Nortel (NYSE:NT) announced today its 1H 2004 restatements, without revealing any major surprises.  The 1Q EPS of 2 cents was higher than the break-even estimates of some Wall Street analysts, mostly due to margins that came out just a bit higher and a bigger chunk of forex income.  However, the Q2 results were a tad lower than expected due to forex losses.  Nortel still has to produce the 2H 2004 numbers, which will be filed as soon as it is "practicable".

The good news is that some of the overhang is beginning to lift from Nortel, and the "new" CFO (Peter Currie, who was Royal Bank of Canada's CFO until last September) was well received by Bay Street (coincidentally, Peter was NT's CFO from 1994-97).

I got some mail yesterday regarding my Verizon VoIP build article.  Of course, despite the fact that this particular deployment has not met some pretty lofty expectations, it was still a big win for Nortel in a key Lucent account.  In fact, it showed that Nortel was ahead of Lucent in softswitches at that point (and in fact, Lucent ended up buying Telica to catch up).  Perhaps it is time to acknowledge John Roth's famous "right angle turn" that emphasized the development of IP technologies.