TORONTO—Nortel Networks Corp. released its fourth-quarter and full-year 2005 results following several delays due to the company’s financial restatements. In the fourth quarter, Nortel posted a loss of $2.3 billion due to its proposed settlement of shareholder class action litigation.
“The restatements have been completed and we have filed the company’s 2005 Annual Report on Form 10-K. I now look forward to completing our first quarter 2006 reporting and moving back to being a timely filer,” said Mike Zafirovski, Nortel’s president and chief executive officer. “Despite this delay, we have remained focused on our short term priorities of business transformation, integrity renewal, growth imperatives and on re-creating a great company, and I look forward to updating you on our progress in a planned mid-May business update.”
In the fourth quarter Nortel posted revenues of $3 billion, up from the $2.51 billion it recorded in the same quarter a year ago. In the year-ago quarter Nortel scored a net income of $102 million.
