Exhibit 99.03
PRESS RELEASE
CONTACT: Karen Chrosniak, Director of Investor Relations, or
Ed Babcock, VP of Finance
Adelphia Business Solutions
(877) 496-6704
ADELPHIA BUSINESS SOLUTIONS ISSUES CLARIFYING GUIDANCE ON FOURTH QUARTER 2000
CONSOLIDATED REVENUE ESTIMATE
Coudersport, PA - December 14, 2000
Adelphia Communications Corporation ("Adelphia") (NASDAQ NNM: ADLAC) and
Adelphia Business Solutions, Inc. ("ABS") (NASDAQ NNM: ABIZ) announced yesterday
that Adelphia Business Solutions was providing new guidance on its network
expansion plan, capital spending plan and projected operating results for 2001.
That press release indicated calendar year 2000 revenue guidance of $340
million, which was a typographical error. The proper figure for expected
calendar year 2000 consolidated revenue should be approximately $346 million,
which implies expected fourth quarter 2000 consolidated revenues of
approximately $103 million. Accordingly, the Company expects consolidated
revenue growth of approximately 45% in calendar 2001 to approximately $500
million.
Adelphia Communications Corporation, with headquarters in Coudersport,
Pennsylvania, is the sixth largest cable television company in the country. For
more information on Adelphia Communications Corporation, or to review an
electronic version of this press release, please visit Adelphia's web site at
http://www.adelphia.com. Adelphia Business Solutions is a majority owned
subsidiary of Adelphia Communications Corporation that provides integrated
communications services to business customers through its state-of-the-art fiber
optic communications network. ABS has substantially completed the construction
of its fully redundant, 18,000-mile long-haul fiber optic network in the
eastern-half of the United States which, combined with an estimated 8,000 local
fiber route miles in its operating markets, will support ABS's full line of
communication service offerings, including local and long distance voice
services, messaging, high-speed data and internet services. For more information
on Adelphia Business Solutions, or to review an electronic version of this press
release, please visit its web site at http://www.adelphia-abs.com.
The statements in this press release that are not historical facts are
forward-looking statements that are subject to material risks and uncertainties.
Investors are cautioned that any such forward-looking statements are not
guarantees of future performance or results and involve risks and uncertainties,
and that actual results or developments may differ materially from those in the
forward-looking statements as a result of various factors which are discussed in
Adelphia's and Adelphia Business Solution's filings with the Securities and
Exchange Commission. These risks and uncertainties include, but are not limited
to, uncertainties relating to economic conditions, acquisitions and
divestitures, growth and expansion risks, the availability and cost of capital,
government and regulatory policies, the pricing and availability of equipment,
materials, inventories and programming, product acceptance, the ability to
construct, expand and upgrade its cable systems, fiber optic networks and
related facilities, reliance on vendors, technological developments and changes
in the competitive environment in which we operate. Additional information
regarding factors that may affect the business and financial results of Adelphia
and Adelphia Business Solutions can be found in their most recent Quarterly
Reports on Form 10-Q filed with the Securities Exchange Commission and their
respective Form 10-Ks for the year ended December 31, 1999, as well as in the
prospectus and most recent prospectus supplement filed under Registration
Statement Nos. 333-78027 and 333-11142 (formerly No. 333-88927), under the
section entitled "Risk Factors" contained therein. Neither company undertakes to
update any forward-looking statements in this press release or with respect to
matters described herein.
