Nortel to adjust restatements, delay earnings report

Nortel to adjust restatements, delay earnings report

Nortel said it would file first-quarter results in June after determining that revenue restatements for 2005, 2004 and 2003 had to be adjusted.

The company says it currently expects to add a total of $US350 million in revenue to its restatements for 2005 and earlier. This adjustment comes after $US866 million was subtracted in the restatements last month.

Revenues for 2005, 2004 and 2003 will increase by about $US120 million, $US220 million and $US100 million, respectively, over those previously announced.

For periods prior to 2003, revenue will decrease by approximately $US90 million from the revenue previously announced.

As a result, Nortel says it would delay the filing of its 10-Q report for the first quarter ended March 31, 2006, until June 5. The company says it still expects to file the 2005 Form 10-Ks - the annual report - and the corresponding filings under Canadian securities laws, by April 30.

Nortel says the expected restatement impacts are preliminary and unaudited, and subject to change as a result of any adjustments arising from the completion of the restatement process, subsequent events and the completion of the audit of the financial statements by the company's auditors.

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