Firm restating some results

Thursday, Oct. 24, 2002 | 9:47 a.m.

NEW YORK -- AOL Time Warner disclosed plans to restate two years of financial results because of irregular accounting practices at its America Online division in an announcement made with its third-quarter results, which showed a small profit despite lingering weakness in the online business.

AOL Time Warner said the restatements for the third quarter of 2000 through the second quarter of 2002 would reduce revenues by $190 million. The revision will affect earnings before taxes, interest, depreciation and amortization, or EBITDA, by $97 million.

For the three months ending Sept. 30, the media conglomerate earned $57 million, or 1 cent per share, compared with a loss of $997 million, or 22 cents per share, in the same period a year ago. The results were in line with the expectations of analysts surveyed by Thomson First Call.

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