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Technology Stocks : Nortel Networks (NT)

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From: tom pope	11/11/2004 9:41:06 AM
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like I said, they must be using quill pens up there: 09:21 ET Nortel delays 10-Q filing (NT) 3.58: Co states "In the course of the Company's reviews over the last two weeks, we have found a level of revenue restatement which warrants that we undertake a deliberate, focused but bounded double-checking of several revenue areas. We have taken this decision to postpone our filings as a prudent measure to take the steps needed to ensure that we have captured all necessary corrections and adjustments in our restated results," said Bill Owens, president and chief executive officer, Nortel. "I am well aware that this delay will be disappointing to all our stakeholders, but we believe good governance requires that these additional detailed reviews be completed so that we will have the highest confidence in the accuracy of the financial results we will provide to the market." Due to the increase in 2003 revenues as a result of the revenue adjustments described below, the Company's revenue percentage growth for the full year 2004 compared to 2003 is now expected to be in the low single digits.

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