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Nortel To File 2003 Results Next Week

Canadian telecommunications firm Nortel Networks Corp. on Thursday said it will file long-delayed financial results for the 2003 year next Monday, but will not have its reports for the first and second quarters of 2004 ready by then.

The company, a maker of networking equipment, also pegged its projected fourth-quarter revenue at the low end of its estimate $2.8 billion to $2.9 billion range. Analysts surveyed by Thomson First Call see $2.83 billion in revenue.

Nortel, troubled by an accounting mess that will shift billions of dollars in revenue, had said it would submit the two quarterly reports along with its 2003 statement, but now expects to file those reports before the end of January.

Its Nortel Networks Ltd. subsidiary is expected to release its 2003 results shortly after Nortel submits its report.
In morning activity, shares of Nortel rose 2.1 percent, or 7 cents, to trade at $3.43 on the New York Stock Exchange.

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