Adelphia's Operations Center - and Vast Majority of 1,400 Employees -
to Remain in Coudersport
Move to Enhance Efficiency is an Important Step in Rebuilding Company
Relocation is Contingent Upon Certain Approvals
COUDERSPORT, Pa., Jan. 28 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) announced today that its Board of
Directors has authorized the relocation of its corporate headquarters to
Denver, Colorado while maintaining a significant portion of its operations in
Coudersport, PA.
Many Adelphia operational groups will remain in Coudersport, including:
Advanced Products Customer Care Center, National Inbound Sales Center,
Outbound Calling Services, Internet Protocol Data Center, Facilities
Management and certain Information Technologies, Legal and Regulatory
Activities, Human Resources, Engineering, Accounting and Finance operations.
While senior management positions are expected to relocate to Denver, the vast
majority of positions will remain in Coudersport.
Adelphia issued the following statement about the relocation decision:
"Moving our corporate headquarters to the Denver area is essential to the
rebuilding of Adelphia into a successful and profitable cable company for a
number of reasons. Denver is a leading center of the cable industry, and the
relocation will help Adelphia attract and retain the best management team in
the cable industry from Denver's excellent pool of experienced cable
executives as well as from across the nation. In addition, the move to a
major transportation hub will make it easier for Adelphia's senior managers to
travel to and from our eight regional operational centers, including our
largest market in Southern California.
"The relocation will not affect the vast majority of the 1,400 Adelphia
employees currently based in Coudersport who are working diligently to support
our ability to provide quality service to our customers. Coudersport is a
great, low-cost location and home to a terrific, dedicated workforce, and we
expect to maintain a significant portion of the Company's operations here --
as it has been for more than 50 years.
"Adelphia's commitment to Coudersport is being further demonstrated by its
recent effort to recruit up to 70 new full-time employees for customer care
and sales positions at the Company's Advanced Products Customer Care center
located in Coudersport.
"The Board also would like to acknowledge the support of the Commonwealth
of Pennsylvania, which recently expanded the Keystone Opportunity Zone program
to certain sub-zones in Coudersport.
"The move is not expected to impact Adelphia's major operational centers
and more than 1,700 employees in Western New York.
"Adelphia's new Denver headquarters will be home to an estimated 150
employees, including current Adelphia executives who are expected to relocate
there as well as new hires. Assuming we receive the necessary approvals, we
expect to complete the move by mid-year.
"We look forward to the enhanced efficiencies and new opportunities that
will result from establishing a new corporate headquarters in Denver to
complement our significant operations in Western New York and Northern
Pennsylvania."
The relocation decision is contingent upon certain approvals and consents
as well as the Bankruptcy Court for the Southern District of New York's
approval of Adelphia's employment agreements with William T. Schleyer and Ron
Cooper, who were named recently as Chairman of the Adelphia Board of Directors
and Chief Executive Officer, and President and Chief Operating Officer,
respectively. The employment agreements were submitted to the Court on
January 21.
Approximately 1,400 of Adelphia's 14,000 employees are based in
Coudersport, PA.
About Adelphia
Adelphia Communications Corporation is the fifth-largest cable television
company in the country. It serves 3,500 communities in 32 states and Puerto
Rico. It offers analog and digital cable services, high-speed Internet access
(Adelphia Power Link), and other advanced services.
Cautionary Statement Regarding Financial and Operating Data
As a result of actions taken by the former management of the Company: (a)
the Company has not yet completed its financial statements as of or for the
year ended December 31, 2001, or received its independent public accountants'
report thereon or filed with the Securities and Exchange Commission (the
"Commission") its Annual Report on Form 10-K for the year ended December 31,
2001; (b) the Company's former independent public accountants, Deloitte &
Touche LLP, suspended their auditing work on the Company's financial
statements as of and for the year ended December 31, 2001 and withdrew their
audit report with respect to the year ended December 31, 2000; (c) the Company
has not yet completed its financial statements as of and for the three months
ended March 31, 2002, June 30, 2002 or September 30, 2002, or filed with the
Commission its Quarterly Report on Form 10-Q for the quarters ended March 31,
2002, June 30, 2002 and September 30, 2002; (d) the Company does not
anticipate timely filing of its Annual Report on Form 10-K as of and for the
year ended December 31, 2002; and (e) the Company expects to restate its
financial statements for the years ended December 31, 1999 and 2000, and its
interim financial statements for 2001 and possibly other periods. Current
management took control in May 2002 and has retained new independent auditors
and begun the preparation of new financial statements for the periods in
question; as a result of certain actions of prior management that the Company
has previously disclosed, the Company is unable to predict at this time when
such financial statements will be completed. In addition, current management
believes that the public information provided by prior management on other
matters of interest to investors, such as the Company's rebuild percentage
(the percentage of the Company's cable television systems that the Company
believes have been upgraded to current standards), was unreliable. As a
result, the Company anticipates that it may have to supplement the financial
and other information contained in this Form 8-K and that such supplemental
information may be material.
Cautionary Statement Regarding Forward-Looking Statements
This document includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act")
and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). All statements regarding Adelphia Communications Corporation
and its subsidiaries' (collectively, the "Company's") expected future
financial position, results of operations, cash flows, restructuring and
financing plans, business strategy, budgets, projected costs, capital
expenditures, competitive positions, growth opportunities, plans and
objectives of management for future operations and statements that include
words such as "anticipate," "if," "believe," "plan," "estimate," "expect,"
"intend," "may," "could," "should," "will," and other similar expressions are
forward-looking statements. Such forward-looking statements are inherently
uncertain, and readers must recognize that actual results may differ from the
Company's expectations. The Company does not undertake a duty to update such
forward-looking statements.
Actual future results and trends for the Company may differ materially
depending on a variety of factors discussed in the Company's filings with the
Commission, including its recently filed Current Reports on Form 8-K, the most
recently filed Quarterly Report on Form 10-Q, the Form 10-K for the year ended
December 31, 2000, and the most recent prospectus supplement filed under
Registration Statement No. 333-64224, under the section entitled "Risk
Factors" contained therein. Factors that may affect the plans or results of
the Company include, without limitation: (a) the Company's filing of a
petition for relief under Chapter 11 of the United States Bankruptcy Code; (b)
the results of litigation against the Company including the recently filed
civil complaint by the Commission and the potential for a criminal indictment
of the Company; (c) the lack of substantial cable industry experience among
certain members of the Company's senior management; (d) the effects of
government regulations and the actions of local cable franchise authorities;
(e) the availability of debtor-in-possession financing and surety bonds to
support the Company's operations; (f) the results of the Company's internal
investigation and the matters described above under "Cautionary Statement
Regarding Financial and Operating Data"; (g) actions of the Company's
competitors; (h) the pricing and availability of equipment, materials,
inventories and programming; (i) product acceptance and customer spending
patterns; (j) the Company's ability to execute on its business plans, to
provide uninterrupted service to its customers and to conduct, expand and
upgrades its networks; (k) technological developments; (l) matters relating to
or in connection with the recent bankruptcy filing and proceedings of Adelphia
Business Solutions, Inc.; (m) changes in general economic conditions and/or
economic conditions in the markets in which the Company may, from time to
time, compete; (n) the movement of interest rates and the resulting impact on
the Company's interest obligations with respect to its pre-petition bank debt;
and (o) the delisting of Adelphia Communication Corporation's common stock by
Nasdaq. Many of such factors are beyond the control of the Company and its
management.
SOURCE Adelphia Communications Corporation
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Related links:
http://www.adelphiacom.com
CONTACT:
Eric Andrus of Adelphia Communications
Corporation, +1-877-496-6704
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