Nortel Networks Corp. has postponed its earning release date, again, in order to align the release with a U.S. regulatory filing.
The Brampton, Ont.-based telecom equipment company, which is still recovering from an accounting scandal, was expected to release its second-quarter 2005 earnings on Wednesday, August 3. But on Tuesday afternoon, the company issued a press release saying that it will open the books on its earnings and hold a conference call on Monday, August 8.
Nortel said it has “decided to change its reporting date to more closely align with the filing of its second quarter of 2005 quarterly report... with the U.S. Securities and Exchange Commission.”
It is not the first time Nortel has failed to file its earnings at the scheduled time. After keeping investors guessing for more than a year, Nortel finally caught up and released all of its financial information with investors in May.
Analysts expect Nortel will release earnings of 1 cent (U.S.) a share, compared with a loss of 2 cents a share in the same period a year earlier, according to consensus among those polled by Bloomberg News. Sales are expected to grow 4 per cent to $2.59-billion.
Nortel stock fell 2 cents (Canadian) or 0.6 per cent to $3.20 in Toronto.
© The Globe and Mail
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