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Nortel Not Ready To Provide Restated Results

Nortel Networks Wednesday said it's not ready to release restated financial results during this quarter.

The restated results date back to 2001. In a conference call on the status of the ongoing independent review of Nortel's accounting, President and CEO Bill Owens characterized the restatement as "of the highest importance."

"We will get this done as promptly as possible in line with doing it correctly, and we will fix our financial systems to report accurately and transparently in the future," Owens said.

Owens, who joined Brampton, Ontario-based Nortel about a month ago in a flurry of personnel changes, pledged that the company will drive revenue growth, build up its cash balance and cut costs to address new competitors operating in low-cost labor markets, such as Chinese networking vendor Huawei Technologies.

"We will get through this accounting restatement and will do so in good shape," Owens said, adding that Nortel expects to grow faster than the overall telecommunications market.

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