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Encyclopedia > Nortel Networks
Nortel Networks Corporation
Type Public
TSXNT
NYSENT
Founded Montreal, Quebec (1895)
Headquarters Toronto, Ontario, Canada
Key people Mike Zafirovski, Vice Chairman, CEO & COO
CTO: John Roese
Industry Telecommunications, Networking
Products See [1]
Revenue $11.42 billion USD
Employees 32,000 (2006)
Website www.nortel.com

Nortel Networks Corporation TSXNT NYSENT, formerly known as Northern Telecom Limited and now known simply as Nortel, is a multinational telecommunications equipment manufacturer headquartered in Toronto, Canada. Image File history File links Nortel. ... This article does not cite any references or sources. ... “TSX” redirects here. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Nickname: Motto: Concordia Salus (well-being through harmony) Coordinates: , Country Province Founded 1642 Established 1832 Government  - Mayor Gérald Tremblay Area [1][2][3]  - City 365. ... , Motto: Je me souviens (French: I remember) Capital Quebec City Largest city Montreal Official languages French Government - Lieutenant-Governor Pierre Duchesne - Premier Jean Charest (PLQ) Federal representation in Canadian Parliament - House seats 75 - Senate seats 24 Confederation July 1, 1867 (1st) Area  Ranked 2nd - Total 1,542,056 km² (595... Motto: Ut Incepit Fidelis Sic Permanet (Latin: Loyal she began, loyal she remains) Capital Toronto Largest city Toronto Official languages English Government - Lieutenant-Governor James K. Bartleman - Premier Dalton McGuinty (Liberal) Federal representation in Canadian Parliament - House seats 106 - Senate seats 24 Confederation July 1, 1867 (1st) Area [1] Ranked... Category: ... A Chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... “Chief executive” redirects here. ... A Chief Operating Officer (COO) is a corporate officer responsible for managing the day-to-day activities of the corporation. ... A chief technical officer or chief technology officer (abbreviated as CTO) is an executive position whose holder is focused on scientific and technical issues within a company. ... Telecommunication involves the transmission of signals over a distance for the purpose of communication. ... The word networking can refer to: the activity of creating, expanding and maintaining networks such as: social networks business networks computer networks For other possible meanings, see network. ... Look up revenue in Wiktionary, the free dictionary. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... “TSX” redirects here. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... A multinational corporation (MNC) is a corporation or enterprise that manages production establishments or delivers services in at least two countries. ... Telecommunication involves the transmission of signals over a distance for the purpose of communication. ... Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ...

Contents

History

In 1895, Bell Telephone Company of Canada decided to spin off its manufacturing arm to build phones for sale to other companies as well as other devices such as fire alarm boxes and street call boxes for police and fire departments. This company was incorporated as the Northern Electric and Manufacturing Company Limited. In 1900, the new company began manufacturing the first wind-up gramophones that played flat discs. In 1913, the company's headquarters and main factory was built in Montreal. In 1914, the company merged with Imperial Cable to form Northern Electric, co-owned by Bell Canada and the U.S. company Western Electric. By the end of World War I, Northern Electric had become a major distributor of Western Electric appliances across Canada. Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc. ... A Wheelock MT-24-LSM fire alarm horn and strobe. ... A police box is a telephone kiosk or callbox for use by members of the police. ... A Canadian firefighter A firefighter or fireman is trained and equipped to extinguish fires. ... “Tonearm” redirects here. ... It has been suggested that Childrens gramophone records be merged into this article or section. ... Nickname: Motto: Concordia Salus (well-being through harmony) Coordinates: , Country Province Founded 1642 Established 1832 Government  - Mayor Gérald Tremblay Area [1][2][3]  - City 365. ... Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... Company Masthead Logo Logo until circa 1969, also current logo on company web site Logo 1969-1983 Western Electric (sometimes abbreviated WE and WECo) was an American electrical engineering company, the manufacturing arm of AT&T from 1881 to 1995. ... “The Great War ” redirects here. ...

1950 Logo
1950 Logo

In 1922, Northern Electric started manufacturing radios. In 1928, it produced the first talking movie sound system in the British Empire for a theatre in Montreal. In 1949, an antitrust suit in the U.S. forced AT&T/Western Electric to sell its stake in Northern Electric to Bell Canada. Deprived of its Western Electric tie, Northern began developing its own products. In 1953, Northern Electric produced its first television sets using tubes made by RCA. Bell Canada acquired 100 percent of Northern Electric in 1964; through public stock offerings starting in 1973, Bell's ownership of Northern Electric and its successors would be reduced, though it continued to have majority control. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... 1902 poster advertising Gaumonts sound films, depicting an optimistically vast auditorium A sound film is a motion picture with synchronized sound, or sound technologically coupled to image, as opposed to a silent film. ... The British Empire in 1897, marked in pink, the traditional colour for Imperial British dominions on maps. ... This article is about anti-competitive business behavior. ... AT&T Inc. ... Cathode ray tube employing electromagnetic focus and deflection Cutaway rendering of a color CRT: 1. ... RCA, formerly an acronym for the Radio Corporation of America, is now a trademark owned by Thomson SA through RCA Trademark Management S.A., a company owned by Thomson. ...


In 1966, the Northern Electric research lab, Northern Electric Laboratories (the predecessor to Bell-Northern Research), started looking into the possibilities of fiber optic cable, and in 1969, began work on digitizing telephone communications. Also in 1969, Northern began making inroads into the U.S. market with its switching systems. In 1972, it opened its first factory in the U.S. in Michigan. In 1975, Northern began shipping its first digital switching systems, one of the earliest such systems to be sold. Bell-Northern Research (BNR) was one of the worlds premier research and development organizations in telecommunications, jointly owned by Bell Canada and Nortel Networks (then known as Northern Telecom). ... Optical fibers An optical fiber (or fibre) is a glass or plastic fiber designed to guide light along its length by confining as much light as possible in a propagating form. ... Official language(s) None (English, de-facto) Capital Lansing Largest city Detroit Largest metro area Metro Detroit Area  Ranked 11th  - Total 97,990 sq mi (253,793 km²)  - Width 239 miles (385 km)  - Length 491 miles (790 km)  - % water 41. ... A digital system is one that uses discrete values (often electrical voltages), especially those representable as binary numbers, or non-numeric symbols such as letters or icons, for input, processing, transmission, storage, or display, rather than a continuous spectrum of values (ie, as in an analog system). ...

In 1976, the company name was changed to Northern Telecom Limited, and management announced its intention to concentrate the company's efforts on digital technology. Image File history File links Northerntelecom. ...


Digital World was Northern Telecom’s daring declaration, made public by a three-page advertisement that appeared in major trade publications in 1976, that digital technology was the key to the future. It was the first to announce, and to deliver, one year ahead of schedule, a complete line of fully digital telecommunications products. The most well-known of that Digital World product family, the DMS-100, a fully digital central office switch serving as many as 100,000 lines, was a key contributor to the company’s revenue for close to 15 years.


In 1977, Nortel introduced its DMS line of digital central office telephone switches, providing explosive growth for the company, especially after the AT&T breakup in 1984. Northern Telecom became the first non-Japanese supplier to Nippon Telegraph & Telephone, and the company took advantage of opportunities in Europe and China.


In 1983, due to deregulation, Bell Canada Enterprises (later shortened to BCE) was formed as the parent company to Bell Canada and Northern Telecom. Bell-Northern Research was jointly owned 50-50 by Bell Canada and Northern Telecom. The combined three companies were referred to by employees as the tricorporate. Bell Canada Enterprises is a major telecommunications company and a provider of telephone services in Canada. ... Bell-Northern Research (BNR) was one of the worlds premier research and development organizations in telecommunications, jointly owned by Bell Canada and Nortel Networks (then known as Northern Telecom). ...


As Nortel, the streamlined identity it adopted for its 100-year anniversary in 1995, the company set out to dominate the burgeoning global market for public and private networks. A KFC franchise in Kuwait. ... The public switched telephone network (PSTN) is the network of the worlds public circuit-switched telephone networks, in much the same way that the Internet is the network of the worlds public IP-based packet-switched networks. ...


In 1998, with the acquisition of Bay Networks, the company's name was changed to Nortel Networks to emphasize its ability to provide complete solutions for multiprotocol, multiservice, global networking over the Internet and other communications networks. As a consequence of the stock transaction used to purchase Bay Networks, BCE ceased to be the majority shareholder of Nortel. In 2000, BCE spun-out Nortel, distributing its holdings of Nortel to its shareholders. Bell-Northern Research was gradually absorbed into Nortel, as it first acquired a majority share in BNR, and eventually acquired the entire company. Bay Networks Bay Networks was formed through the merger of Santa Clara, California based SynOptics Communications and Billerica, Massachusetts based Wellfleet Communications on July 6, 1994. ...


In the late 1990s, stock market speculators, hoping that Nortel would reap increasingly lucrative profits from the sale of fibre optic network gear, began pushing up the price of the company's shares to unheard-of levels despite the company's repeated failure to turn a profit. Under the leadership of CEO John Roth, sales of optical equipment had been robust in the late 1990s, but the market was soon saturated. When the speculative telecom bubble of the late 1990s reached its pinnacle, Nortel was to become one of the most spectacular casualties. Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ... John Roth, is the former CEO of Nortel. ... Dot-com (also dotcom or redundantly dot. ...


At its height, Nortel accounted for more than a third of the total valuation of all the companies listed on the Toronto Stock Exchange (TSX), Canada's largest. Nortel's market capitalization fell from C$398 billion in September 2000 to less than $5 billion in August 2002. Nortel's stock price plunged from C$124 to $0.47. When Nortel's stock crashed, it took with it a wide swath of Canadian investors and pension funds, and left 60,000 Nortel employees unemployed. CEO John Roth retired under controversy to be succeeded by former CFO Frank Dunn. Despite some initial perceived success in turning the company around, he was fired for cause in 2004 after being accused of financial mismanagement. Dunn and other former Nortel Officers, have been accused of engaging in accounting fraud by the SEC.[1] Bill Owens then took over as the CEO, and was most recently succeeded by Mike S. Zafirovski. “TSX” redirects here. ... It has been suggested that this article or section be merged with Loonie. ... Black Monday (1987) on the Dow Jones Industrial Average A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market. ... This article does not cite any references or sources. ... John Roth, is the former CEO of Nortel. ... This article or section does not cite its references or sources. ... This article needs to be cleaned up to conform to a higher standard of quality. ... “Securities and Exchange Commission” redirects here. ... William A. Bill Owens (May 8, 1940–) was an admiral in the United States Navy and later Vice Chairman of the Joint Chiefs of Staff. ... // Mike S. Zafirovski (b. ...


In late 2004, Nortel returned to using the Nortel name alone for branding purposes, although the company's name remains Nortel Networks.


Corporate information

Business structure

As of March 2007, Nortel employs approximately 31,500 people worldwide. Nortel operations are divided into the following segments:[2] [3]

  • Carrier Networks (CN): Mobility networking solutions, including CDMA, GSM, and UMTS, and carrier networking solutions, both circuit and packet based.
  • Enterprise Solutions (ES): Enterprise networking solutions, including circuit and packet based voice, data, security, multimedia messaging and conferencing, and call centres.
  • Metro Ethernet Networks (MEN): Optical and metropolitan area networking solutions, for carrier and enterprise customers.
  • Global Services (GS): Services in four areas: network implementation, network support, network management, and network applications (including web services).

General Information Generically (as a multiplexing scheme), code division multiple access (CDMA) is any use of any form of spread spectrum by multiple transmitters to send to the same receiver on the same frequency channel at the same time without harmful interference. ... The Global System for Mobile communications (GSM: originally from Groupe Spécial Mobile) is the most popular standard for mobile phones in the world. ... Universal Mobile Telecommunications System (UMTS) is one of the third-generation (3G) mobile phone technologies. ...

Headquarters

As of October 25, 2005, the company relocated headquarters from Brampton, Ontario in the Greater Toronto Area to 195 The West Mall in the neighbourhood of Etobicoke in Toronto.[4] The Brampton offices were sold to media-telecom giant Rogers Communications for C$100 million. The company has other key locations across Canada including its R&D headquarters in Ottawa. is the 298th day of the year (299th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Nickname: Location in the Region of Peel, in the Province of Ontario Coordinates: , Country Canada Province Ontario Region Peel Incorporation 1853 (village)   1873 (town)   1974 (city) Government  - Mayor Susan Fennell  - Governing Body Brampton City Council (click for members)  - MPs Navdeep Bains, Colleen Beaumier, Ruby Dhalla, Gurbax Malhi  - MPPs Vic Dhillon... A map of Torontos Census Metropolitan Area, which contains a large portion of the Greater Toronto Area. ... Country Province Established 1 January 1850 (township)   1 January 1967 (borough) Incorporated Amalgamation June 1983 (city) 1 January 1998 Government  - Mayor David Miller (Toronto Mayor)  - Governing Body Toronto City Council  - MPs Roy Cullen, Michael Ignatieff, Borys Wrzesnewskyj  - MPPs Shafiq Qaadri, Donna Cansfield, Laurel Broten Area  - Disolved city 123. ... Rogers Communications Inc. ... The phrase research and development (also R and D or R&D) has a special commercial significance apart from its conventional coupling of scientific research and technological development. ... This article is about the capital city of Canada. ...


Global worksites, partners, and customers

The company expanded into the U.S. in 1971. Today there are employees in over 100 locations in the U.S. with R&D, software engineering, and sales centers in many states including California, Florida, Georgia, Maryland, Massachusetts, North Carolina, Texas, and Virginia. Nortel's primary R&D centres are in Belleville, Ottawa, Research Triangle Park (North Carolina), Richardson, Texas), Boston, Massachusetts, Santa Clara, California) and Montreal. The phrase research and development (also R and D or R&D) has a special commercial significance apart from its conventional coupling of scientific research and technological development. ... Software engineering is the application of a systematic, disciplined, quantifiable approach to the development, operation, and maintenance of software. ... Official language(s) English Capital Sacramento Largest city Los Angeles Largest metro area Greater Los Angeles Area  Ranked 3rd  - Total 158,302 sq mi (410,000 km²)  - Width 250 miles (400 km)  - Length 770 miles (1,240 km)  - % water 4. ... Official language(s) English Capital Tallahassee Largest city Jacksonville Largest metro area Miami metropolitan area Area  Ranked 22nd  - Total 65,795[1] sq mi (170,304[1] km²)  - Width 361 miles (582 km)  - Length 447 miles (721 km)  - % water 17. ... Official language(s) None (English, de facto) Capital Annapolis Largest city Baltimore Area  Ranked 42nd  - Total 12,407 sq mi (32,133 km²)  - Width 101 miles (145 km)  - Length 249 miles (400 km)  - % water 21  - Latitude 37° 53′ N to 39° 43′ N  - Longitude 75° 03′ W to 79° 29... This article is about the U.S. State. ... Official language(s) English Capital Raleigh Largest city Charlotte Area  Ranked 28th  - Total 53,865 sq mi (139,509 km²)  - Width 150 miles (240 km)  - Length 560[1] miles (901 km)  - % water 9. ... Official language(s) No official language See languages of Texas Capital Austin Largest city Houston Largest metro area Dallas–Fort Worth Metroplex Area  Ranked 2nd  - Total 261,797 sq mi (678,051 km²)  - Width 773 miles (1,244 km)  - Length 790 miles (1,270 km)  - % water 2. ... This article is about the U.S. state. ... Belleville is the name of several places in North America: Belleville, Ontario, Canada Belleville, Illinois, United States of America Belleville, Kansas, United States of America Belleville, Michigan, United States of America Belleville, New Jersey, United States of America Belleville, Pennsylvania, United States of America Belleville is the name or part... This article is about the capital city of Canada. ... Research Triangle Park (RTP) is the largest research park in the world. ... Official language(s) English Capital Raleigh Largest city Charlotte Area  Ranked 28th  - Total 53,865 sq mi (139,509 km²)  - Width 150 miles (240 km)  - Length 560[1] miles (901 km)  - % water 9. ... Nickname: Location within Dallas County and the state of Texas County Dallas County Collin County Government  - City Manager Bill Keffler Area  - City 74. ... “Boston” redirects here. ... Location of Santa Clara within Santa Clara County, California. ... Nickname: Motto: Concordia Salus (well-being through harmony) Coordinates: , Country Province Founded 1642 Established 1832 Government  - Mayor Gérald Tremblay Area [1][2][3]  - City 365. ...


Nortel has significant presence in Europe, Middle East, Africa, the Caribbean, and Latin America. Nortel delivers network infrastructure and communication services to customers in 17 countries across Asia including the People's Republic of China, Hong Kong, South Korea, Japan, Singapore, Thailand, Malaysia, India, Pakistan, Australia, New Zealand, and Turkey (Nortel owns 53.17% of Nortel Netaş, originally established as a joint venture with Turkish PTT in 1967[5]). In addition, the company has three joint ventures in the People's Republic of China. A map showing countries commonly considered to be part of the Middle East The Middle East is a region comprising the lands around the southern and eastern parts of the Mediterranean Sea, a territory that extends from the eastern Mediterranean Sea to the Persian Gulf. ... “West Indian” redirects here. ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ...


Products and customers

Nortel BCM 200 coupled with an IP phone

Nortel is a long established industry leader in delivering end-to-end carrier grade telecommunications network infrastructure and solutions. The company has decades of experience in delivering robust, fault tolerant, software architectures and the know-how to scale to millions of users and manage thousands of network elements. Nortel Networks has deep and broad experience spanning the key areas in telecommunications – optical transmission, wireless, voice, multimedia, and packet networking and associated services. Image File history File links Nortelbcm. ... Image File history File links Nortelbcm. ... In any computer communication, there are n >= 2 end points, called end systems or hosts. End-to-end in e-commerce, connects people who want to sell and buy. ... Fault-tolerance or graceful degradation is the property of a system that continues operating properly in the event of failure of some of its parts. ...


Nortel's service provider customers include some of the world's largest public network carriers, including wireline, wireless, and cable operators. Enterprise customers include small, medium, and large businesses and institutions, and span multiple sectors, including financial services, health care, education, retail, and Government. Nortel serves 9 out of 10 North American Fortune 500 companies, and worldwide, their installed base of products represents more than 50 million enterprise users. Financial services is a term used to refer to the services provided by the finance industry. ... A physician visiting the sick in a hospital. ... The Fortune 500 is a ranking of the top 500 United States corporations as measured by gross revenue. ...


Nortel has long been a main equipment supplier to Bell Canada, a role similar to Western Electric in the United States. A key product in the 1980s and 1990s was the DMS family (Digital Multiplex System) of switches. These switches replaced the old electro-mechanical and stored program control switches used in local phone networks and to build and expand long distance networks. The DMS family has evolved into the Succession platform which brings Voice over IP technology to the switch platform. Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc. ... Digital Multiplex System (DMS) is the name shared among several different telephony product lines from Nortel Networks for wireline and wireless operators. ... Long distance in telecommunications, refers to telephone calls made outside a certain area, usually characterized by an area code outside of a local call area. ... how VoIP works A typical analog telephone adapter for connecting an ordinary phone to a VoIP network Ciscos implementation of VoIP - IP Phone Voice over Internet Protocol, also called VoIP, IP Telephony, Internet telephony, Broadband telephony, Broadband Phone and Voice over Broadband is the routing of voice conversations over...


Key products for the Enterprise market include the Meridian 1 PBX and the Norstar key system. The Meridian 1 is aimed at large to medium-sized businesses. The Norstar key system is aimed at small business and branch offices and provides many of the same features as the Meridan 1 PBX. A Private Branch eXchange (PBX) is a telephone exchange that serves a particular business or office, as opposed to one that a common carrier or telephone company operates for many businesses or for the general public. ... The Meridian Norstar was a small-office digital PBX introduced by Northern Telecom (now Nortel). ... A small business may be defined as a business with a small number of employees. ...


Corporate governance

Current members of the board of directors of Nortel Networks:[6] In relation to a company, a director is an officer (that is, someone who works for the company) charged with the conduct and management of its affairs. ...

Former members of the board of directors of the company include:[6] Jalynn H. Bennett, C.M. (born 1943) is a Canadian consultant and corporate director. ... John Manley can refer to several different people: John Manley, British archaeologist John Manley, Canadian politician John Manley, American nuclear physicist This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... Category: ...

John Edward Cleghorn (born July 7, 1941) is a Canadian businessman and former Chairman and Chief Executive Officer of the Royal Bank of Canada from 1994 until 2001. ... James Johnston Blanchard (b. ... L. Yves Fortier (born 1935) is a Canadian trial lawyer, businessman, and diplomat. ...

Company financials

2007

As part of its corporate renewal process, its Board of Directors selected KPMG as the Company's independent auditor commencing with fiscal year 2007. KPMG is one of the largest professional services firms in the world. ...


2006

Nortel’s latest financials were announced November 6, 2006, reporting its third quarter results and showing 17% growth for the quarter over the same period last year. Nortel reported a net loss in the third quarter of $99 million, compared to a net loss of $136 million in the third quarter of 2005, and net earnings of $366 million in the second quarter of 2006.[7] is the 310th day of the year (311th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...


2005

In March 2005, Nortel's recovery took a downturn when they posted a significant loss for the quarter.


In its report, filed March 18, 2005, Nortel reported a third-quarter loss of $259 million, or 6 cents a share, compared with a restated third-quarter 2003 profit of $131 million, or 3 cents a share. is the 77th day of the year (78th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...


On August 17, 2005, LG Electronics and Nortel signed a definitive agreement to form a joint venture that will offer telecom and networking solutions in the wireline, optical, wireless and enterprise areas for South Korean and global customers. Nortel will own 50 percent plus one share in the joint venture. is the 229th day of the year (230th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... LG Electronics (Hangul:엘지전자, KSE: 066570, LSE: LGLD) is a South Korean multinational corporation and one of the worlds leading electronics companies. ... A joint venture (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together. ... For the history of Korea, see Korea. ...


Nortel reported $10.52 billion in revenue for 2005, compared to $9.52 billion in 2004.[8]


2004

Nortel shares soared in the late 1990s and collapsed in 2002 along with the technology bubble. Nortel then reported a return to profitability in early 2003, following a promise to do so by former Chief Executive Frank Dunn. The dot-com bubble was a speculative bubble covering roughly 1995–2001 during which stock markets in Western nations saw their value increase rapidly from growth in the new Internet sector and related fields. ... This article or section does not cite its references or sources. ...


In late October 2003, Nortel announced that it intended to restate approximately $900M of liabilities carried on its previously reported balance sheet as of June 30, 2003, following a comprehensive internal review of these liabilities (“First Restatement”). The Company stated that the principal effects of the restatement would be a reduction in previously reported net losses for 2000, 2001, and 2002 and an increase in shareholders’ equity and net assets previously reported on its balance sheet. is the 181st day of the year (182nd in leap years) in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...


Nortel unveiled details of additional accounting errors involving billions of dollars and said that a dozen of the company's most senior executives would take the unusual step of returning $8.6 million, millions of dollars of bonuses they were paid based on the erroneous accounting.


At Nortel, investigators ultimately found about $3 billion in revenue had been booked improperly in 1998, 1999, and 2000. More than $2 billion was moved into later years, about $750 million was pushed forward beyond 2003, and about $250 million was wiped away completely.


Five directors stepped down. Nortel's board has faced criticism for allowing the company's accounting fiasco to go on and approving the bonus plans, but none of the five directors were accused of wrongdoing in a company investigation.


This accounting controversy eventually led to the departure of ten Nortel executives in 2004.


Nortel filed with regulators its financial statements for 2003 and restated, for the second time, its results from earlier years. Securities regulators, the U.S. Securities and Exchange Commission, the Royal Canadian Mounted Police and the U.S. Attorney's office were conducting probes during this same period. The U.S. Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. ... RCMP redirects here. ...


See also

Bell-Northern Research (BNR) was one of the worlds premier research and development organizations in telecommunications, jointly owned by Bell Canada and Nortel Networks (then known as Northern Telecom). ... Multiservice Switch or MSS is a Nortel line of routers, historically called Passport, designed for carrier core and edge routing. ... Passport Carrier Release (PCR) is a version of the Nortel Passport Switch (now Multiservice Switch) software designed to run in telecommunications carrier environments. ...

References

  1. ^ http://www.theglobeandmail.com/servlet/story/RTGAM.20070312.wnortel0312/BNStory/Business/?page=rss&id=RTGAM.20070312.wnortel0312
  2. ^ Nortel Networks (2006-09-30). United States SEC filing, 2006 Third Quarter Form 10-Q (PDF). Retrieved on 2006-11-12.
  3. ^ Nortel Networks (2007-03-31). United States SEC filing, 2007 First Quarter Form 10-Q (PDF). Retrieved on 2007-06-26.
  4. ^ Nortel Networks (2005-12-20). Nortel Selects Toronto Location for New Global Headquarters. Press release. Retrieved on 2006-09-12.
  5. ^ Nortel Networks (2007). Nortel Netaş: Firma Hakkında (HTML). Retrieved on 2007-08-08.
  6. ^ a b Nortel Networks. Board of Directors (English,). Retrieved on 2006-10-23.
  7. ^ MSN Money. PR Newswire Business News: Nortel Reports Results for the Third Quarter 2006 (English). Retrieved on 2006-11-07.
  8. ^ Light Reading - Optical Networking. Nortel Reports Q4 2005 (English). Retrieved on 2006-11-10.

Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 255th day of the year (256th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 316th day of the year (317th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 177th day of the year (178th in leap years) in the Gregorian calendar. ... A press release (sometimes known as a news release or press statement) is a written or recorded communication directed at members of the news media for the purpose of announcing something claimed as having news value. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 255th day of the year (256th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era. ... is the 220th day of the year (221st in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 296th day of the year (297th in leap years) in the Gregorian calendar. ... MSN Money is a Web site about business news which is a section of MSN and is edited in association with CNBC. See also CNBC - MSN_MoneyII - chat room at MSN Money used by readers of MSN Money especially during weekdays when the U.S. stock exchanges are open References MSN... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 311th day of the year (312th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 314th day of the year (315th in leap years) in the Gregorian calendar. ...

External links


  Results from FactBites:
 
Nortel Networks - Wikipedia, the free encyclopedia (1757 words)
Nortel Networks Corporation TSX: NT NYSE: NT, formerly known as Northern Telecom Limited and now known simply as Nortel, is a telecommunications equipment manufacturer giant headquartered in Canada.
Nortel's board has faced criticism for allowing the company's accounting fiasco to go on and approving the bonus plans, but none of the five directors were accused of wrongdoing in a company investigation.
Nortel Networks is a long established industry leader in delivering end-to-end carrier grade telecommunications network infrastructure and solutions.
Nortel (447 words)
Nortel Networks of Canada is planning to invest a further £69m at its telecoms equipment operations in the UK, which will create 700 jobs at New Southgate in north London and 600 jobs at Harlow.
Nortel Networks is to build a new telecoms network across 96 European cities for Vine Telecom, a new UK carrier that is seeking more than £400m of financing.
Nortel Networks is seeking to recruit 300 assemblers at its optoelectronics plant in Paignton.
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