Nortel Goes to the Wire
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