Written by triso
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Topics: Technology, Numbers

Saturday, 5 June 2004

image for Nortel Still Can Not Release Financial Results.
Top Executives Confer Before Board Meeting.

OTTAWA - Nortel Networks is still not able to release reliable financial results for last year, or the first quarter of this year. Canada's largest technology company says it still cannot say when those numbers will be disclosed. However, the company does say investigation and restatement activity by its board's audit committee continue.

It says numbers for 2003 and the first quarter, as well as restatements of prior periods, will not be completed in the current quarter.

Nortel Networks insiders were barred from buying or selling the company's shares by the Ontario Securities Commission May 17.

It was part of the fallout from an accounting fiasco which intensified in mid-March, when the company said it wouldn't be able to file audited 2003 results on time.

Nortel also warned, at that time, that its 2003 profit was only about half the $732 million (US) it had reported in preliminary results issued in January.

Since then, the company has disclosed it is under criminal investigation by the U.S. attorney's office in Dallas, Texas.

That's in addition to probes by the Ontario Securities Commission, the RCMP and U.S. Securities and Exchange Commission.

When questioned, a senior financial analyst at Nortel said, "The company's in the toilet now, we actually lost 350 million (US) in 2003 and they haven't even looked at 2002 yet. Once again we are planning to downsize our workforce by at least 10000." He also admitted, "All of the above is not fictional and was copied verbatim from CBC news. You couldn't make up a funnier story if you tried."

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