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Misery loves company. And Nortel

Still no accounts, now a profit warning too...

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Nortel Networks today warned that turnover for the third quarter of 2004 is likely to be lower than previously anticipated. The data networking equipment maker expects revenues to be lower than unaudited figures for the second quarter of 2004 and that revenue growth for 2004 compared with 2003 will be "in the mid single digits and that the overall communications equipment market will grow faster than that".

Bill Owens, president and CEO, said, “As we work through this challenging transition period, completing our restatement activity and implementing the new strategic plan for the Company, I am confident that Nortel Networks will be positioned to compete strongly in all of our markets with the right products and services as we move into 2005.”

Nortel announced in October 2003 that it would have to repost its accounts going back to 2000 after irregularities were found. The company is obliged to update Canadian regulators on its progress every two weeks. It announced in June that it was unable to file accounts for 2003 and in August, said it was cutting 3,500 jobs.

Nortel faces a class action suit from disgruntled investors alleging violation of US securities regulations. It is also under criminal investigation by the Royal Canadian Mounted Police. ®

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