Adelphia Restates Results, Says 2003 Loss Narrowed
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Adelphia Communications Corp., which filed for bankruptcy court protection in June 2002, restated financial results for three years and said its loss narrowed last year to $832.6 million.
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AES announced last night that it would restate its past financial results because of accounting "errors" that it said "would likely be material" for 2006, and it notified the Securities and Exchange Commission that it was seeking an extension to March 16 to report results.
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Circuit City Stores Inc. (CC.N: Quote, Profile, Research) on Friday posted a narrower quarterly loss from continuing operations but said its outlook was cautious for the
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(InfoWorld) - Alcatel-Lucent's revenue fell for the fourth quarter and the company plunged into loss. The performance was disappointing, but theÂ long-term prospects of the mergerÂ of Alcatel and Lucent Technologies remain positive, the company said. Fourth-quarter revenue dropped 16 percent year-on-year on a comparable basis, to â¬4.42 billion ($5.83 billion as of Dec. 31, the last day of the period reported) from â¬5.25 billion, while revenue for the full year fell to â¬18.25 billion from â¬18.57 billion. Although the merger was onlyÂ completed at the end of November, the company provided pro-forma figures as if the merger had taken place on Jan. 1, and restated earlier figures on a comparable basis. On that basis, the company made a net loss of â¬618 million in the fourth quarter, compared to a net profit of â¬381 million a year earlier. For the full year, net profit fell to â¬522 million, down from â¬1.67 billion on a comparable basis the previous year. The disappointing performance was due to uncertainty among customers and staff about the outcome of the merger, and to a highly competitive market in North America during the fourth quarter, the company said. As it proceeds with the integration of Alcatel and Lucent, the company expects to realize cost savings of â¬600 million this year, and a total of â¬1.7 billion in cost savings within three years of the merger. The savings will come from optimization of its supply chain, and the elimination of duplicate resources and products, and around 12,500 jobs. Post-merger, the company makes around three-quarters of its revenue from carrier products. Revenue of â¬1.47 billion came from fixed-line telecommunications equipment in the fourth quarter, â¬1.24 billion from wireless equipment, and â¬510 million from converged products. Enterprise networking equipment accounted for â¬410 million, and services for â¬740 million. Demand was particularly strong for enterprise IP telephony equipment in Europe, the company said.
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Delphi Corp., the US largest auto parts supplier, said on Monday it has narrowed its third-quarter loss to $114 million. The company also said it is going to find some extra ways to cut spending, as for instance, working with unions etc.
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Personal computer maker Gateway  Inc. GTW.N on Thursday posted a net loss that narrowed from a  year earlier and bettered its own forecast, helped by higher PC  sales and lower costs.
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Circuit City Stores Inc. CC.N posted  a narrower quarterly loss from continuing operations on Friday  but said the outlook was cautious for the current quarter,  which includes the key holiday season.
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FuelCell Energy reports a better-than-expected quarterly loss.
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The sporting goods retailer trims its quarterly loss and maintains its outlook.
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GREENWOOD VILLAGE, Colo., Nov. 9 /PRNewswire-FirstCall/ -- Adelphia Communications Corporation (BULLETIN BOARD: ADELQ) today issued the following statement regarding proposed amendments to its reorganization
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The company said its net loss in the fiscal third quarter ended Dec. 1 was $84.8 million, or 12 cents a share, compared with a net profit of $1.1 million.
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By Reuters. Adelphia Communications Corporation, the cable television provider, restated financial results for three years yesterday as part of its effort to emerge from Chapter 11 bankruptcy protection or sell its assets.
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The deep-discount retailer reports slightly improved results though losses persist.
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SunTrust Banks restated its first- and second-quarter earnings on Monday because of an error in how the bank accounted for loss reserves.
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NEW YORK, December 24  - Cable television company Adelphia Communications Corp (ADN.HAN) submitted yesterday restated financial statements for the last three years to the Securities Exchange Commission (SEC), as part of its efforts to
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Software maker PalmSource Inc. (PSRC.O: Quote, Profile, Research) on Thursday posted a narrower net loss for its first quarter, but said its forecast for the current quarter is
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Dillard's Inc. DDS.N on Wednesday  reported a narrower quarterly loss as it cut costs, but a drop  in same-store sales caused the latest results to miss Wall  Street's estimates by a wide margin.