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Qwest Reports Fourth Quarter And Full Year 2010 Results

Qwest Communications International Inc. (NYSE:Q):
Unaudited (in millions, except per share and margin amounts)      
 
    4Q 2010       4Q 2009       Change       FY 2010       FY 2009 Change
Operating Revenue $2,899 $2,994 (3.2 )% $11,730 $12,311 (4.7 )%
Operating Income 427 450 (5.1 )% 2,001 1,975 1.3 %
Income (Loss) before Income Taxes (81 ) 177 nm 450 903 (50.2 )%
Net (Loss) Income (161 ) 108 nm (55 ) 662 nm
Net (Loss) Income per Diluted Share $(0.09 ) $0.06 nm $(0.03 ) $0.38 nm
Adjusted EBITDA $1,099 $1,085 1.3 % $4,435 $4,415 0.5 %
Adjusted EBITDA Margin 37.9 % 36.2 % 170 bps 37.8 % 35.9 % 190 bps
Adjusted Free Cash Flow $426 $506 (15.8 )% $1,924 $1,930 (0.3 )%
 

(a) See Attachment E for Non GAAP Reconciliations

nm—not meaningful
 

Qwest Communications (NYSE: Q) today reported financial results for the fourth quarter and full year 2010. For the quarter, the company reported improved year-over-year revenue comparisons, expanded adjusted EBITDA margin and strong free cash flow. Qwest also continued to strengthen its balance sheet.

For the fourth quarter, the company reported a loss of 9 cents per share compared to positive earnings of 6 cents per share in the fourth quarter 2009. Special items reduced reported earnings per share by 21 cents in the fourth quarter 2010 and by 2 cents in the year-ago period. For the full year, the company reported a loss per share of 3 cents compared to positive earnings per share of 38 cents in 2009. Special items reduced reported earnings per share by 47 cents in 2010 and had no net impact in the prior year. Special items for the quarter are discussed in the Consolidated Financial Results section below.

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