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While Wall Street scrutinized AOL Time Warner for its plan to restate past financial results, the media giant reported that its Time Warner Cable unit made respectable gains for its digital cable and high-speed Internet services.

Time Warner Cable added 229,000 net digital video subscribers during the quarter, for a total of 3.5 million. The MSO also added 257,000 net high-speed Internet subscribers, taking the cable modem subscriber number to 2.3 million. At the end of the third quarter, digital video subscribers represented 32 percent of basic cable subscribers, while high-speed data subscribers represented 13 percent of eligible homes passed.

Also to date, Time Warner Cable has launched video-on-demand (VOD), subscription video-on-demand (SVOD) or both services in 32 of its 34 divisions, AOL Time Warner said.

Still, all eyes were on AOL Time Warner's announcement that it would restate financial results for the quarters ended Sept. 30, 2000 through the quarter ended June 30, 2002. The move will reduce revenues by $190 million and EBITDA by $97 million, the company said.

The planned restatement is a result of AOL's previously announced internal review of certain advertising and commerce transactions at its America Online division. "Even though the total amount of the restatement represents a small portion of America Online's total revenues during the period, we have taken, and do take, this matter very seriously," CEO Dick Parsons said.

"We have devoted a significant amount of time and resources to our review and, based on the substantial work we have done to date, do not expect any further restatements."

From SkyReport (Used with Permission)
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