Feeds

Nortel finally readies accounts

Light at the end of the tunnel - let's hope it's not a train...

  • alert
  • submit to reddit

Intelligent flash storage arrays

Nortel Networks says it will finally be able to post financial results for 2003 on 10 January next year - after a series of delays.

The company said 11 November it was aiming to provide full accounts within 30 to 60 days - the new deadline just hits this target.

Nortel will update its unaudited results in the week of 13 December.

Nortel admmitted in March that bean counters had found a hole in its accounts. The networking specialist overstated costs for 2001 and 2002 which meant profits for 2003 were unduly high. The problem was made worse because bonuses were paid to executives based on the faulty figures. In April Nortel sacked its CEO, CFO and financial controller for their role in the disaster.

Net earnings for 2003 are now expected to be 28 per cent lower but most of this will be accounted for in previous years so losses in 2002 and 2001 will be reduced. Earnings fell in the first half of 2003 but rose slightly in the second half. Only 18 per cent of 2003 net income reductions will hit continuing operations.

Revenue reductions so far have cut revenues for 1999 and 2000 by $430m and $2.8bn. Remaining revenue adjustments will be deferred for future years.

The firm still has to check in with Stock Exchange regulators every two weeks.

There is a full statement available on Nortel's website here.

®

Related stories

Nortel delays filing accounts (again)
Nortel hammered again
No news is good news for Nortel
Nortel delays results

Secure remote control for conventional and virtual desktops

More from The Register

next story
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.