Nortel Reports Profits for First Half of 2004

    February 1, 2005

Nortel Networks whose accounting scandal led to the firing of its CEO, posted a profit in the first half of last year.

The Company and its principal operating subsidiary, Nortel Networks Limited, have filed their unaudited financial statements for the first and second quarters of 2004 prepared in accordance with United States generally accepted accounting principles, and related Quarterly Reports on Form 10-Q and corresponding Canadian filings.

During the six-month period, Nortel posted net income of $75 million on $5.03 billion in sales. Previously, the company has estimated that it broke even on revenue of about $5.1 billion.”

According to a Reuters article,

“Nortel has promised to issue third-quarter results as soon as possible after announcing first-half numbers, but it has not set a date to release fourth-quarter results or its 2004 annual 10K filing.

The company has estimated a third-quarter loss of 6 cents per share on revenue of $2.27 billion and fourth-quarter revenue at $2.8 billion.”

The next status update should be released the week of Feb. 14.

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