The Last Restatement??

Has Nortel finally dotted the "I"s and crossed the "T"s on its financial results? Maybe, maybe not. In any event, the company said yesterday it will add another $350-million of revenue to an earlier restatement of $866 million. Nortel said the latest revenue juggling for: "2005, 2004 and 2003 revenues would increase the revenue adjustments by approximately $120 million, $220 million and $100 million, respectively, from those previously announced. The current estimated impact to periods prior to 2003 would decrease the revenue adjustments by approximately $90 million from those previously announced". While Nortel expects to file its 10-K (2005 results) with the SEC by April 30, the company said its first-quarter results could be released as late as June 5. The delay means Nortel will default on another credit facility.

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