Adelphia announced Mon. it had fired accounting firm Deloitte & T...
Adelphia announced Mon. it had fired accounting firm Deloitte & Touche and revised its 2001 subscriber count. In 8-K SEC filing, company said that based on preliminary results of investigation of special board committee, it was making downward revision…
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of its 2000 and 2001 financial results and management’s guidance for 2002 earnings before interest, taxes, depreciation and amortization (EBITDA). Company reduced its 2001 revenue to $3.51 billion from $3.58 billion as reported in March and its 2001 EBITDA to $1.19 billion from $1.41 billion. For 2000, Adelphia lowered revenue to $ 2.54 billion from $2.6 billion and EBITDA to $1.04 billion from $1.2 billion. “Management’s revised preliminary estimate of EBITDA for 2000 and 2001 corrects the items in the previously announced operating results that current management believes were erroneous, and reflects more conservative accounting policies that the company intends to follow in the future,” Adelphia said filing. Citing inaccuracies in previously reported data, company also cut its 2001 basic subscriber total to 5.76 million from 5.81 million.” The company said it was in process of engaging new accounting firm and “information” about termination of old firm would appear in new filings. Meanwhile, Leonard Tow and Scott Schneider, who joined Adelphia board May 24, announced their resignations. In letter to CEO Erland Kailborne, they said “revelations of the unreliability of corporate data, as well as the ongoing serial disclosures of wrongdoing,” had made it impossible for them to contribute “meaningfully” to process of restoring credibility and financial integrity of company.