Nortel posts loss of 6 cents per share
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NEW YORK -- Nortel Networks Corp. reported a loss of 6 cents per share in the third quarter and predicted lower sales for 2004 than in 2003 on Tuesday, providing some of its first concrete figures for the
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Nortel Networks Corp. NT.TO NT.TO  posted long-awaited preliminary results for the first half of  2004 on Thursday, estimating first and second quarter earnings  between nil and 1 cent per share.
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Nortel Networks Corp. expects to report lower 2004 third-quarter revenues compared to the second quarter, North America&#39;s largest maker of telecom equipment said in a market update required by regulators on Thursday.
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AT&T Corp. on Thursday reported a net loss of $7.1 billion, or $8.95 per share, for the third quarter of 2004, but that loss included asset re-evaluation and other charges of $12.5 billion.
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Nortel reduced layoffs by 250, as the company details plans to cut expenses
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Nortel Networks Corp. will cut 10 percent of its workforce, or around 3,500 jobs, to reduce costs.
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NEW YORK -- Nortel Networks Corp., one of the top global makers of telecommunications equipment in North America, said Thursday it expects third-quarter revenue to fall short of the $2.
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TORONTO (CP) - The accounting calamity at Nortel Networks Corp. deepened Thursday as Canada&#39;s largest technology company again delayed its financial statements and restatements.
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Nortel Networks Corp. NT.TO expects  to report lower 2004 third-quarter revenues compared to the  second quarter, North America's largest maker of telecom  equipment said in a market update required by regulators on  Thursday.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) , one of the world&#39;s largest makers of telecoms equipment, said on Wednesday it would miss by about two weeks its end of October deadline
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TTAWA, Aug. 19 - Nortel Networks, the troubled Canadian telecommunications equipment maker, has fired seven more financial managers as it continued to sort out the accounting scandal that led to the dismissal of its president this year.
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American Axle & Manufacturing Holdings  Inc.  posted a quarterly net loss on Friday as it took  charges for worker buyouts and idling U.S. manufacturing  capacity for parts for mid-size light trucks.
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Advanced Micro Devices said that it lost $600 million or $1.09 per share, for the three months ended June 30.
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(InfoWorld) - U.S. and Canadian stock regulators filed fraud charges on Monday against several former executives of Nortel Networks, accusing them of twisting accounting practices to make it seem that the company was meeting Wall Street expectations. The U.S. Securities and Exchange Commission charged Frank Dunn, Nortel's former CEO and CFO, Douglas Beatty, the former CFO and controller, Michael Gollogly, the former controller and MaryAnne Pahapill, the former assistant controller. Meanwhile, the Ontario Securities Commission announced it would hold a hearing on May 1 to consider sanctions against Dunn, Beatty and Gollogly. The charges come as Nortel struggles to recover from the scandal. The company had fired or accepted resignations from all four managers by 2005, but is still repairing the damage to its financial records and its reputation. On March 1, Nortel said it would post yet another round of financial restatements and delay the filing of its 2006 annual report. The defendants all disregarded accounting practices and disclosure requirements in their effort to manipulate the books at the Canadian telecommunications equipment maker, the SEC said in charges filed in the U.S. District Court for the Southern District of New York. "The fraudulent conduct at issue here was egregious and long-running," said Linda Thomsen, director of the SEC's division of enforcement, in a statement. "Each of the defendants betrayed Nortel's investors and their misconduct gave rise to billions of dollars in shareholder losses." According to the SEC, between late 2000 and January 2001, Dunn, Beatty and Pahapill changed Nortel's revenue-recognition policies so they could appear to meet financial forecasts. And from July 2002 through June 2003, Dunn, Beatty and Gollogly created an illegal pool of reserve funds they used to fabricate profits, meet earnings targets and award bonuses. Then, in the second half of 2003, Dunn and Beatty tried to cover their tracks by explaining the company's $948 million restatement as an accounting error caused by internal control mistakes, the SEC said. That restatement was actually caused by the secret fund. Although he did not address the charges, one of the defendants quickly denounced the SEC for charging executives of a company outside U.S. borders. "I am disappointed that, after three years, the [SEC] has brought charges on the same day in respect of the same matter as the Ontario Securities Commission," said Dunn in a statement. "I think it would have been appropriate, under the circumstances, if the authorities in the United States had deferred to the Ontario Securities Commission in what is really a Canadian matter, and had acknowledged that the Canadian authorities are fully capable of addressing these important issues." However, the SEC insisted that it had jurisdiction since Nortel's stock trades on U.S. exchanges. "The action we take today sends a strong message that officers of U.S.-filing foreign corporations will be held to the same standards of accountability that are required of all participants in the U.S. financial markets," Thomsen said. Â
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OTTAWA, Aug 19  - Nortel Network Corp.&#39;s (NT.TO: Quote, Profile, Research) new growth recipe may strike a sour note with Wall Street because it does not center on profit margins, but a focus on cash and costs will better serve the ...
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Amid continuing problems with the release of its financial statements, Nortel NetworksÂ reported a loss for this year's third quarter, coupled with a drop in sales from the second quarter, but added that it expects improvements in fourth-quarter revenue.
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Company will slash nearly 3,250 jobs, reduce real estate to lower annual costs by $393.7M in 2005. TORONTO  - Nortel Networks Corp.