EXHIBIT 99.1
QWEST COMMUNICATIONS INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS AND SHARES IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
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THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
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2002 2001 2002 2001
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Operating revenues:
Business services $ 1,481 $ 1,567 $ 4,569 $ 5,001
Consumer services 1,387 1,528 4,203 4,431
Wholesale services 905 1,268 2,920 4,415
Directory services 3 1 6 4
Network services and other revenues 21 10 57 56
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Total operating revenues 3,797 4,374 11,755 13,907
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Operating expenses:
Cost of sales (exclusive of
items shown separately below) 1,457 1,569 4,425 4,941
Selling, general and administrative 1,327 1,277 4,303 3,787
Depreciation 1,067 987 3,175 2,676
Depreciation adjustment for access
lines returned to service -- -- -- 222
Goodwill and other intangible
amortization 85 315 255 1,026
Restructuring, Merger-related and
other charges 117 -- 117 624
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Total operating expenses 4,053 4,148 12,275 13,276
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Operating (loss) income (256) 226 (520) 631
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Other expense-net:
Interest expense-net 449 380 1,315 1,061
Loss on changes in market value
of financial instruments -- 7 -- 7
Investment write-downs -- -- 1,202 3,247
Loss on sale of investments and fair
market value adjustments, net 1 -- 22 --
Gain on sale of rural exchanges -- -- -- (50)
Other expense-net 8 17 217 51
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Total other expense-net 458 404 2,756 4,316
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Loss before income taxes, discontinued
operations and extraordinary item (714) (178) (3,276) (3,685)
Income tax (benefit) provision (387) 104 (873) 108
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Loss before discontinued operations
and extraordinary item (327) (282) (2,403) (3,793)
Income from discontinued operations,
net of tax 113 140 349 364
Extraordinary item - early retirement
of debt, net of tax -- -- 6 (65)
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Net loss $ (214) $ (142) $ (2,048) $ (3,494)
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Basic loss per share:
Loss before discontinued operations
and extraordinary item, net of tax $ (0.20) $ (0.17) $ (1.43) $ (2.28)
(Loss) income from discontinued
operations, net of tax 0.07 0.08 0.21 0.22
Extraordinary item - early
retirement of debt, net of tax -- -- 0.00 (0.04)
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Basic loss per share $ (0.13) $ (0.09) $ (1.22) $ (2.10)
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Basic average shares outstanding 1,688 1,664 1,677 1,660
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Diluted loss per share:
Loss before discontinued operations
and extraordinary item $ (0.20) $ (0.17) $ (1.43) $ (2.28)
(Loss) income from discontinued
operations (including a loss on
disposal of $4 in 2002), net of tax 0.07 0.08 0.21 0.22
Extraordinary item - early retirement
of debt, net of tax -- -- 0.00 (0.04)
------------ ------------ ------------ ------------
Diluted loss per share $ (0.13) $ (0.09) $ (1.22) $ (2.10)
============ ============ ============ ============
Diluted average shares outstanding 1,688 1,664 1,677 1,660
============ ============ ============ ============
Dividends per share $ -- $ -- $ -- $ 0.05
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