Feeds

Qwest posts flat revs

Shame about MCI, though

  • alert
  • submit to reddit

High performance access to file storage

Qwest - the US telco that lost out in the bidding war to acquire MCI - reported positive net income for the first three months of the year boosted by the sale of its wireless business in Q1.

Operating revenues were down one per cent from $3.48bn in Q1 2004 to $3.45bn in Q1 2005. Over the same period Qwest turned a net loss of $310m into a net income of $57m.

Much of this was down to the sale of wireless assets to Verizon Wireless for $418m in cash during Q1 05. A reduction in headcount also contributed to the company's improvement, the US telco said in a statement.

"Our ability to stabilize revenues, as well as our continued diligence on cost containment and optimization, has resulted in meaningful margin expansion," said Qwest vice chairman Oren Shaffer. "We continue to improve our competitive position, performance and financial flexibility."

Publishing its Q1 numbers today Qwest also announced it had added 85,000 DSL lines in the first quarter exceeding - an increase of 51 per cent over the last year.

Bowing out of the race yesterday to acquire MCI after being beaten by Verizon, Qwest said: "It is no longer in the best interests of shareowners, customers and employees to continue in a process that seems to be permanently skewed against Qwest. We pursued MCI with tenacity and discipline and feel strongly that our bid would have brought far more value to MCI shareholders.

"Unfortunately, the latest in a string of decisions reconfirms what we have believed all along: that MCI never intended to negotiate in good faith with Qwest nor maximize shareowner value." ®

Related stories

Fickle MCI likes the look of revised Verizon offer
Verizon knocks out Qwest with revised offer
MCI dumps Verizon, cuddles up to Qwest
Qwest makes final offer for MCI
MCI wants $30 a share
Verizon buys slice of MCI
MCI rejects Qwest, cuddles up to Verizon
Crunch time for MCI/Verizon/Qwest lurve triangle

High performance access to file storage

More from The Register

next story
A black box for your SUITCASE: Now your lost luggage can phone home – quite literally
Breakfast in London, lunch in NYC, and your clothes in Peru
Broadband Secretary of SHEEP sensationally quits Cabinet
Maria Miller finally resigns over expenses row
Skype pimps pro-level broadcast service
Playing Cat and Mouse with the media
Beat it, freetards! Dyn to shut down no-cost dynamic DNS next month
... but don't worry, charter members, you're still in 'for life'
Like Google, Comcast might roll its own mobile voice network
Says anything's possible if regulators approve merger with Time Warner
EE dismisses DATA-BURNING glitch with Orange Mail app
Bug quietly slurps PAYG credit - yet EE denies it exists
Turnbull leaves Australia's broadband blackspots in the dark
New Statement of Expectations to NBN Co offers get-out clauses for blackspot builds
Facebook claims 100 MEEELLION active users in India
Who needs China when you've got the next billion in your sights?
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.