Coudersport, Pa. (June 11, 2002) -- Troubled cable company Adelphia Communications Corp. has fired its auditor Deloitte & Touche, reportedly over failing to tell the company about shady accounting practices.The firm didn't disclose the reason it axed Deloitte in an 8-K filed Monday with the Securities and Exchange Commission, but noted that information regarding the termination would be disclosed in subsequent filings. Published reports say the firm was fired for allegedly failing to inform Adelphia about questionable accounting practices.
Adelphia said it still is looking for a successor to Deloitte. According to the filing, the company also expects to cut its reported 2000 and 2001 revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) and its estimates for 2002 EBITDA growth. The firm decreased its estimate for the number of basic cable subscribers as of Dec. 31, 2001 to 5,763,000, from the previously reported 5,810,253.
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