大跌好补仓NT
- 主题发起人 terry
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Nortel to file final Q3 results by Nov. 19
By Ottawa Business Journal Staff
Fri, Nov 14, 2003 8:00 AM EST
Nortel's Carling Avenue campus
Telecom equipment maker Nortel Networks Corp. said Thursday it intends to file its final third-quarter results with U.S. securities regulators by Nov. 19, five days later than previously thought.
The Brampton, Ontario-based company added that it does not expect the results to differ in any material way from the preliminary results released on Oct. 23.
Comparable filings will be made with Canadian regulatory authorities no later than Nov. 28.
Late last month, Nortel surprised the markets by saying a review of books has revealed the need for a massive restatement of the financial results of the past three years.
The goods news is that the restatement will be a positive adjustment, not a negative. However, just the word "restatement" sent ripples of panic through a stock market still shaking off the investor apathy sparked by accounting scandals south of the border.
The restatement will ultimately eliminate US$900 million worth of liabilities from Nortel's books. Chief financial officer Doug Beatty attributed the need for the restatement to the company's rapid growth during the late 1990s and its even more rapid contraction during the industry slump of the past three years.
In an interview with Reuters last month, Beatty said the size of the restatement must be taken in its proper perspective. For 2001 and 2002, Nortel reported a total loss of $31 billion and cut about two-thirds of its staff, or 60,000 people.
Now that the dust has settled, the company has been able to take a breather, step back and review the drastic changes of the past three years.
Beatty said almost half of the $900 million worth of liabilities that will be removed from the books relate to restructuring costs due to staff cuts, as well as the closure of about 450 of 700 locations.
"You have to estimate what you think all those costs are going to be at the time that you actually notify an individual or get out of that building ... clearly you want to make sure you've got it covered so (you) tend to probably estimate on the upper end of a range," he said in October.
For the third quarter, Nortel reported a preliminary net profit of $179 million, or four cents a diluted share (all figures in U.S. dollars), including $70 million in restructuring costs.
That compares to a loss of $1.8 billion, or 42 cents a share, in last year's Q3, but the results from that quarter could very well end up revised as part of the restatement.
The company pegged preliminary revenues at $2.27 billion, down from $2.36 billion last year.
Analysts expected only a breakeven result on the per-share earnings side, but higher revenues of $2.33 billion.
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By Ottawa Business Journal Staff
Fri, Nov 14, 2003 8:00 AM EST
Nortel's Carling Avenue campus
Telecom equipment maker Nortel Networks Corp. said Thursday it intends to file its final third-quarter results with U.S. securities regulators by Nov. 19, five days later than previously thought.
The Brampton, Ontario-based company added that it does not expect the results to differ in any material way from the preliminary results released on Oct. 23.
Comparable filings will be made with Canadian regulatory authorities no later than Nov. 28.
Late last month, Nortel surprised the markets by saying a review of books has revealed the need for a massive restatement of the financial results of the past three years.
The goods news is that the restatement will be a positive adjustment, not a negative. However, just the word "restatement" sent ripples of panic through a stock market still shaking off the investor apathy sparked by accounting scandals south of the border.
The restatement will ultimately eliminate US$900 million worth of liabilities from Nortel's books. Chief financial officer Doug Beatty attributed the need for the restatement to the company's rapid growth during the late 1990s and its even more rapid contraction during the industry slump of the past three years.
In an interview with Reuters last month, Beatty said the size of the restatement must be taken in its proper perspective. For 2001 and 2002, Nortel reported a total loss of $31 billion and cut about two-thirds of its staff, or 60,000 people.
Now that the dust has settled, the company has been able to take a breather, step back and review the drastic changes of the past three years.
Beatty said almost half of the $900 million worth of liabilities that will be removed from the books relate to restructuring costs due to staff cuts, as well as the closure of about 450 of 700 locations.
"You have to estimate what you think all those costs are going to be at the time that you actually notify an individual or get out of that building ... clearly you want to make sure you've got it covered so (you) tend to probably estimate on the upper end of a range," he said in October.
For the third quarter, Nortel reported a preliminary net profit of $179 million, or four cents a diluted share (all figures in U.S. dollars), including $70 million in restructuring costs.
That compares to a loss of $1.8 billion, or 42 cents a share, in last year's Q3, but the results from that quarter could very well end up revised as part of the restatement.
The company pegged preliminary revenues at $2.27 billion, down from $2.36 billion last year.
Analysts expected only a breakeven result on the per-share earnings side, but higher revenues of $2.33 billion.
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My patience on NT will pay off tomorrow.
Look how NT fly....... :lol:
:lol::lol::lol::lol::lol::lol:
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10Q ; cogent language
by: placesontherun (41/M/Southern California)
Long-Term Sentiment: Strong Buy 11/19/03 05:35 pm
Msg: 385675 of 385726
"..Based on the completion of the comprehensive review and certain related reviews or, collectively, the comprehensive review, we determined that approximately $952 of certain liabilities (primarily accruals and provisions) carried on our previously reported balance sheet as at June 30, 2003 needed to be released to income in prior periods as part of the restatements. These provisions were either initially recorded incorrectly in prior periods or not properly released or adjusted for changes in estimates in the appropriate periods. In certain cases, costs were incorrectly charged to operations rather than to the appropriate provisions. Following our determination to restate certain consolidated financial statements, we also determined that we would correct certain known errors that were previously not recorded because the amount of the errors was not material to the consolidated financial statements. Specifically, among other items, we have made certain revenue adjustments to reflect revenue which should have been deferred instead of recognized in a particular period. Also, as part of the restatements, we made adjustments to correct errors related to our deferred income tax assets and foreign currency translation accounts. In addition, we made reclassification adjustments within the balance sheet to better reflect the underlying nature of certain items; these reclassifications did not impact the net assets as at the end of any period. The net effect of all of these adjustments was a reduction in accumulated deficit as at June 30, 2003 of $505 (million)..."
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Look how NT fly....... :lol:
:lol::lol::lol::lol::lol::lol:
===================================================================
10Q ; cogent language
by: placesontherun (41/M/Southern California)
Long-Term Sentiment: Strong Buy 11/19/03 05:35 pm
Msg: 385675 of 385726
"..Based on the completion of the comprehensive review and certain related reviews or, collectively, the comprehensive review, we determined that approximately $952 of certain liabilities (primarily accruals and provisions) carried on our previously reported balance sheet as at June 30, 2003 needed to be released to income in prior periods as part of the restatements. These provisions were either initially recorded incorrectly in prior periods or not properly released or adjusted for changes in estimates in the appropriate periods. In certain cases, costs were incorrectly charged to operations rather than to the appropriate provisions. Following our determination to restate certain consolidated financial statements, we also determined that we would correct certain known errors that were previously not recorded because the amount of the errors was not material to the consolidated financial statements. Specifically, among other items, we have made certain revenue adjustments to reflect revenue which should have been deferred instead of recognized in a particular period. Also, as part of the restatements, we made adjustments to correct errors related to our deferred income tax assets and foreign currency translation accounts. In addition, we made reclassification adjustments within the balance sheet to better reflect the underlying nature of certain items; these reclassifications did not impact the net assets as at the end of any period. The net effect of all of these adjustments was a reduction in accumulated deficit as at June 30, 2003 of $505 (million)..."
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GoneWithTheWind
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是啊，枪林弹雨都闯过来了，还有什么可怕的。
