Nortel Plans Postclose Filing

Nortel ( NT) reiterated its intent to file its 2003 annual report today.

The Brampton, Ontario, telecom-gear maker said in a press release that it expects to file 2003 documents with the Securities and Exchange Commission after Monday's close.

The company said it would hold a 9 a.m. EST press conference tomorrow to discuss the results, which are expected to be available on the Edgar online database Tuesday morning.

The news comes as Nortel continues a broad internal audit following a series of accounting revelations over the last year. Last year Nortel dismissed 10 top executives, including former chief Frank Dunn, after it uncovered more than $3 billion in misbooked sales dating back to the turn-of-the-century Internet construction boom. Many of the errors were recorded in Nortel's optical networking unit, which was posting 40% annual sales growth rates at that time.

After withdrawing its financial results for previous years in response to last year's discovery of the accounting missteps, Nortel in December filed preliminary restated results for the first three quarters of 2004 as well as the three previous years.

At the time, the company said third-quarter revenue would fall short of Wall Street estimates but fourth-quarter numbers would be stronger, hitting $2.8 billion to $2.9 billion. Last Thursday the company confirmed that it would hit the lower end of that range.

Early Monday, Nortel was flat at $3.34.

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