Its audits still incomplete and its numbers still a jumble, Qwest (Q) said Tuesday that it won't file its annual report with regulators on time.
Qwest hasn't filed an annual report with the
Securities and Exchange Commission
for the past year as it reviews its accounting for 2001 and 2000.
Under previous management led by Joe Nacchio, the company aggressively booked millions of dollars worth of swap transactions, even as the underlying value of telecom-network capacity fell dramatically.
In February, the Justice Department and the SEC charged eight current and former employees with inflating revenue by a total of $144 million in 2000 and 2001 in order to meet sales and earnings expectations.
Earlier that month, Qwest restated its 2001 and 2000 financial results downward, subtracting controversial network capacity swaps and long-term capacity leases that were booked as upfront sales. The company said it had incorrectly booked $1.33 billion of revenue in 2001 and $889 million in 2000, lowering its actual revenue for 2001 to $18.37 billion and for 2000 to $15.72 billion.