Technology Industry
Industry: Email Alert RSS FeedNortel overstated losses; Company could restate 3+ years of financials.(News)
RCR Wireless News, October, 2003
Byline: SAM OMATSEYE In an announcement with possible implications for laid-off employees, plant closings and investors, Nortel Networks Ltd. said it is undertaking a comprehensive review of its financial profile for the past three-and-a-half fiscal years. Unlike the recent trend of overstating incomes, Nortel said it overstated its losses.
Although this review is by no means complete, the company said approximately $900 million in losses were charged in error. "It is clear now that in such a volatile environment, errors were made,'' said Frank Dunn, chief executive officer of Nortel. "I want to assure Nortel Networks stakeholders that we are committed to working to identify the causes of the mistakes and to implement the appropriate measures to...
CXO UnpluggedSmart Business interviews on BNET
See and hear how senior level executives across the Asia Pacific are developing smart business ideas across a variety of sectors. The focus is on the future, and on how businesses need to evolve.
Brought to you by CBS MoneyWatch.com
- Best- and Worst-Paid College Degrees
- 6 Things You Should Never Do on Twitter or Facebook
- How Much Sleep Do You Really Need?
- 6 Big Myths about Gas Mileage
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- Design a commission plan that drives sales - Sales Commissions
Presented by American Express