Adelphia Communications Lower on Loss, Spinoff

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Adelphia Communications

(ADLAC)

posted a widened loss and said it will spin off its

Adelphia Business Solutions

(ABIZ)

unit.

In premarket Instinet trading, Adelphia Communications' shares were 7.7% lower at $21.53.

The Coudersport, Pa., cable company lost $267.2, or $1.54 a share, in its latest third quarter, compared with $145.4 million, or $1.06 a share, a year ago. The company's earnings before interest, taxes, depreciation and amortization were $357.1 million in the third quarter, up from $280.3 million a year ago.

Adelphia currently owns about 79% of the Business Solutions unit and said it expects to distribute it to shareholders by March 31, 2002.