As expected, Nortel Networks Corp. restated its earnings for 2003, 2002 and 2001. The company also announced it will install a chief ethics officer, and 12 of its executives will pay back a combined $8.6 million in bonuses.
“With the completion of our restatements we have a solid foundation on which to move forward with our business,” said Bill Owens, the company’s president and chief executive officer. “I want to thank all our employees and partners, who have tirelessly dedicated their time and efforts. The restatement has been a monumental task, both complex and demanding. I also want to thank our customers for their consistent support that has allowed us to maintain our business and strong financial position during this time and continue our expansion in critical markets. We are well positioned for the future with an extensive global presence.”
In its refiled earnings, Nortel posted revenues of $10.2 billion and net earnings of $434 million in 2003. The company’s stock was down more than 5 percent after the news to around $3.51 per share.
Nortel said it is still working to file its financials for 2004.
