The Register® — Biting the hand that feeds IT

Nortel delays results

How deep does the rabbit hole go?

Free whitepaper – Selecting an Industry-Standard Metric for Data Center Efficiency

Nortel Networks is to delay filing 2003 annual financial statements because of continuing investigations.

The Canadian networking giant launched an independent review of its finances in October 2003 when it said it needed to restate some of its results for last year. This has determined that Nortel is likely to have to restate results for more quarters last year. Hence yesterday's decision to delay filing annual reports (Form 10-K for the year ended 31 December, 2003) to the SEC.

The company says the delay will not necessarily result in a default in the repayment of $1.8bn in debt - even if it misses a 31 March deadline. But Wall Street is jittery: shares in the company dropped 12 per cent on the news.

And things appeared to be going so well. In January Nortel, said it made a profit for 2003, its first annual profit since 1997. ®

Related story

Nortel faces $30-40m restructuring charge

Free whitepaper – Power and Cooling Capacity Management for Data Centers

Don’t Miss

Mouse teaserOpenOffice.org pushes gamers' buttons with OOMouse

Retains 'burning hatred' for Microsoft, not Apple

Intel logo teaserBig Iron, big data, big networks, big problems

Interview Intel's Wilf Pinfold talks us through SC09

SpectraLogic logoSpectra launches T-Finity, plans beyond

Aims to outshine Sun

HP LogoHP scores SMB storage hat-trick

Disk, DAT and the other