News Briefs

Allied Waste; Lattice Semiconductor; Paxson Communications; Wells Fargo.

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  • Allied Waste Industries Inc. announced that its wholly-owned subsidiary Allied Waste North America Inc. is refinancing $1 billion of senior subordinated notes to reduce overall interest costs. It has begun a tender offer for 10 percent senior subordinated notes due 2009.
  • Lattice Semiconductor Corp. announced that it will restate its financials for the first three quarters of 2003 and delay the release of its fourth-quarter results after reviewing its deferred income account. The restatement will reduce 2003 year-to-date revenue by about $10 million to $11 million and increase the company’s net loss for the year to date by about $8.5 million to $9.5 million.
  • Paxson Communications Corp. announced that it will restate its financials for the four years ended 2000 in order to correct purchase accounting for stock acquisitions. The company said its historically reported revenues, cash operating expenses, and Ebitda will be unaffected by the adjustments.

The broadcaster said that during the period, it acquired several television stations in transactions structured as purchases of the outstanding stock of the entities owning the stations. In each of these transactions, the company failed to establish the proper deferred tax liability for the difference between the book basis and the tax basis of the acquired entity’s FCC license.

The recording of these deferred tax liabilities also would have resulted in the recording of additional FCC license intangible assets and, in certain cases, deferred tax assets, added the company. “These adjustments in no way affect the company’s cash taxes payable to the Internal Revenue Service,” it stated in a press release.

  • Wells Fargo chief financial officer Howard Atkins earned about $2.9 million last year, including a bonus of $2.2 million, up 33 percent from the prior year.

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