John Corn
06-18-03, 05:31 PM
http://www.marketwatch.com/news/yhoo/story.asp?guid=%7B09B4B068-9EE3-4AFC-A4D7-C3B5172B4F9E%7D&siteid=myyahoo&dist=myyahoo
NEW YORK (CBS.MW) - Cablevision said Wednesday it fired 14 employees, including the president of the American Movie Classics channel, and notified authorities after internal reviews uncovered improper accounting for expenses.
The company (CVC: news, chart, profile), one of the largest cable television operators in the U.S., said after the close of trading that the improper accruals are insignificant to the previously reported financial results of Cablevision and its Rainbow Media Group.
The company said its review has found that $6.2 million of expenses for 2003 were accelerated and improperly accrued in 2002, instead of 2003. All but $1.7 million of the amount was identified and reversed before the release of the company's 2002 results.
NEW YORK (CBS.MW) - Cablevision said Wednesday it fired 14 employees, including the president of the American Movie Classics channel, and notified authorities after internal reviews uncovered improper accounting for expenses.
The company (CVC: news, chart, profile), one of the largest cable television operators in the U.S., said after the close of trading that the improper accruals are insignificant to the previously reported financial results of Cablevision and its Rainbow Media Group.
The company said its review has found that $6.2 million of expenses for 2003 were accelerated and improperly accrued in 2002, instead of 2003. All but $1.7 million of the amount was identified and reversed before the release of the company's 2002 results.