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Nortel Under Bankruptcy Protection Posts Further Q4 Losses

Nortel, now under bankruptcy protection, today announced further quarterly losses that more than doubled its previous announced loss. The total revenues in the fourth quarter were $2.72B a decrease of 15% compared to 2007."The fourth quarter revenues decreased 15 percent as the market continued to deteriorate and customers either reduced or deferred spending. However, strong operating performance focused on customers, costs and cash resulted in meeting or exceeding guidance for management operating margin and cash. The management operating margin was the highest since 2000, key customer performance and quality metrics were also at multi-year highs, and our fourth quarter operating expenses were down 30 percent from the prior year," said Nortel president and chief executive officer Mike Zafirovski. "As Nortel continues to work through a complex global restructuring of its business, our focus remains firmly on maintaining high customer service levels for on time delivery, network stability and responsiveness. In parallel, appropriate investments continue to be made in order to deliver the R&D and technology leadership that our customers require."

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