Gemstar Cuts Revenue Statements Again
By Karen Brown -- Multichannel News, 3/10/2003 9:33:00 AM
Get out the eraser again: As promised, Gemstar-TV Guide International Inc. is making more revisions to its recent financial statements.
This marks the second restatement of revenues in recent months for Gemstar, the result of a lengthy internal review of its accounting policies that started back in November.
While the restatement involves downward revisions for revenue and income, the company cash position will not be affected, according to a statement.
The Pasadena, Calif.-based provider of electronic programming guides and television service will cut its consolidated revenue $110.9 million, reduce consolidated income excluding taxes and extraordinary items by $36.3 million and cut its consolidated earnings before interest, taxes, depreciation and amortization another $45.2 million.
The cuts apply to several fiscal periods from 2000 through 2002.
In January, Gemstar made its first statement revision, cutting some $8.2 million out of its interactive-platform-sector revenues, reclassifying $26.8 million in license revenues as either a operating-expense reduction or as other income and shifting $47 million in revenue to be recognized over the remaining terms of existing contracts.
Gemstar plans to file restated financial documents with the Securities and Exchange Commission at the end of March to map out its revisions so far.
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