posted a widened loss and said it will spin off its
Adelphia Business Solutions
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.