Qwest Communications International has reported a 49% decline in net income to $185m for the fourth quarter 2008, compared to $366m in the year-ago quarter, on revenue down 3% at $3.3 billion.
EBITDA during the quarter grew 2% to $1.16 billion, while diluted EPS fell 45% to $0.11. The company had adjusted free cash flow of $593m. During the quarter it reduced its workforce by 1,700 employees resulting in a full-year workforce reduction of 11%.
Revenue from business markets grew 4.5% to $1.05 billion, while mass markets revenue fell 7.5% to $1.37 billion. Wholesale markets revenue fell 6.7% to $789m, while revenue from others grew 3% to $100m. The company said data, internet, and video revenue grew 8%, voice revenue fell 9%, and wireless revenue decreased 33%.
For the fiscal year, the company reported a 77% decline in net income to $681m compared to $2.9 billion a year ago, on revenue down 2% at $13.47 billion.
Edward A Mueller, Qwest chairman and chief executive, said: Our improved profitability in the fourth quarter reflects an intense focus by the entire team. Under challenging market conditions, we delivered strong performance across each of our business units. The execution that we demonstrated over the past couple of quarters will provide a solid foundation in the current difficult economic climate.
