Gemstar to Restate Results Back to ’00

Gemstar-TV Guide International Inc., the troubled Pasadena-based television programming-guide concern, said Thursday that it would further restate financial results as part of an accounting review.

Gemstar said in November that it would restate financial results back to 2001 and that it hired accounting firm Ernst & Young after firing KPMG in a dispute in October.

On Thursday, Gemstar, publisher of TV Guide and a maker of electronic on-screen television program guides, said that it would restate results as far back as the first quarter of 2000 and that $19 million in previously reported licensing revenue and $8.2 million in other advertising revenue would not be recognized.

The restated results for 2000, 2001 and 2002 will result in decreased revenues for those periods but will not affect Gemstar’s cash positions, the company said.

Gemstar said investors shouldn’t rely on the financial information in the company’s annual report for 2001 or the numbers reported by the company for the first three quarters of last year.

As part of the ongoing audit by Ernst & Young, the com- pany said, it may have more financial restatements in the near future.

Gemstar has faced a series of problems, including a federal investigation of its accounting practices and an investigation by the Justice Department of alleged violations of antitrust laws before the July 2000 merger that created the company. Gemstar has said its conduct before the merger was lawful.

Rupert Murdoch’s News Corp. is a major Gemstar shareholder.

Last year, News Corp. ousted Gemstar founder Henry Yuen and placed one of its former executives, Jeff Shell, in control as the media company’s chief executive.

Gemstar, a Wall Street highflier just a few years ago, saw its shares plunge 88% in value last year. On Thursday, Gemstar’s shares fell 4 cents to close at $3.45 on Nasdaq.