Riverstone restates

Riverstone has had to restate earnings for the fiscal years 2002 and 2003 after an internal audit discovered revenue overstatements. Riverstone said it overstated previously reported net revenue for the 2002 fiscal year by as much as $47.3 million. Previously announced net revenue for the 2003 fiscal year was overstated by as much as $4.2 million. The overstatements are related sales subject to contingencies that were not accounted for at the time the transactions were originally recorded. The internal review of the company’s accounting practices is ongoing, so additional items may be restated. (Read the story)

Lucent has landed a $1 billion deal with Sprint to continue equipping the carrier with CDMA gear for its PCS wireless network. Lucent is an incumbent supplier to Sprint PCS. The new multiyear contract, which includes Lucent’s Flexent CDMA Modular Cell 4.0 base stations, switching gear, software and professional services, will increase Sprint PCS’ geographic coverage and network capacity in the U.S. Sprint PCS also says that the upgrade will lead to “more advanced services based on CDMA2000 and 1xEV-DV,” third–generation standards. (Read the story)

Nortel and Ericsson have been selected by AT&T Wireless to supply equipment for an upgrade of the carrier’s WCDMA network. AT&T Wireless will use the gear from Nortel and Ericsson to initially upgrade its first four 3G markets – San Francisco, San Diego, Seattle and Dallas. AT&T Wireless would not reveal details about its contract with either vendor. But sources close to the company say AT&T Wireless will spend $60,000 per cell site to upgrade its entire network to 3G. (Read the story)