Qwest Communications International may become the latest telecommunications company to review its published financial results. A new team of top executives is considering a restatement that would erase about $1 billion of revenue from last year's results, people briefed on the matter said yesterday.

Richard Notebaert, who replaced Joseph Nacchio as chief executive officer of Denver-based Qwest last month, is said to be considering the restatement, these people said, as a way to restore investor confidence in Qwest's finances.

Tyler Gronbach, a spokesman for Qwest, declined to comment.

For 2001, Qwest had reported revenue of $19.7 billion. A restatement affecting $1 billion in revenues would increase the $4 billion loss Qwest sustained last year by around $600 million, according to Susan Kalla, an analyst at Friedman, Billings, Ramsey.

Seattle P-I

-- Anonymous, July 14, 2002