TORONTO-Finally, Nortel Networks Ltd. has set Jan. 10, 2005, as the date it will file the unaudited statements for 2003 as well as the first and second quarters of 2004. The wireless vendor also said it will update the world on results for 2001, 2002, 2003 and the third quarter of 2004 next week.
It also promised to file, “as soon as practicable,” the financial statements for the third quarter of 2004.
Nortel said its annual revenues will increase about 9 percent in 2001 as against its previously estimated 8 percent, 3 percent in 2002 as against previously estimated 4 percent, and 5 percent in 2003, in line with earlier projections.
So the company expects revenue net increases of about $1.5 billion, $265 million and $460 million in 2001, 2002 and 2003 respectively.
It will suffer a 28-percent fall in net earnings for 2003 as against previously estimated 35 percent, said Nortel, noting the company’s cash balance is not materially impacted by the results.
