Financial Services Industry
Industry: Email Alert RSS FeedAOL out of line. (The Week in Review).
Investment News, October, 2002 by Gabriel, Frederick P., Jr.
* What do you do with a problem child? Media conglomerate AOL Time Warner Inc. of New York said Thursday it would restate two years' worth of financial results, following an internal review of accounting practices with regard to advertising deals at its America Online unit. The restatements, which span from the third quarter of 2000 through the second quarter of 2002, will reduce revenue by $190 million.
The America Online division has been flailing for months, due to plummeting advertising revenue and probes into its accounting practices by the Securities and Exchange Commission and the Department of Justice. On Wednesday, the company reported third-quarter earnings of $57 million, compared with a loss of $997 million in the same period a year...
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