Gemstar Accounts Review Slashes Millions From Balance Sheet

12 March 2003

US television listings firm Gemstar-TV Guide International is to slash millions of dollars from financial results going back three years.

The group – in which News Corporation holds a 42% controlling stake – is under investigation by the Securities & Exchange Commission for improper accounting [WAMN: 23-Oct-02]. After a review by its new auditor Ernst & Young, it will restate revenue and profit figures for the first and fourth quarters of 2000, Q4 2001 and the first nine months of 2002.

In total, revenues will drop by $110.9 million (€100.16m; £69.18m), pre-tax profits by $36.3m, and EBITDA (earnings before interest, tax, depreciation and amortization) by $45.2m.

Data sourced from: Washington Post Online; additional content by WARC staff