Telecom equipment maker Nortel Networks has again delayed filing its restated financial results, mainly because of revenue reporting issues.
The company had set mid-November as the target date for releasing restated and current results, but now it expects to release limited preliminary unaudited results for the third quarter of 2004 by mid-December.
"In the course of the company's reviews over the last two weeks, we have found a level of revenue restatement which warrants that we undertake a deliberate, focused but bounded double-checking of several revenue areas," Mr Bill Owens, president and chief executive, said in a statement.
On its business outlook, Nortel said that because of the revenue adjustments expected, it sees the company's revenue percentage growth to be in the low single digits for the full year 2004 over 2003.
Nortel has not finalised its financial results for the third quarter of 2004, but expects to report cash at September 30th of about $3.4 billion.
Nortel shares were off 17 Canadian cents or 4 per cent at C$4.11 on the Toronto Stock Exchange on Thursday morning. In New York, the shares were down 14 cents at $3.44.