TELECOM Digest OnLine - Sorted: Nortel Reports Results for the Fourth Quarter and Year 2004

Nortel Reports Results for the Fourth Quarter and Year 2004

Monty Solomon (monty@roscom.com)
Mon, 2 May 2005 08:05:14 -0400

TORONTO--(BUSINESS WIRE)--May 2, 2005--Nortel Networks Corporation
(NYSE:NT)(TSX:NT):

-- Q4 2004 revenues of $2.6 billion, up sequentially 20 percent
-- Q4 2004 net earnings of $133 million, $0.03 per common share
on a diluted basis
-- Q4 2004 cash balance of $3.7 billion, up sequentially $296
million

Nortel Networks Corporation (NYSE:NT)(TSX:NT) today reported results
for the fourth quarter and audited results for the year 2004 prepared
in accordance with United States generally accepted accounting
principles in U.S. dollars.

Today's announcements serve as a status update by the Company and its
principal operating subsidiary Nortel Networks Limited ("NNL"),
pursuant to the alternative information guidelines of the Ontario
Securities Commission. These guidelines contemplate that the Company
and NNL will normally provide bi-weekly updates on their affairs until
such time as they are current with their filing obligations under
Canadian securities laws.

Fourth Quarter 2004 Results

Revenues were $2.62 billion for the fourth quarter of 2004 compared to
$3.27 billion for the fourth quarter of 2003 and $2.18 billion for the
third quarter of 2004. The Company reported net earnings in the fourth
quarter of 2004 of $133 million, or $0.03 per common share on a
diluted basis, compared to a net earnings of $528 million, or $0.12
per common share on a diluted basis, in the fourth quarter of 2003 and
net loss of $259 million, or $0.06 per common share on a diluted
basis, in the third quarter of 2004.

Net earnings in the fourth quarter of 2004 included $37 million of net
earnings from discontinued operations; special charges of $81 million
related to restructuring activities; and a benefit of approximately
$134 million primarily related to customer financing recovery and
settlements.

- http://finance.lycos.com/home/news/story.asp?story=48792662

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