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January 6, 2005

Nortel to meet some filing deadlines

Nortel Networks Corp expects to meet its January 10 deadline to file its annual results for 2003, and to file unaudited financial statements for the first and second quarters of 2004 before the end of January 2005.

By CBR Staff Writer

It said third-quarter figures, which had also been scheduled for delivery on January 10, will instead follow soon after together with amendments to reports for earlier periods.

Nortel has already missed three of its own deadlines for filing the figures because it underestimated the magnitude of the task facing hundreds of accountants analyzing figures for the past four years.

The Brampton, Canada-based networking equipment maker now forecasts that fourth-quarter revenue will be $2.8 billion, compared with its prediction in December that it would be in the $2.8 billion to $2.9 billion range.

With regulatory and criminal investigations under way into its accounts, Nortel’s financial nightmare is coming to an end and the company has been buoyed by a decision by the New York Stock Exchange to continue to list the company’s stock for another three months while it files its accounts.

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