BRIEFCASE AOL MAY RESTATE FINANCIAL RESULTS.Byline: - Staff and Wire Reports NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Time Warner Inc. indicated Friday that it might have to restate its financial results by as much as an additional $400 million because of the government investigation into accounting improprieties at its America See ITS. Online division. In a filing with the Securities and Exchange Commission, the media conglomerate said it had been notified that the SEC believes that two transactions involving America Online See AOL. and Bertelsmann AG Bertelsmann AG German media company. Beginning as a religious printer and publisher in 1835, the company grew steadily over the next century. Though virtually destroyed by Allied bombing in 1945, it recovered quickly after World War II. were accounted for improperly. Those transactions involve advertising revenues and the dispensation DISPENSATION. A relaxation of law for the benefit or advantage of an individual. In the United States, no power exists, except in the legislature, to dispense with law, and then it is not so much a dispensation as a change of the law. of Bertelsmann's stake in AOL Europe. Such a restatement would be on top of the $190 million adjustment the company announced in October that it planned to make because of incorrect accounting practices at the online division. The company said in the filing that it believes the Bertelsmann deal was done correctly, and that it is ``engaged in ongoing discussions'' with the SEC. Greyhound slump could cost jobs DALLAS - Greyhound Lines Inc., the nation's largest operator of passenger buses, said Friday that falling revenue and earnings were forcing the company to cut some jobs and trip miles that could include entire routes. The Dallas-based company said operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. fell last year to $992 million because fewer people traveled by bus, according to the company's annual report, filed Friday with the Securities and Exchange Commission. The company, which is owned by Canada's Laidlaw Inc., also said it posted a net loss of $111.6 million last year, compared with a $1.98 million net profit a year earlier. The company did not specify the number of jobs that would be cut but said they would be in ``the low hundreds.'' The company has about 12,000 employees nationwide. Nor did it say how many miles would be cut but left open the possibility that entire routes could be eliminated. US Airways moves out of bankruptcy ALEXANDRIA, Va. - A federal judge on Friday gave his final approval to US Airways' termination of its pilots' pension plan, clearing the way for the airline to emerge from bankruptcy protection next week. The pension issue had been the last hurdle to the airline emergence. On Friday morning, the Federal Pension Benefit Guarantee Corp. gave its approval to the pension plan, and U.S. Bankruptcy Judge Stephen Mitchell approved it Friday afternoon. Airline spokesman Chris Chiames said the airline will work through the weekend to clear up technical matters so that it can emerge from bankruptcy protection Monday. If all goes well, Chiames said, the airline will receive a $900 million federally guaranteed loan and a $240 million investment from the Retirement Systems of Alabama Retirement Systems of Alabama is the administrator of the pension fund for employees of the state of Alabama. It is headquartered in Montgomery, Alabama. David G. Bronner is the chief executive officer. on Monday. AGS AGS American Geriatrics Society. merging with Illinois company VALENCIA - Automatic Gate Supply will merge with manufacturing giant The Chamberlain Group Inc. Elmhurst, Ill.-based Chamberlain did not disclose how much it paid for the three decade-old AGS, but said it would retain its founder, Ed Court, to aid in the transition. Chamberlain bills itself as a leading garage door opener A garage door opener is a motorized device that opens and closes garage doors. Most are controlled by switches on the garage wall, as well as by remote controls carried in the garage owner's cars. maker, while AGS specializes in motor-controlled swing and slide gates. ``With the acquisition of AGS, our product offering is now broader, with a more complete offering of gate operators and related gate hardware and access control products,'' said David Rolls, Chamberlain's chief executive officer. |
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