FairPoint will have to restate 2009 revenue

Only weeks after it laid out its financial restructuring plan, trouble at FairPoint has struck again as the ILEC reported that it had overstated revenues for the first three quarters of 2009.

In an SEC filing, FairPoint said it must adjust revenue because of an accounting error--reporting revenues for the nine months ended September 30, 2009 will be reduced by three percent. When it completes a review of the earnings for this period, it will file a restated revenue report.   

"The company does not expect that this error and these adjustments will have a significant impact on customer accounts," FairPoint said in the filing.

FairPoint attributes the mistake to how customer billing adjustments were transferred from its billing platform to its general ledger.

For more:
- New Hampshire Union Leader has this article

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