Applied Materials No-Politics Thread (AMAT) Message Board

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Technology Stocks : Applied Materials No-Politics Thread (AMAT)

AMAT 319.51

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Jan 26 3:59 PM EST

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To: Cary Salsberg who wrote (3283)	9/26/2002 8:46:34 AM
From: Proud_Infidel	Read Replies (1) of 25522

Troubled Nortel lowers forecast for Q3 Semiconductor Business News (09/25/02 11:01 p.m. EST) TORONTO -- It's gone from bad to worse for the communications industry. Nortel Networks Corp. late today said that it expects third-quarter revenues from continuing operations to be about 15% below the previous quarter. This compares to its previously stated guidance of sequentially lower revenues in the third quarter of "up to approximately 10%." Nortel also expects a marginally larger pro forma net loss from continuing operations per share in the third quarter of 2002, as compared to the second quarter of 2002. In addition, the company continues to assess its overall liquidity needs and expects to enter into discussions with its banks regarding its existing credit facilities. Further deterioration in spending by service providers, generally in the United States and for wireless networks in Asia, has resulted in the revised outlook, said Frank Dunn, president and chief executive officer of Nortel. "Despite the continued challenging market environment, our top priority remains to return to profitability by the end of June of 2003,” he said in a statement. “We are progressing well in our restructuring plan, and we will continue to monitor the market and the spending environment and take additional actions, as appropriate, to achieve our profitability goals." The company also announced today that it plans to present a proposal to its shareholders for a consolidation of its outstanding common shares (also known as a "reverse stock split") at its annual meeting planned for spring 2003. The consolidation ratio will be set by the board in early 2003 at a level which would be expected at that time to result in an initial post-consolidation common share price in the range of $10-to-$20, assuming receipt of shareholder and regulatory approvals.

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