Nortel Reports Results for the Third Quarter 2008
Description: Nortel hosted a teleconference/audio webcast with the investment community.
- Third quarter revenues and margins in line with September 17th expectations.
- Challenging environment and stronger U.S. currency result in full year guidance update to around lower end of range for revenue and management operating margin.
- Non-cash charge of $3.21 billion to write-down goodwill and deferred tax asset, driven by changes in assumptions and lower growth projections in the current environment.
- Update to business review: $400 million in expected annual gross savings through cost reductions; focus on cash preservation including preferred share dividend suspension; transition to more effective operating model.
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Mike Zafirovski,
President & Chief Executive Officer |
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Pavi Binning,
Chief Financial Officer
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Janet Craig, Vice President, Investor Relations
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Archived Webcast
Be sure to test your ability to participate in a streaming media event. If you do not have RealPlayer (version 8 or higher), download Free RealPlayer.
Documentation
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Audio Conference Replay
| North America: |
1-800-408-3053 |
| International: |
1-416-695-5800 |
| Passcode: |
3273396# |
Investor Contacts
Investor Relations
Nortel
(888) 901-7286
(905) 863-6049
investor@nortel.com
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