Sonus Networks Provides Update on Financial Review and Restatements.CHELMSFORD, Mass. -- Sonus Networks, Inc. (Nasdaq: SONSE), a leading supplier of voice over IP (VoIP) infrastructure solutions to service providers, today provided an update on its previously announced financial review. Sonus Networks has completed the detailed review of its financial statements for fiscal years 2003, 2002 and 2001. Additionally, the Audit Committee of Sonus' Board of Directors has completed its internal investigation. As a result of the financial review, Sonus will restate its consolidated financial results for fiscal 2001 and 2002, and the first three quarters of fiscal 2003. As previously reported, the primary impact of the restatements is the adjustment to the timing of revenue recognition and certain other financial statement accounts. Principal adjustments to revenue relate to the timing of revenue where the revenue has been deferred and recognized in subsequent periods. In addition, other material restatements include adjustments to purchase accounting, impairments, accruals and deferred compensation. Sonus expects to file its 2003 Form 10-K/A and Q1 2004 Form 10-Q Form 10-Q See 10-Q. with the SEC within approximately a week. Sonus has requested an additional exception from the Nasdaq Listing Qualifications Panel for additional time to regain compliance with the Nasdaq filing requirements. About Sonus Networks Sonus Networks, Inc. is a leading provider of voice over IP (VoIP) infrastructure solutions for wireline and wireless service providers. With its Open Services Architecture The Open Service Access or OSA is part of the 3rd generation mobile telecommunications network or UMTS. OSA describes how services are architected in an UMTS network. The standards for OSA are being developed as part of the 3rd Generation Partnership Project (3GPP). (OSA 1. OSA - Open Scripting Architecture. 2. OSA - Open System Architecture. ), Sonus delivers end-to-end solutions (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. addressing a full range of carrier applications, including trunking and tandem switching A telephone central office switch that links telco end offices together and does not connect to the customer directly. Also called a "Class 4 switch" or "TDM switch," a tandem switch is a computer that is specialized for TDM-based, circuit-switched telephone calls. , residential and business access, network border switching and enhanced services. Sonus' voice infrastructure solutions, including media gateways, softswitches and network management systems, are deployed in service provider networks worldwide. Sonus, founded in 1997, is headquartered in Chelmsford, Massachusetts Chelmsford is a town in Middlesex County, Massachusetts in the Greater Boston area. It is located 24 miles from Boston and, bordering on the City of Lowell, it is part of the Greater Lowell metropolitan area. . Additional information on Sonus is available at http://www.sonusnet.com. Sonus is a registered trademark of Sonus Networks. Open Services Architecture, GSX GSX Gelled Slurry Explosive GSX Ground Storm X (VMware) GSX Gran Sport Extra (Buick Skylark) GSX Gasco Energy Company GSX Gender Sexuality XYZ 9000, Insignus and Sonus Insight are trademarks of Sonus Networks. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners. |
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