TORONTO - Nortel Networks Corp. (OTCBB:NRTLQ), the former Canadian technology heavyweight that's being dismantled under court supervision, reports it had a US$2.3-billion net loss in the fourth quarter.
It recorded just US$28 million of revenue during the three-month period ? down nearly 96 per cent from US$641 million a year earlier,
Almost all of the loss was attributed to non-cash charges related to the restructuring of the insolvent Canadian company's U.S. subsidiaries.
Nortel says its financial results do not include its U.S. subsidiaries after Oct. 1.
As a result, company's cash balance at the end of December dropped to US$807 billion ? not counting US$3.2 billion in restricted cash, which is primarily proceeds from the sale of its business units.
By comparison, Nortel's cash balance at the end of September had been US$1.7 billion, including $966 million related to the U.S. subsidiaries. Nortel's restricted cash was also US$3.2 billion at the end of September.
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