Friday, February 29, 2008

Bookkeeping stalls American Tower report

Fourth-quarter revenue rises 12% at wireless towers operator, but possible accounting errors delay release of more data.

BOSTON (AP) -- American Tower Corp., which owns wireless communication towers, said Monday fourth-quarter revenue rose 12%, but it delayed reporting additional financial information while it resolves a tax issue.

The Boston-based company is reviewing past tax accounting for its former satellite and fiber network access unit, Verestar, and said it may take non-cash adjustments to past revenue and net operating loss carry-forwards -- which are used to determine tax bills.

"The company has discovered potential prior period errors associated with certain non-cash tax-related items," American Tower said in a statement. "The company is in the process of completing its analyses, including an evaluation of the materiality of the potential errors and any impact on prior period financial statements."

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