Nortel 1Q Revenue Up 48 Percent

BRAMPTON, ONTARIO--Nortel Networks reported results for the first quarter of 2000 prepared in accordance with U.S. generally accepted accounting principles (GAAP).

Revenues increased 48 percent to US$6.32 billion for the first quarter of 2000 from US$4.29 billion in the same period in 1999. Net earnings from operations applicable to common shares(a) for the quarter were US$347 million, or US$0.23 per share on a fully diluted basis, compared to US$193 million, or US$0.14 per share on a fully diluted basis, for the same period in 1999, an increase in earnings per share from operations of 64 percent. Including Acquisition Related Costs (a) and one-time gains and charges, Nortel Networks recorded a net loss applicable to common shares in the first quarter of 2000 of US$730 million or US$0.52 per share.

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