Nortel Returns to Profitability, Revenues Decline 5% Sequentially

Nortel Networks reported quarterly revenues of US$2.40 billion, down sequentially by approximately 5%. Net earnings in Q1 2003 were US$54 million, or US$0.01 per common share, compared to a net loss of US$841 million, or US$0.26 per common share, in Q1 2002. Gross margin was 42.9% in the first quarter of 2003, up from 39.3% in Q4 2002. On a sequential quarterly basis, revenues declined 3% in the US, 9% in Canada, flat for EMEA, and down 16% elsewhere. The company continues to expect the overall telecommunications equipment market to be down modestly in 2003 compared to 2002.

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