TORONTO-Nortel Networks Corp. announced last week amended financial reports for full-year 2002 and the first two quarters of 2003, following up on a previously announced plan to restate financial results dating to 2000. Last month, when it filed its third-quarter 2003 results, the company included restatements of results for 2000 and 2001, which appeared nominal.
Altogether, according to Nortel’s filing with the Securities and Exchange Commission, revenues decreased by $17 million for 2000, decreased by $103 million for 2001, increased by $9 million for 2002, decreased $22 million for the first quarter of 2003, and increased $12 million for the second quarter of 2003.
Net loss was improved $27 million for 2000, improved $147 million for 2001, improved $319 million for 2002, declined $43 million for the first quarter of 2003, and improved $51 million for the second quarter of 2003.
Shares of Nortel were trading up slightly at $4.25 early last week.
