is restating financials going back to 2000, but the cable operator says the changes won't affect revenue, operating cash flow or tax obligations.
The changes apparently resolve the issues arising from Charter's accounting for the acquisition of 18 cable businesses in 1999 and 2000. The St. Louis-based operator, which last week requested an extension from the
Securities and Exchange Commission
to file its third-quarter financial statements, said Tuesday that it expected to file its 10-Q later in the day.
first revealed the accounting issue Nov. 5, is now free to focus on less manageable problems facing the company. Those include an alarming decline in the company's basic cable subscriber counts, a stock price down 93% from its 52-week high and
a federal grand jury investigation that has led the company to place its COO on paid leave.
In a press release Tuesday, Charter says it should have recorded an additional $1.4 billion of franchise costs and $1.2 billion of deferred tax liability in connection with the purchases at issue. The adjustments increase Charter's net loss for the nine months ended Sept. 30, 2001, by $25 million, or 9 cents per share.
Charter's shares rose 2 cents to trade at $1.20 Tuesday.