Consolidation of Regional Operations Will Boost Field Management Capacity,
Reduce Centralization and Ensure Tighter Focus on Customers
GREENWOOD VILLAGE, Colo., April 7 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) announced today that it is modifying
the structure of its regional operations to better serve Adelphia customers by
placing more responsibility, authority and resources in the field.
Going forward, Adelphia will be organized into four primary regions -
Northeast, Central, Southeast and California and one smaller Western region
[as opposed to seven regions, as it had been in the past]. At the same time,
the company will expand the size and capabilities of the local management
teams in each region to further decentralize Adelphia's management structure
and ensure local decisions are made closer to Adelphia's customers.
"Consolidating into four large regions enables us to cost-effectively
augment regional staffs and resources to best serve our customers," said Ron
Cooper, President and Chief Operating Officer of Adelphia. "This operating
model is used by several other MSOs and, after careful consideration, it is
the right approach to empower Adelphia's regional management teams."
The company has appointed Bob Wahl, Bill Kent, Dan Hebert and Lee Perron
as Senior Vice Presidents to lead the Northeast, Central, Southeast and
California regions, respectively. Steve Delgado will continue to serve as
Vice President of the Western Region. Each of these executives is currently
part of Adelphia's regional management team.
"I am very pleased to promote these four proven Adelphia executives,"
added Mr. Cooper. "I look forward to providing them with the support and the
resources they need to successfully lead our regional efforts and, most
importantly, meet the needs of our customers."
As part of this decentralization effort, Adelphia will be adding new vice
president positions in marketing/sales, engineering/construction,
legal/government affairs, human resources and finance to each of the four
large regions. This will insure that they have the leadership and experience
necessary to successfully take on their new responsibilities.
"Expanding the size, depth and expertise of the regional staffs will
enable us to effectively transition to this new organizational structure,"
added Cooper. "I firmly believe the result of this regional consolidation
will be a stronger, more customer-centric company."
Adelphia's four regional offices will be located in Charlottesville, Va.
(Central Region), West Palm Beach, Fla. (Southeast Region), Woodland Hills,
Calif. (California Region), and a location yet to be determined for the
Northeast Region. The Western Region will be located in Monument, Colo.
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, and 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 Rigas management of the Company: (a)
the Company has not yet completed its financial statements as of or for the
year ended December 31, 2002 and does not anticipate timely filing of its
Annual Report on Form 10-K as of and for the year ended December 31, 2002; (b)
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; (c) 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; (d) 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; 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. Effective March 4, 2003, the Company hired a new Chief Executive
Officer and President and Chief Operating Officer. The new Chief Executive
Officer replaced the interim Chief Executive Officer who, along with other
members of the current management team, took control of the Company in May
2002. Current management 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 effects of government regulations and the actions of
local cable franchise authorities; (d) the availability of debtor-in-
possession financing and surety bonds to support the Company's operations; (e)
the results of the Company's internal investigation and the matters described
above under "Cautionary Statement Regarding Financial and Operating Data"; (f)
actions of the Company's competitors; (g) the pricing and availability of
equipment, materials, inventories and programming; (h) product acceptance and
customer spending patterns; (i) the Company's ability to execute on its
business plans, to provide uninterrupted service to its customers and to
conduct, expand and upgrade its networks; (j) technological developments; (k)
matters relating to or in connection with the bankruptcy filing and
proceedings of Adelphia Business Solutions, Inc.; (l) changes in general
economic conditions and/or economic conditions in the markets in which the
Company may, from time to time, compete; (m) the movement of interest rates
and the resulting impact on the Company's interest obligations with respect to
its pre-petition bank debt; and (n) 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,
+1-877-496-6704
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