Nortel Networks Ltd. has set Jan. 10, 2005, as the date it will file the unaudited statements for 2003 as well as the first and second quarters of 2004. The wireless vendor also said it plans to update the world on results for 2001, 2002, 2003 and the third quarter of 2004 soon. Nortel said its annual revenues will increase about 9 percent in 2001 as against its previously estimated 8 percent, 3 percent in 2002 as against its previously estimated 4 percent, and 5 percent in 2003, in line with earlier projections. So the company expects revenue net increases of about $1.5 billion, $265 million and $460 million in 2001, 2002 and 2003 respectively. It will suffer a 28-percent fall in net earnings for 2003 as against its previously estimated 35 percent, said Nortel, noting its cash balance is not materially impacted by the results.
American Tower Corp. said it closed the sale of its 7.125-percent senior notes due 2012 for a total of $200 million principal amount of notes. Net proceeds to the company from the sale are about $199.8 million. American Tower said it will use the proceeds to repurchase and redeem some of its outstanding 9.375-percent senior notes due 2009. The company began that process by repurchasing about $85.2 million of the notes. American Tower said it plans to use the remainder of the net proceeds in addition to $30.1 million in cash on hand to redeem $133 million principal amount of the 9.375-percent senior notes, for which the company has set a redemption date of Jan. 5. As a result of the repurchase and redemption programs, American Tower expects to record an aggregate pre-tax loss during the fourth quarter of this year and the first quarter of next year.
Wireless retailer FTS Wireless Inc. announced a national distribution agreement with MyPhoneFiles.com, a New Jersey-based mobile content developer. FTS, which operates a chain of retail outlets in the Florida Gulf Coast and suburban Philadelphia, will market ringtones, pictures, games and other content developed by MyPhoneFiles.com beginning early next year. The company also sells products via online storefronts, as well as operating Wi-Fi hot spots.
