Nortel to Restate Financials

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Nortel Networks said Thursday that it will restate its financials going back to 2000, according to Reuters.

The telecommunications-equipment vendor said it intends to restate its financial results for 2000, 2001, 2002 and the first half of 2003 following comprehensive reviews.

Nortel added that none of the adjustments was expected to impact its cash balance or affect future business operations.

The company reported third-quarter net income of $179 million, or 4 cents per share, in the quarter ended Sept. 30, on revenue of $2.27 billion.

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