communications services," said Robert S. Woodruff, Qwest executive vice president and chief financial officer. During the quarter Qwest took additional steps to further strengthen its leadership in the domestic and international broadband services marketplace by: -- striking a strategic relationship with Microsoft Corp. to offer complex web hosting, managed software services and virtual private networking, -- forming an international joint venture with the Dutch communications company KPN to build and operate a high capacity European Internet Protocol (IP)-based fiber optic network, and -- completing the acquisition of Icon CMT Corp., a leading web integration tier-one provider of high-value enterprise, end-to-end Internet solutions for large businesses. Earlier today, Qwest announced it has been awarded a subcontract by TRW Inc. to provide advanced communications services to the U.S. Department of Treasury. Qwest will help support the multi- year $1 billion Treasury Communications System, a network that interconnects Treasury and all of its agencies throughout the U.S., Canada and Mexico.