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DSL News
Cablevision to Restate Quarterly Results
Article #: 8
| Date: | | | Article: | Cablevision Systems Corp. on Tuesday reported a wider net loss for the third quarter and said it will restate its 2003 quarterly results because of accounting errors.
The restatement will include the effect of $15 million in expenses that were improperly booked in 2002 and earlier, the cable company said.
Bethpage-based Cablevision recorded a net loss of $104.6 million, or 36 cents a share, for the latest quarter, compared with a net loss of $79.5 million, or 26 cents a share, a year ago.
Revenue rose 12 percent to $975.8 million from $872.4 million.
These results don't include the effects of the restatement and revision, which is expected to be completed by the end of this month, the company said.
The loss from continuing operations for the quarter was 39 cents a share, deeper than the loss of 9 cents a share a year ago.
Analysts surveyed by Thomson First Call had expected the company to post a loss of 37 cents a share.
In surprise, Cablevision said it lost 8,900 basic subscribers in the quarter. Cablevision said almost all of those customers were in New York City where the efforts to upgrade to networks for high-speed Internet, digital cable and phone service have been slowed by bureaucracy.
Cablevision said it now expects 2003 revenue to grow 9 percent to 11 percent, suggesting revenue of $4.36 billion to $4.44 billion, based on 2002 revenue of $4 billion. The earlier forecast was for 10 percent to 12 percent growth.
Cablevision fired 14 employees in June after an internal investigation turned up improper accounting for expenses and fabricated invoices at its Rainbow Media Group, which includes American Movie Classics.
Aside from its New York-area cable business, Cablevision owns Madison Square Garden, Radio City Music Hall and the New York Knicks. It is also launching a satellite TV service.
Shares of Cablevision rose 2 cents to close at $20.45 on the New York Stock Exchange.
Copyright 2003 Associated
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