Nortel Review Far From Over

Nortel(NT Quote) said it still has no idea when the review of its previously issued financial statements will be finished, warning that the painstaking process is being carried out over "thousands of accounting entries in ledgers and sub-ledgers across geographic regions over a number of years."

Nortel reiterated that the review will cut 2003's previously reported earnings in half and result in a loss, rather than earnings, over the year's first two quarters.

"We are making progress toward completing the restatement of our financials, but this is a complex process and there is significant work yet to be done," Nortel said. "This has been a very challenging time for the company, our investors, customers and employees. We will get through it in good shape." ...