Nortel Loss Is $259 Million - TheStreet

Nortel

(NT)

sent its long-delayed third-quarter earnings report to the

SEC

, saying it lost $259 million on revenue of $2.18 billion in the July-to-September 2004 period.

Nortel, which repeatedly pushed back the filing as it scrambled to restate several years of earnings, cited development and restructuring expenses for the loss, which was in line with its previous estimate. The top line was about $10 million below its last guess.

Last month, the Brampton, Ont., telecommunications-equipment giant reported its financial results for the first half of 2004. In the second quarter, Nortel posted net income of $16 million, or less than a penny a share, on $2.6 billion in revenue. Those figures compare with a year-earlier net loss of $101 million, or 2 cents a share, on sales of $2.3 billion.

Nortel fell into turmoil after audits revealed that 2003 earnings were exaggerated by some $300 million. Nortel is concluding a lengthy book-cleaning effort and has subsequently missed several financial filing deadlines.