Nortel Networks Reports Results for Second Quarter of 2003

Nortel Networks Reports Results for Second Quarter of 2003

Post by Monty Solomo » Sat, 26 Jul 2003 11:55:55



TORONTO--(BUSINESS WIRE)--July 24, 2003--Nortel Networks Corporation
(NYSE:NT)(TSX:NT):

    --  Revenues: US$2.33 billion, down sequentially approximately 3%

    --  Net loss of US$14 million; US$0.00 per common share

    --  Strong cash balance of US$4.2 billion, up sequentially
        approximately US$0.2 billion

Nortel Networks Corporation (NYSE:NT)(TSX:NT) today reported results
for the second quarter and the first six months of 2003 prepared in
accordance with United States generally accepted accounting
principles.

Second Quarter 2003 Results

Revenues were US$2.33 billion for the second quarter of 2003 compared
to US$2.40 billion for the first quarter of 2003 and US$2.77 billion
for the second quarter of 2002. Nortel Networks reported a net loss in
the second quarter of 2003 of US$14 million, or US$0.00 per common
share, compared to net earnings of US$54 million, or US$0.01 per
common share, in the first quarter of 2003 and a net loss of US$697
million, or US$0.20 per common share, in the second quarter of 2002.

Net loss in the second quarter of 2003 included an aggregate of US$37
million (net of tax) for the amortization of acquired technology and
deferred stock option compensation associated with acquisitions and
US$5 million of special charges for restructuring. The company's
results also included a benefit of approximately US$51 million
(pre-tax) related to the reduction in provisions associated with the
collection in the quarter of certain customer financing receivables.

     - http://finance.lycos.com/home/news/story.asp?story=34987931

 
 
 

1. Nortel Networks Reports Results for First Quarter of 2003

TORONTO--(BUSINESS WIRE)--April 24, 2003--Nortel Networks
Corporation (NYSE:NT)(TSX:NT):

--  Revenues: US$2.40 billion, down sequentially approximately 5%

    --  Net earnings of US$54 million; US$0.01 per common share

    --  Strong cash position of US$4.0 billion, up sequentially over
        US$100 million

Nortel Networks Corporation (NYSE:NT)(TSX:NT) today reported results
for the first quarter of 2003 prepared in accordance with United
States generally accepted accounting principles, "GAAP."  Commencing
with this presentation of its first quarter 2003 results, Nortel
Networks will no longer provide pro forma earnings (which is a
non-GAAP financial measure).

First Quarter 2003 Results

Revenues were US$2.40 billion for the first quarter of 2003 compared
to US$2.91 billion in the same period in 2002. Nortel Networks
reported net earnings in the first quarter of 2003 of US$54 million,
or US$0.01 per common share, compared to a net loss of US$841 million,
or US$0.26 per common share, in the first quarter of 2002.

Net earnings in the quarter included US$190 million of net earnings
from discontinued operations -- net of tax, US$134 million of special
charges for restructuring and an aggregate US$36 million (net of tax)
for the amortization of acquired technology and deferred stock option
compensation associated with acquisitions. The company's reported
results also included approximately US$80 million of favorable impacts
associated with reductions in accruals principally related to: the
wind-down of integration activities of previously acquired companies,
operations originally structured as joint ventures, and miscellaneous
tax matters; which were more than offset by costs related to the
return to profitability bonus plan for employees and stock-based
compensation expense.

     - http://finance.lycos.com/home/news/story.asp?story=33939989

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