Press Release Source: Nortel Networks Corporation
Nortel Networks Reports Results for the Fourth Quarter and Year 2003
Thursday January 29, 4:09 pm ET
TORONTO--(BUSINESS WIRE)--Jan. 29, 2004--Nortel Networks Corporation (NYSE:NT - News; TSX:NT - News):
Q4 2003 revenues of US$2.83 billion, up 12 percent compared to the fourth quarter of 2002, and up sequentially 25 percent
Q4 2003 net earnings of US$499 million, US$0.11 per common share on a diluted basis
Strong cash balance of US$4.0 billion, up sequentially US$428 million
Nortel Networks Corporation (NYSE:NT - News; TSX:NT - News) today reported unaudited results for the fourth quarter and the year 2003 prepared in accordance with United States generally accepted accounting principles.
Fourth Quarter 2003 Results
Revenues were US$2.83 billion for the fourth quarter of 2003 compared to US$2.53 billion for the fourth quarter of 2002 and US$2.27 billion for the third quarter of 2003. Nortel Networks reported net earnings in the fourth quarter of 2003 of US$499 million, or US$0.11 per common share on a diluted basis, compared to a net loss of US$168 million, or US$0.04 per common share, in the fourth quarter of 2002 and net earnings of US$185 million, or US$0.04 per common share on a diluted basis, in the third quarter of 2003.
Net earnings in the fourth quarter of 2003 included US$109 million of net earnings from discontinued operations -- net of tax; charges of US$14 million for deferred stock option compensation associated with acquisitions; and US$9 million of special charges related to restructuring activities. The Company's results also reflected a net tax benefit of US$37 million which included a net benefit of US$41 million associated with tax audits and settlements.
Commenting on Nortel Networks financial performance, Frank Dunn, president and chief executive officer, Nortel Networks, said, "With the challenges that we faced in 2003, the Company had a tremendous year, truly marking a turning point for Nortel Networks. I am extremely proud of the dedication, passion and commitment of the entire employee team that delivered the performance not only in the fourth quarter, but throughout the year." |
