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Technology Stocks : Nortel Networks (NT)
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To: Qualified Opinion who wrote (14312)12/14/2004 2:57:47 AM
From: elmatador   of 14638
 
long-delayed audited financial statements for 2003 and unaudited statements for the first two quarters of 2004.

They are hiding the company is bankrupt!!!

Nortel to file in new year
By Bernard Simon
Published: December 9 2004 02:00 | Last updated: December 9 2004 02:00

Nortel Networks, the Ontario-based telecoms equipment supplier, said yesterday it would "commence" filing on January 10 its long-delayed audited financial statements for 2003 and unaudited statements for the first two quarters of 2004. Nortel, under investigation in the

US and Canada for accounting irregularities, also said it would provide updates next week on "estimated unaudited results" for the first two quarters of 2004. It would publish "limited estimated unaudited results" for the previous three years and the third quarter of 2004. The company has yet to set a date for publishing audited results for 2004.

It expects its originally reported earnings of $732m in 2003 to be reduced by about 28 per cent, compared with a previous estimate of a 35 per cent reduction and an estimate earlier this year of a 50 per cent drop. A spokeswoman said statements from 2001 "will be completed and filed on January 10", but that there might be a delay of a few days in processing thousands of pages of documents. Bernard Simon

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