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Nortel Files Q3 Results

Nortel files unaudited financial results for Q3 of 2004

March 18, 2005

4 Min Read

TORONTO -- Nortel Networks Corporation(NYSE:NT)(TSX:NT) today announced that it and its principal operating subsidiary, Nortel Networks Limited ("NNL"), have filed their unaudited financial statements for the third quarter of2004 prepared in accordance with United States generally accepted accounting principles, and related Quarterly Reports on Form 10-Q and corresponding Canadian filings. Annexed to this press release is certain selected unaudited financial information of the Company for such quarterly period.


Table 1: Consolidated Statements of Operations (unaudited)

 (US GAAP; millions of U.S. dollars, except per share amounts) 

 Three months ended September 30 

  

 Nine months ended September 30 

  

2004

2003

2004

2003

As restated

As restated

Revenues

$2,179

$2,344

$7,213

$6,927

Cost of revenues

1,393

1,214

4,319

4,020

Gross profit

786

1,130

2,894

2,907

Selling, general and administrative

512

527

1,596

1,458

Research and development

501

455

1,465

1,440

Amortization of acquired technology and other

2

32

7

98

Deferred stock option compensation

-

1

-

16

Special charges

93

80

99

198

(Gain) loss on sale of businesses and assets

(39)

(17)

(114)

(6)

Operating earnings (loss)

(283)

52

(159)

(297)

Other income (expense) � net interest

44

148

112

302

Long-term debt

(45)

(45)

(132)

(136)

Other

(3)

(8)

(18)

(22)

Earnings (loss) from continuing operations before income taxes, minority interests and equity in net loss of associated companies

(287)

147

(197)

(153)

Income tax benefit (expense)

30

(36)

32

4

(257)

111

(165)

(149)

Minority interests - net of tax

(7)

(10)

(29)

(52)

Equity in net loss of associated companies - net of tax

-

(13)

(2)

(38)

Net earnings (loss) from continuing operations

(264)

88

(196)

(239)

Net earnings (loss) from discontinued operations - net of tax

5

43

12

157

Net earnings (loss) before cumulative effect of accounting change

(259)

131

(184)

(82)

Cumulative effect of accounting change - net of tax

-

-

-

(12)

Net earnings (loss)

$(259)

$131

$(184)

$(94)

Basic earnings (loss) per common share

- from continuing operations

$(0.06)

$0.02

$(0.04)

$(0.06)

- from discontinued operations

0.00

0.01

0.00

0.04

Basic earnings (loss) per common share

$(0.06)

$0.03

$(0.04)

$(0.02)

Diluted earnings (loss) per common share

-from continuing operations

$(0.06)

$0.02

$(0.04)

$(0.06)

-from discontinued operations

0.00

0.01

0.00

0.04

Diluted earnings (loss) per common share

$(0.06)

$0.03

$(0.04)

$(0.02)



Nortel Networks Ltd.

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