Advanced Fibre (AFCI) ** IPO Message Board

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Technology Stocks : Advanced Fibre (AFCI) ** IPO

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To: Ram Seetharaman who wrote (3152)	6/16/2001 2:13:28 AM
From: elmatador	Read Replies (2) of 3299

Nortel is discontinuing broadband access business. I think AFCI will go belly up. Access is dead. Nortel is discontinuing broadband access business. They are writing down acquisitions to reflect current stock price "As a result of the initiatives to streamline its businesses, Nortel Networks has also decided to discontinue its access solutions operations. These operations, which include our narrowband and broadband access solutions (as well as Nortel Networks membership interest in Arris Interactive and investment in Elastic Networks) accounted for approximately 7.7 percent and 6.9 percent of Nortel Networks revenues for the year 2000 and the first quarter of 2001, respectively. A charge of approximately US$2.6 billion (after tax) is expected to be recorded in the second quarter for the closure and disposition of the various businesses. Approximately US$750 million of the charge relates to a write down of goodwill associated with the acquisitions of Promatory Communications and Sonoma Systems. Nortel Networks expects to exit, dispose of, or otherwise transition its ownership in these various businesses and investments over the next 12 months. In light of the adjustment of technology valuations and the current business outlook, Nortel Networks also expects to take a charge of approximately US$12.3 billion in the second quarter to reflect the write down of intangible assets, which are primarily related to the goodwill associated with the acquisitions of Alteon WebSystems, the 980 nanometer pump-laser chip business, Xros and Qtera. This charge will be in addition to the ongoing amortization of intangibles estimated to be approximately US$2.0 billion in the second quarter of 2001." biz.yahoo.com

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