Incredibly, Nortel misses another deadline to file:
Even more incredibly, the stock is up this morning!
yahoo.reuters.com
Nortel to miss Jan 10 filing deadline - report
Thu Jan 6, 2005 07:53 AM ET
TORONTO, Jan 6 (Reuters) - Nortel Networks Corp. (NT.TO: Quote, Profile, Research) (NT.N: Quote, Profile, Research) is set to miss another self-imposed deadline to file its restated financial results, a Canadian national newspaper reported on Thursday.
The National Post, citing sources, said the telecommunications equipment provider will likely miss the Jan. 10 filing date, which it promised to the investment community.
The company made this promise to investors late last year after it missed three self-imposed deadlines.
"We are driving toward the 10th and we said we would commence filing on January 10th," Nortel spokeswoman Tina Warren told Reuters.
According to the newspaper sources, there is a disagreement between the company and its auditors over the recognition of bad debt. Nortel's auditors are insistent that this issue must be resolved before it files its statements.
Further slowing progress, the sources said, is that the accountants took time off over the Christmas holidays.
Nortel is expected to provide a bi-weekly status update, as required by regulators, later on Thursday.
Nortel said in December that it will "commence" filing audited statements for 2003 and unaudited statements for the first half of 2004 on Jan. 10. It said it would follow that with the filing of unaudited results for the third quarter of 2004 as soon as possible.
Nortel's repeated use of the word commence may mean it wants flexibility in how complete a filing it makes, some analysts told Reuters.
($1=$1.23 Canadian) |
