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.
The Last Restatement??