Adelphia Communications Corp. missed the 15-day deadline to file its 10-K
annual report with the Securities and Exchange Commission, stating it a press
release that it continues to 'review the accounting treatment for matters
related to its co-borrowing agreements.'
Included in the review is about $500 million of unrestricted co-borrowing
obligations of its Adelphia Business Solutions subsidiary and the related impact
of that unit's bankruptcy filing in March.
Adelphia ran into trouble shortly after its March 27 fourth-quarter
conference call, when it revealed that it had $2.3 billion in off-balance-sheet
debt that it could be responsible for.
Adelphia said the accounting review will have no impact on its 2001 results,
but it may affect its guidance for 2002 revenue and cash-flow growth.
'In light of the review process currently under way and other related
matters, the company intends to re-evaluate its previously announced guidance,'
Adelphia said in the statement.
On March 27, Adelphia said it expected revenue to grow 12 percent and cash
flow to rise 13 percent in 2002.
In the press release, Adelphia said it would file its 10-K 'as soon as
practicable.'
Adelphia shares were up 42 cents to $8.05 per share in early trading
Tuesday.
