TDS restates due to WorldCom
The negative affects of WorldCom’s bankruptcy trickled down to TDS, which said late yesterday that it was forced to restate its earnings to reflect an accounts receivable writedown due to the filing.
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For the quarter ending June 30, the company’s operating expenses have increased $8 million to $486.1 million. The company’s net is down $4.5 million to $952.5 million, while diluted EPS loss goes from $16.17 to $16.24.
The changes come less than three weeks after TDS reported its quarterly earnings on July 16. WorldCom declared bankruptcy on July 21. According to a TDS spokeswoman the restatement covers unpaid accounts receivable for access charges and follows generally accepted accounting principals.
--Toby Weber, Staff Writer
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© 2012 Penton Media Inc.
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