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Nortel files Q3 04

Restatement marathon

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Troubled networking giant Nortel Networks Corp has finally filed its figures for the third quarter of 2004, after a series of delays.

For the quarter ending September 30, Toronto-based Nortel reported revenues down 7 per cent year-on-year to $2.1bn, while net losses were $259m, compared to a $131m profit the previous year.

For the first three quarters of 2004, revenues were $7.2bn, up 4.1 per cent, while losses were $184m, compared to a loss of $94m the previous year.

Nortel, which suffered mightily in the telecoms crash at the beginning of the decade, has had to restate results for the years 2001 and 2002, as well as quarters ending 31 March, 2003 and 2002, 30 June 2003 and 2002, and 30 September 2003 and 2002, and its unaudited numbers for the year 2003. The knock-on effect was delays in its results for the first three quarters of 2004.

The figures, released late Friday (18 March, showed that enterprise networks was the only Nortel unit to grow sales in the fourth quarter, though wireless remained the biggest single group. The nine-month figures, however, showed growth at both the wireless and enterprise groups, while wireline and optical both showed falls.

More here.

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