Thursday, April 27, 2006

Nortel Files 2005 Financial Statements

Nortel Networks reported Q4 2005 revenues of US$3.0 billion and a net loss of US$2.3 billion, including a US$2.5 billion expense to settle shareholder class action litigation.



2005 revenues were US$10.5 billion and there was a net loss for the year of US$2.6 billion.



The company's financial restatements have also been completed. Revisions to the Company's previously reported 2003 and 2004 financial results reflect negative impacts on revenue of US$261 million and US$312 million and on net earnings/loss of US$141 million and US$156 million, respectively, as well as revisions to the Company's previously reported 2005 nine month results reflecting negative impacts on revenue of US$520 million and on net earnings/loss of US$164 million in the aggregate. With respect to financial results prior to 2003, the revisions reflect negative impacts on revenue of US$384 million and on net earnings/loss of US$70 million in the aggregate. These revenue adjustments resulted in the deferral to later periods of revenue that was previously recognized in prior periods.

http://www.nortel.com

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