Cablevision Systems Corp. said Monday it would be late filing its most recent quarterly financial report with the Securities and Exchange Commission and it would amend a previous report.
THE INTERIM FINANCIAL statements for the quarter ended March 31, 2003, were not properly reviewed by an independent public accountant, the cable operator said in a filing notifying the SEC it would be late.
The No. 6 U.S. cable operator said last week that it would have to restate previously issued 2003 statements because an internal audit had found $15 million in improperly booked expenses from 2002 and before.
The disclosure marked the third time since June the company has disclosed accounting irregularities.
In Monday’s filing, the company said the SEC staff “may take the position that the March 31, 2003, form 10-Q is deficient because the required review has not been completed” and added, “That would mean that the registrants would not be current in their filings.”
Cablevision shares closed at $21.18 on Friday on the New York Stock Exchange.
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