Nortel Networks reported selected preliminary unaudited results for Q3 2003 and announced its intention to restate its financial results for 2000, 2001 and 2002 and the first and second quarters of 2003.
The restatements are expected to result in a reduction in previously reported net losses for 2000, 2001 and 2002; and an increase in shareholders’ equity and net assets previously reported on Nortel Networks balance sheet as 30-June-2003. None of the adjustments are expected to have any impact on the company’s cash balance as of 30-June-2003 nor does the company expect the adjustments to impact its forward business operations.
Nortel Network reported preliminary net revenues of US$2.27 billion for Q3 2003 and net earnings of approximately US$179 million, or approximately US$0.04 per common share on a diluted basis. Frank Dunn, president and CEO of Nortel Networks, said, “the preliminary results announced today reflect our continued progress in an environment of cautious capital spending by our customers.”http://www.nortelnetworks.com
