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A Nosedive For Highflier Idb


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A NOSEDIVE FOR HIGHFLIER IDB

Is there a time bomb hiding on the balance sheet of IDB Communications Group? That's what Wall Street was wondering as it halved the high-flying satellite-communications company's market value on June 1. Shares closed at 71/4, down 50% from the day before, one day after IDB announced that its auditor, Deloitte & Touche, resigned because of disagreements over the company's first-quarter earnings. In April, IDB reported net income of $8.8 million on revenues of $108 million, up 68%. "We're confident that the numbers as reported for the first quarter will stay the same," says IDB President Edward Cheramy, a former accountant and partner at Price Waterhouse.EDITED BY KEITH H. HAMMONDS


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