Classic Communications Reports Delay in Filing Form 10-K.Business Editors TYLER, Texas--(BUSINESS WIRE)--April 2, 2001 Classic Communications, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CLSC CLSC Centre Local de Services Communautaires CLSC Chautauqua Literary and Scientific Circle CLSC Cisco LAN Switch Configuration CLSC Carter Lake Sailing Club (Larimer Country, CO, USA) CLSC Contractor Logistic Support Commitment ) today announced it will file a Form 12b-25 Notification of Late Filing in connection with the filing of its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . The Company has advised it is not filing its Form 10-K Annual Report at this time because it is currently negotiating with its senior lending group to amend the senior credit agreement among the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Classic Cable, Inc. and its senior lenders. The Company expects the amendment to materially affect the financial statement disclosures and liquidity and capital resources discussions required in its Annual Report on Form 10-K and the report of its independent auditors. The Company expects to file its Annual Report on Form 10-K within 15 days of the prescribed filing date. The Company has also announced its revenues in 2000 increased $67.9 million, or 59% over revenues in 1999, and its operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased $75.3 million, or 60% over the same period. These differences were due to fluctuations in operations and the acquisition of Star Cable Associates in February 2000 and the Company's acquisition of Buford Group, Inc. in July 1999. As a result of the fluctuations in the Company's operations, the acquisitions and the extraordinary losses recognized in connection with the refinancing of debt, the Company's net loss of $67.0 million in 2000 was an increase of $23.1 million over the net loss of $43.9 million in 1999. Classic Communications, Inc., based in Tyler, Texas, provides communications and entertainment services in approximately 600 non-metropolitan markets in Texas, Kansas, Oklahoma, Nebraska, Missouri, Arkansas, Louisiana, Colorado, Ohio and New Mexico. Classic trades on the NASDAQ under the trading symbol Trading symbol See: Ticker symbol "CLSC." This release contains statements that constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21 of the Securities Exchange Act of 1934 and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of those sections and the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk uncertainties including those described in our filings with the SEC, and that the actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. We have based these forward-looking statements on information currently available and disclaim any intention or obligation to update or revise any forward-looking statement. |
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