Qwest Finds More Mistakes in Profit Filing
From Associated Press
Qwest Communications International Inc. said it has found more accounting mistakes that will force it to erase $358 million more in earnings before interest, taxes, depreciation and amortization for 2000 and 2001.
Qwest previously disclosed that it overstated revenue by $1.86 billion in 2000 and 2001, affecting $1.2 billion in earnings.
Qwest also said it could have trouble meeting debt service obligations in 2004 if economic conditions do not improve.
