Nortel Networks Corp. today provided a status update on its financial restatement process and other related matters...
June 2, 2004
Nortel Networks Corp. today provided a status update on its financial restatement process and other related matters and additional information regarding its business performance.
The update is part of the Ontario Securities Commission’s ongoing investigation into the company’s financial reporting practices.
“Today we are providing the status of our restatement process and financial reporting,” said Bill Owens, president and CEO of Nortel. “We are making progress toward completing the restatement of our financials, but this is a complex process and there is significant work yet to be done. This has been a very challenging time for the company, our investors, customers and employees. We will get through it in good shape.
"At the same time, we are encouraged to be seeing good business momentum and support from our customers with growing demand for our next generation networking solutions. Over the coming weeks and months, I will be focused on the business model that will make this company successful including revenue growth, cash flow and financial accountability."