This excerpt taken from the Q 8-K filed Oct 28, 2009.
Net income for the third quarter was $136 million, a 6 percent decline from the year-ago period. In the third quarter 2008, net income reflected lower interest expense and a one-time benefit in other income. Net income declined by 36 percent sequentially due primarily to a one-time tax benefit recorded in the second quarter.
This excerpt taken from the Q 8-K filed Jul 29, 2009.
Net income for the quarter was $212 million, an increase of 18 percent from the prior year. Lower income tax expense from tax settlements for prior years and recognition of previously unrecognized tax benefits more than offset reductions in operating income and higher interest expense.
This excerpt taken from the Q 8-K filed Apr 29, 2009.
Net income for the quarter was $206 million compared to $177 million in the fourth quarter and $150 million in the first quarter of 2008. Net income this quarter reflects an effective income tax rate of 31 percent compared to 39 percent in the year-ago period. The lower rate is primarily due to the reversal of reserves for uncertain tax positions. Qwest currently expects its effective income tax rate will return to more normal levels in the remaining quarters of the year.
This excerpt taken from the Q 8-K filed Feb 10, 2009.
Net income for the quarter was $185 million compared to $151 million in the third quarter and $366 million in the fourth quarter of 2007. The sequential improvement in net income was the result of lower expenses while year-over-year comparisons primarily reflect a stronger operating contribution in the current period, which was more than offset by tax benefits in the year-ago period.
This excerpt taken from the Q 8-K filed Oct 29, 2008.
Net income for the quarter was $151 million compared to $188 million in the previous quarter and $2.1 billion in the year-ago quarter. Sequentially, net income declined due to lower operating results partially offset by a one-time other income benefit. The difference in year-over-year net income is largely the result of the reversal of the valuation allowance against deferred tax assets in 2007.
This excerpt taken from the Q 8-K filed Aug 6, 2008.
Net income for the quarter was $188 million compared to $157 million in the first quarter of 2008 and $246 million in the year-ago quarter. The sequential increase in net income is due to the recognition of a severance charge in the first quarter. The year-over-year decline in net income was largely the result of the reversal of the valuation allowance against deferred tax assets in 2007 leading to higher income tax expense year over year. Cash taxes remain immaterial due to historical net operating loss carryforwards (NOLs). Income before income taxes was $311 million for the quarter, an increase of 26 percent compared to the second quarter of 2007. Net income this quarter includes a charge of $40 million to shareholder litigation reserves and a favorable $40 million settlement on property taxes.
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