Exhibit 99.1
[Qwest Logo]
QWEST COMMUNICATIONS RECONFIRMS FINANCIAL ESTIMATES
FOR 2000 AND 2001
COMPANY SAYS IT WILL MEET OR EXCEED ANALYSTS' ESTIMATES FOR REVENUE,
EBITDA AND EPS IN FOURTH QUARTER, 2000
DENVER, DECEMBER 21, 2000 -- Qwest Communications International Inc. (NYSE: Q),
the broadband Internet communications company, today reconfirmed its revenue and
EBITDA (earnings before interest, taxes, depreciation and amortization)
financial estimates for 2000 and 2001.
Qwest Chairman and CEO Joseph P. Nacchio said Qwest is having a strong fourth
quarter this year and it expects to meet or beat analysts' estimates for
revenue, EBITDA and earnings per share for the quarter.
"Qwest believes it is not having the same problems announced by several
competitors because Qwest has newer assets, a lower cost position and a product
line targeted to capitalize on the high-growth sectors of the industry," Nacchio
declared. Qwest also provides local and advanced communications services in 14
Western states, which include half of the fastest-growing business markets in
the United States.
Nacchio said he is making a strong, specific statement today about Qwest's
prospects because of recent market turmoil and extraordinary speculation about
the likely results of major companies in the sector. Nacchio noted several
companies have reduced guidance for 2000 and 2001.
"Demand for our products and services remains robust and we continue to see our
market share and revenues grow in key segments of the market, such as DSL,
wireless, Web hosting and broadband Internet services. We are reconfirming the
targets we set on Sept. 7, 2000 for this year and 2001 based on the continued
strength of our business and our success in executing our strategic merger
plan," Nacchio said.
Qwest expects to end 2000 with the best customer service record in its local
service area in the last seven years. Qwest also expects improved service will
accelerate regulatory approval for re-entering the long distance market in the
region.
Qwest announced the following financial targets on Sept. 7, 2000:
o For 2000, Qwest is targeting revenue in the range of $18.8 to $19.1
billion.
o For 2001, Qwest is targeting revenue in the range of $21.3 to $21.7
billion.
o EBITDA for 2000 is targeted at approximately $7.4 billion.
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o EBITDA for 2001 is targeted in the range of $8.5 to $8.7 billion.
Qwest also reconfirmed its previously announced five-year (2000-2005) compounded
annual growth targets of 15 to 17 percent for revenue and approximately 20
percent for EBITDA.
Qwest also reconfirmed its capital budget for 2000 is $9.0 billion and $9.5
billion for 2001.
Qwest also said it is on track to achieve year-end targets of 250,000 DSL
subscribers and 800,000 wireless subscribers, and it continues to expect to
double these subscriber numbers in 2001.
ABOUT QWEST
Qwest Communications International Inc. (NYSE: Q) is a leader in reliable,
scalable and secure broadband Internet-based data, voice and image
communications for businesses and consumers. The Qwest Macro Capacity(R) Fiber
Network, designed with the newest optical networking equipment for speed and
efficiency, spans more than 104,000 miles globally. For more information, please
visit the Qwest web site at www.qwest.com.
# # #
This release may contain forward-looking statements that involve risks and
uncertainties. These statements may differ materially from actual future events
or results. Readers are referred to the documents filed by Qwest with the
Securities and Exchange Commission, specifically the most recent reports which
identify important risk factors that could cause actual results to differ from
those contained in the forward-looking statements, including potential
fluctuations in quarterly results, intense competition in the communications
services market, changes in demand for Qwest's products and services, changes in
general economic conditions, dependence on new product development, rapid
technological and market change, failure to maintain rights of way, financial
risk management and future growth subject to risks, adverse changes in the
regulatory or legislative environment, and failure to achieve the synergies and
financial results expected from the acquisition of U S WEST, Inc. This release
may include analysts' estimates and other information prepared by third parties,
for which Qwest assumes no responsibility. Qwest undertakes no obligation to
review or confirm analysts' expectations or estimates or to release publicly any
revisions to any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
The Qwest logo is a registered trademark of, and CyberCenter is a service mark
of, Qwest Communications International Inc. in the U.S. and certain other
countries.
Contacts: MEDIA CONTACT: INVESTOR CONTACT:
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Michael Tarpey Lee Wolfe
(303) 992-2277 800-567-7296
[email protected] [email protected]
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