News

AOL to Restate Eight Quarters

10/23/2002 1:01 PM Eastern

AOL Time Warner Inc. said Wednesday that it plans to restate results for the
quarter ended September 2000 through the period ended June 2002, according to
The Wall Street Journal.

The company posted flat third-quarter results, in line with expectations.

Revenue for the quarter ended Sept. 30 was $10 billion, up 6 percent from the
same period last year.

Earnings before interest, taxes, debt and amortization dropped 1 percent from
the year-ago period to $2.2 billion.

The company said the adjustments will cut advertising and commerce revenue by
some $190 million, thereby lowering EBITDA by around $97 million.

No further restatements are expected, AOL Time Warner
added.

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