Riverstone Networks released results of its ongoing accounting review confirming that previously announced financial results were overstated. Based of the review, Riverstone has determined that it overstated its previously reported net revenues of $210.8 million for the fiscal year ended March 2, 2002 by as much as $85.5 million and its previously reported net revenues of $54.5 million for the nine months ended November 30, 2002 by as much as $12.7 million.
In addition, the company has determined that previously announced net revenues of $69.6 million for the fiscal year ended March 1, 2003 were overstated by as much as $13.3 million. The company anticipates a positive impact of as much as $700,000 on previously announced net revenues for the first quarter of fiscal 2004 ended May 31, 2003 of $12.7 million. More information is online.
http://www.riverstonenet.com
- Last week, Riverstone named Oscar Rodriguez as its new president and CEO, replacing Romulus Pereira, who will continue to serve as chairman of the company. Rodriguez previously served as president of Nortel Networks’ Enterprise Solutions and Intelligent Internet divisions and as president and COO of Arris Interactive.
