Qwest ( Q) posted a steep second-quarter loss, reduced its financial guidance and said it wouldn't file its next quarterly report with regulators by the deadline. The company said in a Thursday morning press release that it had reached its long-stated goal of achieving positive free cash flow, as defined by operating cash flow minus capital spending, in the period. Qwest reached this milestone in part by slashing capital spending by more than 75% from year-ago levels, to $618 million. But investors are likely to be unnerved by news of the company's inability to file a quarterly report covering the period, possibly until much later, along with scant information about Qwest's highly anticipated sale of its directory business. Qwest, whose shares have lost more than 90% of their value this year as Wall Street has worried about its liquidity along with the possible impact of various criminal and regulatory investigations, closed Wednesday at $1.20.