Adelphia Posts July Net Loss
Aug. 26, 2003
WASHINGTON (AP) _ Bankrupt cable television company Adelphia Communications Corp. posted a net loss of about $38.1 million, or 15 cents a share, for July, following a loss of $8.5 million, or 3 cents a share, in June, according to court papers.
In a monthly operating report filed in bankruptcy court late Monday, the Greenwood Village, Colo.-based company said it had operating income of nearly $3.8 million for July, compared with about $22.9 million a month earlier.
Adelphia Communications reported total revenue of $292 million for July, the operating report said. In May, the company posted $320.3 million in total revenue.
The company had reorganization expenses in July of $6.4 million related to its Chapter 11 bankruptcy case.
The filing also said PricewaterhouseCoopers LLP, the company's independent accountant, has not yet completed its audit for 2002 and 2001 or re-audits for 2000 and 1999.
Adelphia estimated that fees that may be paid to company representatives and creditor committees when the company emerges from bankruptcy protection could total $27 million to $31.5 million. In previous monthly operating reports, the company estimated the potential fees at $20 million.
Adelphia also estimated that as of July 31, it had total assets of $53 billion and total liabilities of about $49.7 billion.
The report said all amounts in the filing are preliminary and subject to revision.
Adelphia filed for Chapter 11 bankruptcy protection in June 2002 amid a widening federal criminal investigation into charges of fraud and self-dealing by senior managers.