As expected, Cablevision Systems Corp. said it would need more time to file its 10-Q financial report for the third quarter ended Sept. 30 due to additional improperly accrued expenses an independent investigator discovered in November.
Cablevision said in a filing with the Securities and Exchange Commission Monday that it is delaying the 10-Q filing while it restates its financial results to reflect about $15 million in improperly accrued expenses related to its Rainbow Media Holdings Inc. unit and other company divisions.
On Nov. 11, the company said those expenses were accrued in 2002 and earlier years but should have been recorded in 2003. As a result, Cablevision said at the time that it would revise its financial results for the first, second and third quarters of 2003 to reflect those changes.
Cablevision gave no time frame for when it expects to file the 10-Q, but it had said Nov. 11 that it expected the restatements and revisions to be completed no later than the end of the month.
Cablevision stock fell 55 cents each to $20.63 Monday.