MSOs Plagued by Financial Folly
Cablevision confounded analysts and investors by stating that it would postpone the full release of its Q2 profits and restate up to nine years worth of prior financial results because of an internal review into the pricing and timing of stock options. (See Cablevision Delays Q2.) As a result of the ongoing review, the company said its previously issued financial statements dating back as far as Jan. 1, 1997 "should not be relied upon."
The nation's fifth largest MSO said it found that the date and exercise price assigned to a number of its stock-option and stock-appreciation rights (SAR) grants did not match the actual grant date and closing price of the company's stock on those dates. The company now plans to restate its previous earnings results to reflect adjustments related to these two matters.
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- Alan Breznick, Site Editor, Cable Digital News