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NORTEL NETWORKS CORPORATION
Consolidated Statements of Operations for the years ended December 31
* See note 3
The accompanying notes are an integral part of these consolidated financial statements
F-2
(millions of U.S. dollars, except per share amounts) 2003 2002 2001
As restated * As restated *
Revenues $ 10,193 $ 11,008 $ 18,900
Cost of revenues 5,852 7,103 14,612
Gross profit 4,341 3,905 4,288
Selling, general and administrative expense 1,939 2,553 6,111
Research and development expense 1,960 2,083 3,116
In-process research and development expense
–
–15
Amortization of intan
g
ibles
Acquired technology and other 101 157 806
Goodwill
–
– 4,058
Deferred stock option compensation 16 110 248
Special charges
Goodwill impairment
–
595 11,426
Other special charges 284 1,500 3,390
(Gain) loss on sale of businesses and assets (4) (21) 138
Operating earnings (loss) 45 (3,072) (25,020)
Other income (expense) — net 445 (5) (506)
Interest expense
Long-term debt (181) (220) (208)
Othe
r
(28) (52) (103)
Earnings (loss) from continuing operations before income taxes, minority interests and equity in net loss of associated
com
p
anies 281 (3,349) (25,837)
Income tax benefit (expense) 80 468 2,751
361 (2,881) (23,086)
Minority interests — net of tax (63) 5 (34)
Equity in net loss of associated companies — net of tax (36) (17) (150)
Net earnings (loss) from continuing operations 262 (2,893) (23,270)
Net earnings (loss) from discontinued operations — net of tax 184 (101) (2,467)
Net earnings (loss) before cumulative effect of accounting changes 446 (2,994) (25,737)
Cumulative effect of accounting changes — net of tax (12) – 15
Net earnings (loss) $ 434 $ (2,994) $ (25,722)
Basic earnings (loss) per common share
— from continuing operations $ 0.06 $ (0.75) $ (7.30)
— from discontinued operations 0.04 (0.03) (0.78)
Basic earnings (loss) per common share $ 0.10 $ (0.78) $ (8.08)
Diluted earnings (loss) per common share
— from continuing operations $ 0.06 $ (0.75) $ (7.30)
— from discontinued operations 0.04 (0.03) (0.78)
Diluted earnings (loss) per common share $ 0.10 $ (0.78) $ (8.08)
Dividends declared
p
er common share $
–
$
–
$ 0.0375