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Supplemental Consolidating Statements of Operations for the year ended December 31, 2003:
F-85
Nortel Nortel Non-
Networks Networks Guarantor Guarantor
(millions of U.S. dollars) Corporation Limited Subsidiaries Subsidiaries Eliminations Total
Revenues $ – $ 3,182 $ 7,566 $ 2,804 $ (3,359) $ 10,193
Cost of revenues – 1,995 5,106 2,110 (3,359) 5,852
Gross profit – 1,187 2,460 694 – 4,341
Selling, general and administrative expense – 430 1,327 182 – 1,939
Research and development expense – 814 878 268 – 1,960
Amortization of ac
q
uired technolo
gy
and othe
r
–
– – 101 – 101
Deferred stock option compensation – – – 16 – 16
Special charges – 66 246 (28) – 284
(Gain) loss on sale of businesses and assets – 4 (3) (5) – (4)
Operating earnings (loss) – (127) 12 160 – 45
Other income (expense) — net 24 86 301 34 – 445
Interest expense
Long-term debt (83) (68) (4) (26) – (181)
Other – (4) (69) 45 – (28)
Earnings (loss) from continuing operations before income taxes,
minority interests and equity in net loss of associated companies
(59) (113) 240 213 – 281
Income tax benefit (expense) 5 184 (50) (59) – 80
(54) 71 190 154 – 361
Minority interests — net of tax – – – (28) (35) (63)
Equity in net earnings (loss) of associated companies — net of tax 304 351 404 9 (1,104) (36)
Net earnings (loss) from continuing operations 250 422 594 135 (1,139) 262
Net earnings (loss) from discontinued operations — net of tax 184 147 95 37 (279) 184
Net earnings (loss) before cumulative effect of accounting change 434 569 689 172 (1,418) 446
Cumulative effect of accounting change — net of tax – (4) (8)
–
– (12)
Net earnings (loss) $ 434 $ 565 $ 681 $ 172 $ (1,418) $ 434