Qwest Communications Reports Strong First Quarter 2001 Results Driven By Growth in Commercial, Internet and Data Revenues

Quarterly Revenue Grew Nearly 12 Percent Over Pro Forma 2000; EBITDA Growth Of

Nearly 16 Percent; Met or Exceeded Consensus of Analysts' Estimates For

Revenue, EBITDA and EPS



First Quarter Results Compared to Pro Forma First Quarter 2000:



- Total revenue grew nearly 12 percent to $5.05 billion

- Internet and data services revenue grew 44 percent and represents

approximately 25 percent of total revenue and more than 45 percent of

commercial revenue

- Commercial revenue increased more than 26 percent

- Total EBITDA grew nearly 16 percent to $2 billion

- EBITDA margins increased 130 basis points from 38.2 percent to

39.5 percent



Operational Results:



- DSL customers grew 125 percent over first quarter 2000 to more than

306,000

- Wireless customers grew to approximately 908,000

- Activated 15th U.S. CyberCenter(SM) in Dallas for hosting and managed

applications

- Achieved best service performance results in five to seven years

- Since the acquisition of U S WEST, revenue per employee increased from

$249,000 to $310,000, a 24 percent improvement in productivity

- Achieved significant milestones for accelerated re-entry into the long-

distance business in 14 Western states



Apr 24, 2001, 01:00 ET from Qwest Communications International Inc.

    DENVER, April 24 /PRNewswire Interactive News Release/ -- Qwest
 Communications International Inc. (NYSE:   Q), the broadband Internet
 communications company, today announced record revenue and earnings before
 interest, taxes, depreciation and amortization (EBITDA) for the first quarter
 of 2001.  Total first quarter revenue of $5.05 billion was an 11.8 percent
 increase versus pro forma normalized first quarter 2000 revenue.  First
 quarter EBITDA grew 15.8 percent to $2 billion.  In addition, Qwest recorded
 pro forma normalized earnings per diluted share of $0.13 for the quarter.
 Qwest has met or exceeded the consensus of analysts' estimates for the
 sixteenth consecutive quarter.
     "We are extremely pleased with the results the Qwest team achieved during
 the quarter.  With our unique blend of assets, Qwest is well positioned for
 future growth across all segments of the communications marketplace," said
 Joseph P. Nacchio, Qwest's chairman and CEO.  "We believe the industry will
 continue to provide solid growth opportunities in 2001, especially for our
 broadband Internet and data services.  Qwest is well positioned to take
 advantage of that growth at the local, national and global level."
     The total revenue increase was driven by Internet and data services growth
 of 44 percent as demand for Qwest services remains robust.  Digital subscriber
 line (DSL) growth remained strong with an increase of more than 125 percent
 annually to more than 306,000 customers.  Commercial services revenues
 increased 26.5 percent to $2.7 billion as Qwest continued to focus on the
 broadband Internet and data needs of enterprise and wholesale customers.  The
 company's small business and consumer units recorded services revenue growth
 of 6.3 percent, or 2.7 percent including out-of-region long-distance results.
     First quarter EBITDA grew 15.8 percent to $2 billion as EBITDA margins
 expanded 130 basis points from 38.2 percent in first quarter 2000 to
 39.5 percent in first quarter 2001.  This increase in EBITDA margin resulted
 from continued tight cost controls and productivity improvements, as well as
 merger-related synergies.
     Compared to first quarter 2000, gross margin decreased from 64.0 percent
 to 62.4 percent in the first quarter of 2001.  Factors contributing to the
 decrease in gross margin include the increase in revenues and investments in
 high-growth services; the impact of regulatory access reform; and costs
 related to re-entry into the long-distance business in Qwest's 14- state local
 service area.  The company expects gross margins to remain near the current
 level through the end of 2001.
     Selling, general and administrative costs (SG&A) improved as a percentage
 of revenue from 25.9 percent in the first quarter of 2000 to 22.9 percent for
 first quarter of 2001.  SG&A improvements resulted from strict cost controls
 and a reduction in payroll and employee-related expenses.  Since the
 acquisition of U S WEST on June 30, 2000, annual revenue per employee
 increased from $249,000 to $310,000, representing a 24 percent increase in
 productivity.
     "We are very pleased with our strong operating and financial results for
 the quarter.  This solid performance positions us well to achieve our growth
 rates for 2001," said Robin R. Szeliga, Qwest executive vice president and
 CFO.  "We achieved strong revenue and EBITDA growth for the quarter as our
 focus on execution and investment for growth continued to produce results.
 For the second quarter of 2001 we expect revenue to increase between
 12 percent and 13 percent compared to pro forma second quarter 2000."
     Qwest also reconfirmed its financial targets for 2001 of $21.3 to
 $21.7 billion in revenue and $8.5 to $8.7 billion in EBITDA.   As a result of
 increased discounts from suppliers and other procurement synergies, Qwest
 expects capital expenditures for 2001 of $9.2 billion, $300 million less than
 previous estimates.
     On a pro forma normalized basis and excluding merger-related and
 non-recurring items, the company recorded first quarter net earnings of
 $218 million, or $0.13 per diluted share, compared to net earnings of
 $239 million, or $0.14 per diluted share, a year ago.  The decrease reflects
 increases in both interest expense and depreciation following Qwest's
 continued investment for growth.  On a cash earnings per diluted share basis,
 the company reported $0.30 for the first quarter of 2001 versus cash earnings
 per share in the first quarter of 2000 of $0.31.
     The information above has been presented on a pro forma normalized basis
 to exclude the revenue from Qwest's divested interLATA (local access transport
 area) business in its local service area and charges from merger-related and
 other one-time items.  The merger-related and non-recurring items included
 severance costs, a write-down of investments and premiums paid to retire high-
 interest notes.
 
     COMMERCIAL, SMALL BUSINESS AND CONSUMER MARKETS
     Qwest continued to win national and global business accounts with its
 portfolio of broadband Internet applications and communications services.
 Global business markets achieved more than $1 billion in new contracted sales,
 up more than 30 percent from the fourth quarter of 2000.  Over 60 percent of
 new global business sales were for broadband Internet and data services with
 such companies as U.S. Bancorp, Hewlett-Packard and Target Corp.
     The company continued to successfully penetrate the government and
 education sectors and recorded key wins with the states of Arizona and Georgia
 and the University of Utah.  In Arizona, Qwest was awarded a $100 million
 contract to construct and support high-speed local area broadband networks
 that will provide Internet access to Arizona's 228 public school districts,
 giving children the opportunity to learn school lessons using the Internet.
     As Qwest is opening its markets to competitors, it continues to see strong
 demand for its small-business and consumer communications services.  Small
 business sales hit an all-time monthly high during the quarter, based on
 growth in bundles, Qwest DSL and Qwest wireless services.  Sales of small
 business bundles grew approximately 117 percent during the first quarter of
 2001, with nine percent of Qwest's small business customers now opting for
 bundled services.  Through the first quarter, 28 percent of Qwest consumers
 subscribed to a bundled service -- a 44 percent increase over the first
 quarter of 2000.  Qwest has also seen an increase in the average revenue per
 account of 32 percent since the introduction of bundles two years ago.
     To ensure continued success in the small business and consumer markets,
 Qwest has split the operations between two executives.  James A. Smith will
 continue to serve as Qwest's executive vice president of consumer markets,
 while Clifford S. Holtz was appointed earlier this month as Qwest's executive
 vice president of small business markets.  The additional executive focus will
 allow Qwest to exploit unrealized potential for Qwest services in both
 consumer and small business markets.
     Wireless services revenue grew 45 percent in the quarter to more than
 $152 million.  Qwest wireless customers totaled approximately 908,000 at the
 end of the quarter compared with approximately 805,000 customers at the end of
 2000.  These results reflect the termination by Qwest of 30,000 customers in
 its low-value, pre-paid wireless business.  The company expects to end prepaid
 wireless services for an additional 8,000 customers in the second quarter of
 2001.  Qwest is refocusing its wireless business to attract higher-volume
 consumer and small business customers.
 
     INTERNET AND DATA SERVICES
     Internet and data services revenue grew 44 percent and now represents
 approximately 25 percent of total revenue.  Strong growth was realized in the
 following areas: Web hosting, dedicated Internet access (DIA), DSL, virtual
 private network (VPN), Internet professional services and other data services.
 During the quarter Qwest was awarded communications services contracts from
 ADP, Capital One, United Artists Theatres, Invesco Funds, and Gateway.
     Qwest activated approximately 51,000 DSL customers during the quarter and
 had more than 306,000 DSL customers at the end of the quarter, up 125 percent
 from the end of the first quarter of 2000 and 20 percent from the end of the
 fourth quarter of 2000.  Qwest is on target to achieve its objective of
 doubling the number of DSL subscribers to 500,000 by the end of 2001 and
 continues to lead the industry with more than 1,000 customers per central
 office with DSL-equipped facilities.
     During the quarter Qwest began offering local broadband access services to
 commercial customers in Boston and Philadelphia.  Qwest now provides local
 broadband services in 13 markets outside of its 14-state local service area.
 In addition, the company launched commercial DSL services in eight new markets
 and is now providing these services in 20 major markets outside its local
 service area.  The company is on track to offer commercial local broadband
 access and DSL services in 25 markets by the end of 2001.
     Qwest Cyber.Solutions (QCS) was awarded nearly $60 million in Applications
 Service Provider (ASP) contracts with new customers during the quarter, while
 30 percent of the company's existing ASP customers increased or expanded the
 services they receive.  To date, QCS has secured the three largest reported
 ASP contracts in the industry.
     Qwest also announced its newest CyberCenter Internet hosting facility in
 Dallas.  Qwest now operates a total of 15 U.S. CyberCenters, providing
 customers with complex Web hosting and managed applications services as well
 as high-speed links to Qwest's global broadband Internet network.
 
     SERVICE IMPROVEMENT AND LONG-DISTANCE RE-ENTRY
     During the quarter, Qwest continued to see positive results from
 initiatives to improve customer service and re-enter the long-distance
 business in the 14-state local service area.
     The company's first-quarter 2001 service results in the 14-state local
 service area were the best in five to seven years for small business and
 residential customers.  Qwest service data at the end of the first quarter
 2001 for this category showed:
 
      -- The number of customers who had been waiting more than 30 days for the
         installation of their first telephone line reached their lowest levels
         in seven years -- almost 80 percent fewer than March 2000
      -- In six states no customers waited more than 30 days for the
         installation of their first telephone line
      -- Nearly 99 percent of 5.1 million installation commitments were met on
         time -- the best results in five years
      -- About 96 percent of total repair commitments were met on time -- the
         best results in five years
      -- Repeat repairs within 30 days decreased more than seven percent from
         first quarter 2000
      -- About 89 percent of service outages were repaired in less than
         24 hours -- up 77 percent from a year ago -- the best customer service
         results on record
 
     Qwest's internal service results are consistent with a recently released
 Federal Communications Commission (FCC) Service Quality report for 2000, which
 showed that among 12 major communications companies:
 
      -- Qwest was third in meeting its installation commitments to residential
         customers
      -- Qwest was second in completing 16.5 million residential installations
         within one day (on average) of the customer placing the order
      -- Qwest was second in taking an average of only 19 hours to fix
         residential service outages.
 
     Qwest also has achieved two significant milestones in its efforts to re-
 enter the long-distance business in the 14 Western states where it provides
 local service.  First, Qwest announced that it had begun region-wide
 independent testing of its operational support systems (OSS), a critical FCC
 checklist item.  Thirteen of the states in Qwest's local service area are
 participating in the test -- the fourteenth state, Arizona, is conducting its
 own test separately.  Both tests should end in mid-summer 2001.
     The company also has completed 75 percent of the state workshops that
 evaluate Qwest's compliance with rules to re-enter the long-distance business.
 Both the OSS testing and the state workshops are scheduled to be completed
 this summer.
     Qwest expects to file with the FCC an application for approval to offer
 long-distance services in one of its 14 states by late summer and to file
 applications for the remaining states later in 2001 and in early 2002.   After
 the first application is filed, Qwest's OSS multi-state testing process is
 expected to accelerate FCC approval of the applications for the remaining
 states.
 
     About Qwest
     Qwest Communications International Inc. (NYSE:   Q) is a leader in reliable,
 scalable and secure broadband Internet-based data, voice and image
 communications for businesses and consumers.  The Qwest Macro Capacity(R)
 Fiber Network, designed with the newest optical networking equipment for speed
 and efficiency, spans more than 106,000 miles globally.  For more information,
 please visit the Qwest web site at www.qwest.com.
 
     As previously announced, Qwest will host a conference call with the
 investment community later this morning at 9:00 a.m. (Eastern time).  On the
 call, Joseph P. Nacchio, chairman and CEO, and Robin R. Szeliga, executive
 vice president and CFO, will provide the company's perspective on the business
 and first quarter results.  The call will be available on a Web broadcast at
 http://www.qwest.com/about/ir/
 
     This release may contain projections and other forward-looking statements
 that involve risks and uncertainties.  These statements may differ materially
 from actual future events or results.  Readers are referred to the documents
 filed by Qwest with the Securities and Exchange Commission, specifically the
 most recent reports which identify important risk factors that could cause
 actual results to differ from those contained in the forward-looking
 statements, including potential fluctuations in quarterly results, volatility
 of Qwest's stock price, intense competition in the communications services
 market, changes in demand for Qwest's products and services, dependence on new
 product development and acceleration of the deployment of advanced new
 services, such as broadband data, wireless and video services, which could
 require substantial expenditure of financial and other resources in excess of
 contemplated levels, higher than anticipated employee levels, capital
 expenditures and operating expenses, rapid and significant changes in
 technology and markets, adverse changes in the regulatory or legislative
 environment affecting Qwest's business and delays in Qwest's ability to
 provide interLATA services within its 14-state local service territory,
 failure to maintain rights of way, and failure to achieve the projected
 synergies and financial results expected to result from the acquisition of
 U S WEST timely or at all and difficulties in combining the operations of
 Qwest and U S WEST.  This release may include analysts' estimates and other
 information prepared by third parties for which Qwest assumes no
 responsibility.  Qwest undertakes no obligation to review or confirm analysts'
 expectations or estimates or to release publicly any revisions to any forward-
 looking statements to reflect events or circumstances after the date hereof or
 to reflect the occurrence of unanticipated events.
 
     The Qwest logo is a registered trademark of, and CyberCenter is a service
 mark of, Qwest Communications International Inc. in the U.S. and certain other
 countries.
 
 
                                    ATTACHMENT A
 
                      QWEST COMMUNICATIONS INTERNATIONAL INC.
 
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (1) - PRO FORMA NORMALIZED
                      (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
                                    (UNAUDITED)
 
                                            Three Months Ended
                                                 March 31,            %
                                             2001        2000       Change
 
     OPERATING REVENUES
     Commercial services                    $2,749      $2,173       26.5
     Consumer and small business services    1,684       1,640        2.7
     Directory services                        342         347       (1.4)
     Switched access services                  276         357      (22.7)
     Total operating revenues                5,051       4,517       11.8
 
     OPERATING EXPENSES
     Cost of sales                           1,900       1,624       17.0
     Selling, general and administrative     1,154       1,169       (1.3)
     EBITDA                                  1,997       1,724       15.8
 
     Depreciation                              832         625       33.1
     Goodwill and other intangible
      amortization                             319         317        0.6
     Operating income                          846         782        8.2
 
     OTHER EXPENSE
     Interest expense                          338         249       35.7
     Other expense-net                          20           4      400.0
     Total other expense-net                   358         253       41.5
     Income before income taxes                488         529       (7.8)
 
     Income tax provision                      270         290       (6.9)
     NET INCOME                               $218        $239       (8.8)
 
 
     Basic earnings per share                $0.13       $0.15      (13.3)
 
     Basic average shares outstanding        1,656       1,629        1.7
 
     Diluted earnings per share              $0.13       $0.14       (7.1)
 
     Diluted average shares outstanding      1,674       1,679       (0.3)
 
     Diluted cash earnings per share (2)     $0.30       $0.31       (3.2)
 
 
     (1) The condensed consolidated pro forma normalized statements give
         retroactive effect as though the merger of Qwest and U S WEST, Inc.
         had occurred as of the beginning of the periods presented.  Shares
         outstanding and earnings per share have been restated to give
         retroactive effect to the exchange ratio resulting from the Merger. In
         addition, results have been adjusted to eliminate the impacts of non-
         recurring items, such as merger costs, gains/losses on the sale of
         investments, change in the market value of investments, the one-time
         write-down of investments, and the elimination of in-region long-
         distance activity.  The Merger has been accounted for as a purchase
         transaction.  The purchase price allocation is preliminary
         and is subject to change.  Accordingly, net earnings and earnings per
         share are subject to change.  Certain reclassifications have been made
         to prior periods to conform to the current presentation.
 
     (2) Diluted cash earnings per share represent diluted earnings per share
         adjusted to add back the after-tax amortization of goodwill and other
         intangible assets resulting from the Merger.
 
 
                                    ATTACHMENT B
 
                      QWEST COMMUNICATIONS INTERNATIONAL INC.
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                                    (UNAUDITED)
 
                                                     March 31,   December 31,
     In millions                                       2001          2000
 
     ASSETS
     Current assets:
     Cash and cash equivalents                         $306          $154
     Accounts receivable - net                        4,294         4,235
     Inventories and supplies                           302           275
     Prepaid and other                                  864           712
 
         Total current assets                         5,766         5,376
 
     Property, plant and equipment - net             27,700        25,583
     Investments                                      8,053         8,186
     Goodwill and intangibles - net                  32,224        32,327
     Other assets - net                               2,031         2,029
 
         Total assets                               $75,774       $73,501
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
     Current liabilities:
     Short-term debt                                 $4,103        $3,645
     Accounts payable                                 2,358         2,049
     Accrued expenses and other
      current liabilities                             3,514         3,806
     Advance billings and customer deposits             379           393
 
         Total current liabilities                   10,354         9,893
 
 
     Long-term debt                                  17,676        15,421
     Post-retirement and other
      post-employment benefit obligations             2,916         2,735
     Deferred taxes, credits and other                4,172         4,148
 
     Stockholders' equity                            40,656        41,304
 
         Total liabilities and
          stockholders' equity                      $75,774       $73,501
 
 
                                    ATTACHMENT C
 
                      QWEST COMMUNICATIONS INTERNATIONAL INC.
                             SELECTED CONSOLIDATED DATA
                                     2000-2001
 
                                             As of and for the
                                             Three Months Ended
                                                 March 31,            %
                                              2001        2000     Change
     DSL (in 14-state region):
       Subscribers (thousands)                 306         136     125.0%
       DSL equipped central offices            303         257      17.9%
       Subscribers per equipped
        central office                       1,012         529      91.3%
 
     Wireless/PCS:
       Revenues (millions)                    $152        $105      44.8%
       Subscribers (thousands)                 908         600      51.3%
       ARPU (dollars)                          $50         $54      (7.4%)
       Penetration                           4.88%       4.02%      21.4%
 
     Capital expenditures (millions)        $2,943      $2,161      36.2%
 
     Access lines (thousands):
       Business                              6,225       5,899       5.5%
       Consumer                             11,946      12,047      (0.8%)
         Total access lines                 18,171      17,946       1.3%
 
     Voice grade equivalent
      access lines (thousands):
       Business                             32,024      23,839      34.3%
       Consumer                             12,807      12,412       3.2%
         Total voice grade equivalents      44,831      36,251      23.7%
 
 
                                    ATTACHMENT D
                      QWEST COMMUNICATIONS INTERNATIONAL INC.
                           SELECTED CONSOLIDATED DATA (1)
 
                      (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
                                    (UNAUDITED)
 
                                             Three Months Ended
                                                 March 31,            %
                                             2001        2000      Change
     OPERATING REVENUES
     Commercial services                    $2,749      $1,207      127.8
     Consumer and small
      business services                      1,684       1,466       14.9
     Directory services                        342         347       (1.4)
     Switched access services                  276         357      (22.7)
     Total operating revenues                5,051       3,377       49.6
 
     OPERATING EXPENSES
     Cost of sales                           1,900         986       92.7
     Selling, general and administrative     1,154         883       30.7
     EBITDA                                  1,997       1,508       32.4
 
     Depreciation                              832         586       42.0
     Goodwill and other
      intangible amortization                  319          --         --
     Merger-related and other
      one time charges                         209          15    1,293.3
     Operating income                          637         907      (29.8)
 
     OTHER EXPENSE (INCOME)
     Interest expense                          338         211       60.2
     Change in market value of
     financial instruments                     (23)        129     (117.8)
     Gain on sales of investments               --         (79)     100.0
     One-time investment write-down            139          --         --
     Other expense (income)-net                 20          (1)   2,100.0
     Total other expense-net                   474         260       82.3
 
     Income before income taxes                163         647      (74.8)
 
     Income tax provision                      144         243      (40.7)
 
     Net income, before extraordinary item     $19        $404      (95.3)
 
     Extraordinary item - early retirement
      of debt, net of tax                      (65)         --         --
 
     NET INCOME(LOSS)                         $(46)       $404     (111.4)
 
     Basic earnings (loss)
      per share (2)                         $(0.03)      $0.46     (106.5)
 
     Basic average shares
      outstanding (2)                        1,656         877       88.8
 
     Diluted earnings (loss)
      per share (2)                         $(0.03)      $0.45     (106.7)
 
     Diluted average
      shares outstanding (2)                 1,656         889       86.3
 
     Dividends per share (2)                 $0.00       $0.31     (100.0)
 
 
     (1) The condensed consolidated statements of operations reflect the
     results of operations for U S WEST, Inc. only (the accounting acquirer)
     for the three months ended March 31, 2000.  For the three months ended
     March 31, 2001, the amounts reflect the results of operations for the
     merged Qwest entity.
 
     (2) Earnings (loss) per share gives effect to the 1.72932 merger exchange
     ratio.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X70339586
 
 

SOURCE Qwest Communications International Inc.
    DENVER, April 24 /PRNewswire Interactive News Release/ -- Qwest
 Communications International Inc. (NYSE:   Q), the broadband Internet
 communications company, today announced record revenue and earnings before
 interest, taxes, depreciation and amortization (EBITDA) for the first quarter
 of 2001.  Total first quarter revenue of $5.05 billion was an 11.8 percent
 increase versus pro forma normalized first quarter 2000 revenue.  First
 quarter EBITDA grew 15.8 percent to $2 billion.  In addition, Qwest recorded
 pro forma normalized earnings per diluted share of $0.13 for the quarter.
 Qwest has met or exceeded the consensus of analysts' estimates for the
 sixteenth consecutive quarter.
     "We are extremely pleased with the results the Qwest team achieved during
 the quarter.  With our unique blend of assets, Qwest is well positioned for
 future growth across all segments of the communications marketplace," said
 Joseph P. Nacchio, Qwest's chairman and CEO.  "We believe the industry will
 continue to provide solid growth opportunities in 2001, especially for our
 broadband Internet and data services.  Qwest is well positioned to take
 advantage of that growth at the local, national and global level."
     The total revenue increase was driven by Internet and data services growth
 of 44 percent as demand for Qwest services remains robust.  Digital subscriber
 line (DSL) growth remained strong with an increase of more than 125 percent
 annually to more than 306,000 customers.  Commercial services revenues
 increased 26.5 percent to $2.7 billion as Qwest continued to focus on the
 broadband Internet and data needs of enterprise and wholesale customers.  The
 company's small business and consumer units recorded services revenue growth
 of 6.3 percent, or 2.7 percent including out-of-region long-distance results.
     First quarter EBITDA grew 15.8 percent to $2 billion as EBITDA margins
 expanded 130 basis points from 38.2 percent in first quarter 2000 to
 39.5 percent in first quarter 2001.  This increase in EBITDA margin resulted
 from continued tight cost controls and productivity improvements, as well as
 merger-related synergies.
     Compared to first quarter 2000, gross margin decreased from 64.0 percent
 to 62.4 percent in the first quarter of 2001.  Factors contributing to the
 decrease in gross margin include the increase in revenues and investments in
 high-growth services; the impact of regulatory access reform; and costs
 related to re-entry into the long-distance business in Qwest's 14- state local
 service area.  The company expects gross margins to remain near the current
 level through the end of 2001.
     Selling, general and administrative costs (SG&A) improved as a percentage
 of revenue from 25.9 percent in the first quarter of 2000 to 22.9 percent for
 first quarter of 2001.  SG&A improvements resulted from strict cost controls
 and a reduction in payroll and employee-related expenses.  Since the
 acquisition of U S WEST on June 30, 2000, annual revenue per employee
 increased from $249,000 to $310,000, representing a 24 percent increase in
 productivity.
     "We are very pleased with our strong operating and financial results for
 the quarter.  This solid performance positions us well to achieve our growth
 rates for 2001," said Robin R. Szeliga, Qwest executive vice president and
 CFO.  "We achieved strong revenue and EBITDA growth for the quarter as our
 focus on execution and investment for growth continued to produce results.
 For the second quarter of 2001 we expect revenue to increase between
 12 percent and 13 percent compared to pro forma second quarter 2000."
     Qwest also reconfirmed its financial targets for 2001 of $21.3 to
 $21.7 billion in revenue and $8.5 to $8.7 billion in EBITDA.   As a result of
 increased discounts from suppliers and other procurement synergies, Qwest
 expects capital expenditures for 2001 of $9.2 billion, $300 million less than
 previous estimates.
     On a pro forma normalized basis and excluding merger-related and
 non-recurring items, the company recorded first quarter net earnings of
 $218 million, or $0.13 per diluted share, compared to net earnings of
 $239 million, or $0.14 per diluted share, a year ago.  The decrease reflects
 increases in both interest expense and depreciation following Qwest's
 continued investment for growth.  On a cash earnings per diluted share basis,
 the company reported $0.30 for the first quarter of 2001 versus cash earnings
 per share in the first quarter of 2000 of $0.31.
     The information above has been presented on a pro forma normalized basis
 to exclude the revenue from Qwest's divested interLATA (local access transport
 area) business in its local service area and charges from merger-related and
 other one-time items.  The merger-related and non-recurring items included
 severance costs, a write-down of investments and premiums paid to retire high-
 interest notes.
 
     COMMERCIAL, SMALL BUSINESS AND CONSUMER MARKETS
     Qwest continued to win national and global business accounts with its
 portfolio of broadband Internet applications and communications services.
 Global business markets achieved more than $1 billion in new contracted sales,
 up more than 30 percent from the fourth quarter of 2000.  Over 60 percent of
 new global business sales were for broadband Internet and data services with
 such companies as U.S. Bancorp, Hewlett-Packard and Target Corp.
     The company continued to successfully penetrate the government and
 education sectors and recorded key wins with the states of Arizona and Georgia
 and the University of Utah.  In Arizona, Qwest was awarded a $100 million
 contract to construct and support high-speed local area broadband networks
 that will provide Internet access to Arizona's 228 public school districts,
 giving children the opportunity to learn school lessons using the Internet.
     As Qwest is opening its markets to competitors, it continues to see strong
 demand for its small-business and consumer communications services.  Small
 business sales hit an all-time monthly high during the quarter, based on
 growth in bundles, Qwest DSL and Qwest wireless services.  Sales of small
 business bundles grew approximately 117 percent during the first quarter of
 2001, with nine percent of Qwest's small business customers now opting for
 bundled services.  Through the first quarter, 28 percent of Qwest consumers
 subscribed to a bundled service -- a 44 percent increase over the first
 quarter of 2000.  Qwest has also seen an increase in the average revenue per
 account of 32 percent since the introduction of bundles two years ago.
     To ensure continued success in the small business and consumer markets,
 Qwest has split the operations between two executives.  James A. Smith will
 continue to serve as Qwest's executive vice president of consumer markets,
 while Clifford S. Holtz was appointed earlier this month as Qwest's executive
 vice president of small business markets.  The additional executive focus will
 allow Qwest to exploit unrealized potential for Qwest services in both
 consumer and small business markets.
     Wireless services revenue grew 45 percent in the quarter to more than
 $152 million.  Qwest wireless customers totaled approximately 908,000 at the
 end of the quarter compared with approximately 805,000 customers at the end of
 2000.  These results reflect the termination by Qwest of 30,000 customers in
 its low-value, pre-paid wireless business.  The company expects to end prepaid
 wireless services for an additional 8,000 customers in the second quarter of
 2001.  Qwest is refocusing its wireless business to attract higher-volume
 consumer and small business customers.
 
     INTERNET AND DATA SERVICES
     Internet and data services revenue grew 44 percent and now represents
 approximately 25 percent of total revenue.  Strong growth was realized in the
 following areas: Web hosting, dedicated Internet access (DIA), DSL, virtual
 private network (VPN), Internet professional services and other data services.
 During the quarter Qwest was awarded communications services contracts from
 ADP, Capital One, United Artists Theatres, Invesco Funds, and Gateway.
     Qwest activated approximately 51,000 DSL customers during the quarter and
 had more than 306,000 DSL customers at the end of the quarter, up 125 percent
 from the end of the first quarter of 2000 and 20 percent from the end of the
 fourth quarter of 2000.  Qwest is on target to achieve its objective of
 doubling the number of DSL subscribers to 500,000 by the end of 2001 and
 continues to lead the industry with more than 1,000 customers per central
 office with DSL-equipped facilities.
     During the quarter Qwest began offering local broadband access services to
 commercial customers in Boston and Philadelphia.  Qwest now provides local
 broadband services in 13 markets outside of its 14-state local service area.
 In addition, the company launched commercial DSL services in eight new markets
 and is now providing these services in 20 major markets outside its local
 service area.  The company is on track to offer commercial local broadband
 access and DSL services in 25 markets by the end of 2001.
     Qwest Cyber.Solutions (QCS) was awarded nearly $60 million in Applications
 Service Provider (ASP) contracts with new customers during the quarter, while
 30 percent of the company's existing ASP customers increased or expanded the
 services they receive.  To date, QCS has secured the three largest reported
 ASP contracts in the industry.
     Qwest also announced its newest CyberCenter Internet hosting facility in
 Dallas.  Qwest now operates a total of 15 U.S. CyberCenters, providing
 customers with complex Web hosting and managed applications services as well
 as high-speed links to Qwest's global broadband Internet network.
 
     SERVICE IMPROVEMENT AND LONG-DISTANCE RE-ENTRY
     During the quarter, Qwest continued to see positive results from
 initiatives to improve customer service and re-enter the long-distance
 business in the 14-state local service area.
     The company's first-quarter 2001 service results in the 14-state local
 service area were the best in five to seven years for small business and
 residential customers.  Qwest service data at the end of the first quarter
 2001 for this category showed:
 
      -- The number of customers who had been waiting more than 30 days for the
         installation of their first telephone line reached their lowest levels
         in seven years -- almost 80 percent fewer than March 2000
      -- In six states no customers waited more than 30 days for the
         installation of their first telephone line
      -- Nearly 99 percent of 5.1 million installation commitments were met on
         time -- the best results in five years
      -- About 96 percent of total repair commitments were met on time -- the
         best results in five years
      -- Repeat repairs within 30 days decreased more than seven percent from
         first quarter 2000
      -- About 89 percent of service outages were repaired in less than
         24 hours -- up 77 percent from a year ago -- the best customer service
         results on record
 
     Qwest's internal service results are consistent with a recently released
 Federal Communications Commission (FCC) Service Quality report for 2000, which
 showed that among 12 major communications companies:
 
      -- Qwest was third in meeting its installation commitments to residential
         customers
      -- Qwest was second in completing 16.5 million residential installations
         within one day (on average) of the customer placing the order
      -- Qwest was second in taking an average of only 19 hours to fix
         residential service outages.
 
     Qwest also has achieved two significant milestones in its efforts to re-
 enter the long-distance business in the 14 Western states where it provides
 local service.  First, Qwest announced that it had begun region-wide
 independent testing of its operational support systems (OSS), a critical FCC
 checklist item.  Thirteen of the states in Qwest's local service area are
 participating in the test -- the fourteenth state, Arizona, is conducting its
 own test separately.  Both tests should end in mid-summer 2001.
     The company also has completed 75 percent of the state workshops that
 evaluate Qwest's compliance with rules to re-enter the long-distance business.
 Both the OSS testing and the state workshops are scheduled to be completed
 this summer.
     Qwest expects to file with the FCC an application for approval to offer
 long-distance services in one of its 14 states by late summer and to file
 applications for the remaining states later in 2001 and in early 2002.   After
 the first application is filed, Qwest's OSS multi-state testing process is
 expected to accelerate FCC approval of the applications for the remaining
 states.
 
     About Qwest
     Qwest Communications International Inc. (NYSE:   Q) is a leader in reliable,
 scalable and secure broadband Internet-based data, voice and image
 communications for businesses and consumers.  The Qwest Macro Capacity(R)
 Fiber Network, designed with the newest optical networking equipment for speed
 and efficiency, spans more than 106,000 miles globally.  For more information,
 please visit the Qwest web site at www.qwest.com.
 
     As previously announced, Qwest will host a conference call with the
 investment community later this morning at 9:00 a.m. (Eastern time).  On the
 call, Joseph P. Nacchio, chairman and CEO, and Robin R. Szeliga, executive
 vice president and CFO, will provide the company's perspective on the business
 and first quarter results.  The call will be available on a Web broadcast at
 http://www.qwest.com/about/ir/
 
     This release may contain projections and other forward-looking statements
 that involve risks and uncertainties.  These statements may differ materially
 from actual future events or results.  Readers are referred to the documents
 filed by Qwest with the Securities and Exchange Commission, specifically the
 most recent reports which identify important risk factors that could cause
 actual results to differ from those contained in the forward-looking
 statements, including potential fluctuations in quarterly results, volatility
 of Qwest's stock price, intense competition in the communications services
 market, changes in demand for Qwest's products and services, dependence on new
 product development and acceleration of the deployment of advanced new
 services, such as broadband data, wireless and video services, which could
 require substantial expenditure of financial and other resources in excess of
 contemplated levels, higher than anticipated employee levels, capital
 expenditures and operating expenses, rapid and significant changes in
 technology and markets, adverse changes in the regulatory or legislative
 environment affecting Qwest's business and delays in Qwest's ability to
 provide interLATA services within its 14-state local service territory,
 failure to maintain rights of way, and failure to achieve the projected
 synergies and financial results expected to result from the acquisition of
 U S WEST timely or at all and difficulties in combining the operations of
 Qwest and U S WEST.  This release may include analysts' estimates and other
 information prepared by third parties for which Qwest assumes no
 responsibility.  Qwest undertakes no obligation to review or confirm analysts'
 expectations or estimates or to release publicly any revisions to any forward-
 looking statements to reflect events or circumstances after the date hereof or
 to reflect the occurrence of unanticipated events.
 
     The Qwest logo is a registered trademark of, and CyberCenter is a service
 mark of, Qwest Communications International Inc. in the U.S. and certain other
 countries.
 
 
                                    ATTACHMENT A
 
                      QWEST COMMUNICATIONS INTERNATIONAL INC.
 
     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (1) - PRO FORMA NORMALIZED
                      (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
                                    (UNAUDITED)
 
                                            Three Months Ended
                                                 March 31,            %
                                             2001        2000       Change
 
     OPERATING REVENUES
     Commercial services                    $2,749      $2,173       26.5
     Consumer and small business services    1,684       1,640        2.7
     Directory services                        342         347       (1.4)
     Switched access services                  276         357      (22.7)
     Total operating revenues                5,051       4,517       11.8
 
     OPERATING EXPENSES
     Cost of sales                           1,900       1,624       17.0
     Selling, general and administrative     1,154       1,169       (1.3)
     EBITDA                                  1,997       1,724       15.8
 
     Depreciation                              832         625       33.1
     Goodwill and other intangible
      amortization                             319         317        0.6
     Operating income                          846         782        8.2
 
     OTHER EXPENSE
     Interest expense                          338         249       35.7
     Other expense-net                          20           4      400.0
     Total other expense-net                   358         253       41.5
     Income before income taxes                488         529       (7.8)
 
     Income tax provision                      270         290       (6.9)
     NET INCOME                               $218        $239       (8.8)
 
 
     Basic earnings per share                $0.13       $0.15      (13.3)
 
     Basic average shares outstanding        1,656       1,629        1.7
 
     Diluted earnings per share              $0.13       $0.14       (7.1)
 
     Diluted average shares outstanding      1,674       1,679       (0.3)
 
     Diluted cash earnings per share (2)     $0.30       $0.31       (3.2)
 
 
     (1) The condensed consolidated pro forma normalized statements give
         retroactive effect as though the merger of Qwest and U S WEST, Inc.
         had occurred as of the beginning of the periods presented.  Shares
         outstanding and earnings per share have been restated to give
         retroactive effect to the exchange ratio resulting from the Merger. In
         addition, results have been adjusted to eliminate the impacts of non-
         recurring items, such as merger costs, gains/losses on the sale of
         investments, change in the market value of investments, the one-time
         write-down of investments, and the elimination of in-region long-
         distance activity.  The Merger has been accounted for as a purchase
         transaction.  The purchase price allocation is preliminary
         and is subject to change.  Accordingly, net earnings and earnings per
         share are subject to change.  Certain reclassifications have been made
         to prior periods to conform to the current presentation.
 
     (2) Diluted cash earnings per share represent diluted earnings per share
         adjusted to add back the after-tax amortization of goodwill and other
         intangible assets resulting from the Merger.
 
 
                                    ATTACHMENT B
 
                      QWEST COMMUNICATIONS INTERNATIONAL INC.
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                                    (UNAUDITED)
 
                                                     March 31,   December 31,
     In millions                                       2001          2000
 
     ASSETS
     Current assets:
     Cash and cash equivalents                         $306          $154
     Accounts receivable - net                        4,294         4,235
     Inventories and supplies                           302           275
     Prepaid and other                                  864           712
 
         Total current assets                         5,766         5,376
 
     Property, plant and equipment - net             27,700        25,583
     Investments                                      8,053         8,186
     Goodwill and intangibles - net                  32,224        32,327
     Other assets - net                               2,031         2,029
 
         Total assets                               $75,774       $73,501
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
     Current liabilities:
     Short-term debt                                 $4,103        $3,645
     Accounts payable                                 2,358         2,049
     Accrued expenses and other
      current liabilities                             3,514         3,806
     Advance billings and customer deposits             379           393
 
         Total current liabilities                   10,354         9,893
 
 
     Long-term debt                                  17,676        15,421
     Post-retirement and other
      post-employment benefit obligations             2,916         2,735
     Deferred taxes, credits and other                4,172         4,148
 
     Stockholders' equity                            40,656        41,304
 
         Total liabilities and
          stockholders' equity                      $75,774       $73,501
 
 
                                    ATTACHMENT C
 
                      QWEST COMMUNICATIONS INTERNATIONAL INC.
                             SELECTED CONSOLIDATED DATA
                                     2000-2001
 
                                             As of and for the
                                             Three Months Ended
                                                 March 31,            %
                                              2001        2000     Change
     DSL (in 14-state region):
       Subscribers (thousands)                 306         136     125.0%
       DSL equipped central offices            303         257      17.9%
       Subscribers per equipped
        central office                       1,012         529      91.3%
 
     Wireless/PCS:
       Revenues (millions)                    $152        $105      44.8%
       Subscribers (thousands)                 908         600      51.3%
       ARPU (dollars)                          $50         $54      (7.4%)
       Penetration                           4.88%       4.02%      21.4%
 
     Capital expenditures (millions)        $2,943      $2,161      36.2%
 
     Access lines (thousands):
       Business                              6,225       5,899       5.5%
       Consumer                             11,946      12,047      (0.8%)
         Total access lines                 18,171      17,946       1.3%
 
     Voice grade equivalent
      access lines (thousands):
       Business                             32,024      23,839      34.3%
       Consumer                             12,807      12,412       3.2%
         Total voice grade equivalents      44,831      36,251      23.7%
 
 
                                    ATTACHMENT D
                      QWEST COMMUNICATIONS INTERNATIONAL INC.
                           SELECTED CONSOLIDATED DATA (1)
 
                      (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
                                    (UNAUDITED)
 
                                             Three Months Ended
                                                 March 31,            %
                                             2001        2000      Change
     OPERATING REVENUES
     Commercial services                    $2,749      $1,207      127.8
     Consumer and small
      business services                      1,684       1,466       14.9
     Directory services                        342         347       (1.4)
     Switched access services                  276         357      (22.7)
     Total operating revenues                5,051       3,377       49.6
 
     OPERATING EXPENSES
     Cost of sales                           1,900         986       92.7
     Selling, general and administrative     1,154         883       30.7
     EBITDA                                  1,997       1,508       32.4
 
     Depreciation                              832         586       42.0
     Goodwill and other
      intangible amortization                  319          --         --
     Merger-related and other
      one time charges                         209          15    1,293.3
     Operating income                          637         907      (29.8)
 
     OTHER EXPENSE (INCOME)
     Interest expense                          338         211       60.2
     Change in market value of
     financial instruments                     (23)        129     (117.8)
     Gain on sales of investments               --         (79)     100.0
     One-time investment write-down            139          --         --
     Other expense (income)-net                 20          (1)   2,100.0
     Total other expense-net                   474         260       82.3
 
     Income before income taxes                163         647      (74.8)
 
     Income tax provision                      144         243      (40.7)
 
     Net income, before extraordinary item     $19        $404      (95.3)
 
     Extraordinary item - early retirement
      of debt, net of tax                      (65)         --         --
 
     NET INCOME(LOSS)                         $(46)       $404     (111.4)
 
     Basic earnings (loss)
      per share (2)                         $(0.03)      $0.46     (106.5)
 
     Basic average shares
      outstanding (2)                        1,656         877       88.8
 
     Diluted earnings (loss)
      per share (2)                         $(0.03)      $0.45     (106.7)
 
     Diluted average
      shares outstanding (2)                 1,656         889       86.3
 
     Dividends per share (2)                 $0.00       $0.31     (100.0)
 
 
     (1) The condensed consolidated statements of operations reflect the
     results of operations for U S WEST, Inc. only (the accounting acquirer)
     for the three months ended March 31, 2000.  For the three months ended
     March 31, 2001, the amounts reflect the results of operations for the
     merged Qwest entity.
 
     (2) Earnings (loss) per share gives effect to the 1.72932 merger exchange
     ratio.
 
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 SOURCE  Qwest Communications International Inc.