You can see a video of it here and here but essentially what he says is that it was a spiritual coming, rather than a physical coming as he had understood it would be, but that we are now being judged. A merciful god spared us the pain and suffering of five months of hell on Earth, but the world is definitely still ending on October 21st. Great how he managed to turn that one around isn't it but what's he going to do in October in the wake of a 3rd failed prediction? And the end of the world sure would ruin my birthday plans.
Amusing as the whole thing was on the face of it, there are a lot of his followers now left with nothing having donated large sums of money to his station to finance the billboard campaign, left their jobs or not made adequate plans for the future they thought would never come. A few reports muse over the possibility of suing, but it seems unlikely since it was a "charitable" cause and they used the money on billboards as intended.
The sad thing is a lot of those people will believe him again and find themselves in an even worse position on October 22nd. The fact that people still believed him despite his failed prediction in '94 really goes to show that no matter what evidence and precedence is there, some people won't be swayed. (I've got to think of Bill Hicks portraying a playful god planting dinosaur fossils to mess with us)
P.S. I particularly like when he says "I don't have spiritual rule over anybody. Except my wife." Poor woman.