Forbes.com: Nortel: Nowhere To Go But Up
Forbes.com: Nortel: Nowhere To Go But UpNortel: Nowhere To Go But Up
David M. Ewalt, 08.20.04, 12:55 PM ET
NEW YORK - It certainly sounds like bad news when a company fires seven executives for financial malfeasance, lays off 3,500 employees and advises investors that it expects sluggish market growth for the year. But for Ontario-based Nortel Networks, it's all evidence that the company is getting itself back on track and working to improve its fortunes.
To be sure, the telecom equipment manufacturer has been having a rough year, suffering through an accounting scandal, as well as civil and criminal investigations by both American and Canadian officials. The company has said it will have to restate several years worth of revenues and delay this year's quarterly earnings reports, all while watching its stock price plummet. Sales are slow, margins are low, and, in April, the company fired CEO Frank Dunn, CFO Douglas Beatty and controller Michael Gollogly.
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