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Earnings reports

Nortel Goes to the Wire

Nortel Networks Ltd. (NYSE/Toronto: NT) says it will start filing its 2003 financial statements today as previously planned, but it won't start the process until the financial markets have closed.

Rumors had persisted up until late last week that the vendor would miss its self-imposed January 10 deadline, but the company seems determined to hit its target, albeit with only hours to spare (see Jan 10 Is Nortel's F-Day).

It says it will "commence filing its audited financial statements for the year 2003 and related periodic reports after the close of trading," and that the documents will be available for public consumption early Tuesday. Nortel plans to hold a press conference tomorrow at 9 a.m. Eastern Time to discuss its numbers, but has yet to provide a date for an investor call to discuss its 2004 financial performance.

Nortel's share price is in limbo so far today, remaining fixed at Friday's closing price of $3.34, though it had opened the session slightly higher at $3.37.

Late last week Nortel announced that its revenues for the fourth quarter of 2004 are expected to be $2.8 billion, at the low end of its previous estimate (see Nortel Provides Latest Update and Nortel's Numbers Disappoint).

— Ray Le Maistre, International News Editor, Light Reading

Milano 12/5/2012 | 3:30:15 AM
re: Nortel Goes to the Wire The coming disappointing results will open up the way for ... well you guessed, another round of cuts.

We should command the remaining Nortel folks out there for their incredible capability to go through all the waves of layoffs and keep some motivation.

...M
gardner 12/5/2012 | 3:30:10 AM
re: Nortel Goes to the Wire
We should command the remaining Nortel folks out there for their incredible capability to go through all the waves of layoffs and keep some motivation.


They have already been commanded, I think it's time to commend the poor devils now. ;-)

Seriously, what makes you think they are still motivated? Because they show up for work every day? Anyone who thinks that that is evidence of motivation hasn't lived in that environment. It's a slow death that makes you just hang on and grit your teeth hoping it will end. And they are not alone. Lucent and Alcatel have been going through same quarter by quarter death of a thousand cuts. They all seem to have the same algorithm for "success" (I laugh!): "Not fast enough? Toss another galley slave overboard to lighten the ship. And the first mate and I would like some more of that roast beef! You people don't row fast enough. Get going! Can't you see what trouble we are in? Boy that's good roast beef! You there, fetch another roast from the kitchen! Faster I say! What is wrong with you lazy scum!?! Row faster!" All the big telecom companies seem to be able to do to weather the storm caused by their imprudent management is to throw another galley slave overboard. At least Nortel keel-hauled the captain. When are we going to see some corrections at the top in the other companies?

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