EchoStar May Have to Restate 2001 Earnings
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From Associated Press
Satellite TV giant EchoStar Communications Corp. said it might have to restate its 2001 financial reports to reverse $17 million of liability accruals.
Such a move may reduce previously reported net losses for the Dish Network operator, executives said.
From 1996 to 2002, EchoStar established a reserve for estimated costs of replacing smart cards, which allow only paying customers to receive EchoStar signals.
The Securities and Exchange Commission said the company over-accrued $17 million in 2001 and $9 million in 2002. EchoStar did not address the allegation involving the 2002 figure.
