Canadian telecom equipment maker Nortel Networks Corp. late Friday reported a significant reduction in losses for the fourth quarter of 2006 than for the same period a year earlier.
The company lost $80 million, or 19 cents a share, compared to the loss of $2.3 billion, or $5.26 a share, for the fourth quarter of 2005, because of $2.47 billion in legal costs.
The news came in the same week as the United States Securities and Exchange Commission and the Ontario Securities Commission in Canada announced charges against four former Nortel executives for accounting fraud.
Nortel’s 2006 fourth quarter revenue rose slightly over the same period a year earlier. Income $3.32 billion, up from $3 billion in the last four months of 2005.
The company scheduled a conference call for early on March 19 to discuss its earnings with analysts and investors.
Nortel Networks www.nortel.com
