Nortel woes continue to end 2008

TORONTO – Nortel Q4 revenue falls 15% from Q4 2007, to $2.72 billion. The net loss of $2.13 billion includes non-cash deferred tax and goodwill writedowns of $2.19 billion. Full year revenue of $10.42 billion is marginally down Nortel-114X29.JPGfrom $10.95 billion in 2007; the 2008 net loss of $5.8 billion, vs. $957 million in 2007, includes $5.4 billion in a non-cash deferred tax adjustment and goodwill writedown. “Strong operating performance focused on customers, costs and cash resulted in meeting or exceeding guidance for management operating margin and cash,” spins Nortel president and CEO Mike Zafirovski, adding that the management operating margin of 11% during the fourth quarter was the highest since 2000. “Work is taking place across Nortel to develop a comprehensive plan to restructure Nortel into a more focused, leaner and more competitive company,” he says. Click here for more information.

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