Nortel Posts Q4 Results; No One Cares

By Mark Evans | Published: March 15, 2010

Nortel posted its fourth-quarter and 2009 results a few days ago but given the company is heading towards extinction, the results are a non-event.

There were a few interesting tidbits after sifting through through them:

-  Nortel plans to registration of its common stock under the Act shortly and suspend its obligations to file periodic reports with the SEC, including 10-Ks, 10-Qs and 8Ks.

-  NNL will continue to be a "reporting issuer" under Canadian securities laws and, as a result, will remain subject to continuous disclosure requirements, including the filing of annual and quarterly financial statements and managements' discussion and analysis of financial results.

- As of December, 31, 2009, Nortel has $2.0-billion of cash reserves, as well as $815-million of equity investees cash and $1.93-billion related to asset sales.

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  • horace_grimswold

    Highlights from the report:

    * Plastic hangers from coat closet not fetching reserve price on eBay. Liquidators considering Craigslist as alternative forum for selling hangers and CVAS department.

    * Mike Zafirovski's bonus somehow “got lost in the mail.” Nortel can't find its check book to reissue another one. (UPDATE: checkbook located, was accidentally sold on eBay)

    * Board of Directors has been downgraded to taking Grayhound for all business travel. Next meeting scheduled outside the downtown Detroit bus stop, next to the fire barrel that was started by some homeless stragglers.

    * Tree fell, confirmed fact that nobody heard it.

  • bankrupt_bob

    If no one cares, why are we here? Why are we here, if no one cares? ;>)

  • protosphere

    they change their accounting to some equity based something or other where they admittedly state it will be more confusing.

    they will also stop filing in the US (8K and 10Ks) where they have stricter laws but will continue to file in fraud haven Canada as usual

    As “extraordinary” bonuses all around for those remaining are requested

    …some things never change as they tank a further 50% before they thankfully disappear

  • steackfrite

    Somone has information about Q4 AIP?

  • AnotherSlave

    it's being redirected to the SLT.

  • protosphere

    Nortel penny stock rallied to double even though Nortel claims it has nothing to do with the pink sheets where it still trades

    the market is nuts… enough to frustrate astute investors and delight crooks

    In this case, pumpers are all over Yahoo message board posting lies about this company to keep the suckers rally going. Its like a profitless company misleading with its largest asset a tax write off. Some asset like some profit lately… as the stock doubles.

  • protosphere

    No analysts care…too obvious… and no comments from them anymore…

    I wish Duncan Stewart would drop in to say hello but I bet he doesn't care either =)

  • bankrupt_bob

    How much money do they still owe the creditors, et al, after deducting the 2009 “profits?”

  • TongueInCheek

    On the Balance Sheet, there is a liability known as “Liabilities subject to compromise”. It has a value of $7.358 Billion. Total liabilities are $9.732 Billion and Total assets are $6.688 Billion.

  • bankrupt_bob

    That's some mighty fine fine print finding! ;>)

  • bankrupt_bob

    Results not yet posted on company website. Pathetic!

  • scalppeeler

    Does that include profits from the optical and CVAS sale?
    I am sure it includes wireless and enterprise sales.
    Have they collected on the LG and MSS sales yet or have they been sold?
    That Asset number seems quite a bit higher than it might really be?
    Assume they are lumping in real estate all over the globe not sold yet
    and pumping the patents hoping they are worth more than everyone thinks?
    It seems the longer the bankruptcy protection goes on, the less the disparity
    between assets and liabilities and isn't that the desired goal here for creditors?
    This sucker could be spinning on for years until the two values match, if possible. Makes you wonder doesn't it.

  • TongueInCheek

    The results are on nortel.com in the news section.

    http://www2.nortel.com/go/news_detail.jsp?cat_i…

  • stone151678

    Just add on:
    If you think about the potentional of “Patents Holding and Service company” ideas then this kind of over 70 millions trades in a day like today could repeat itself again and again for the benefits of many people. It's crazy but it will be there for some time even trading in ” pink” . Maybe there will be a rabbit coming out of the hat. The top excutives in NT must be thinking that since they could not find another job so why not creat a new “Patents Holding and Service Company” and work towards their own retirement. It's die hard NT. and anything is possible.

  • wasthere

    If you lost money holding the shares, you could have done much better holding the bonds. Up 4 fold in a year.

    http://cxa.marketwatch.com/finra/BondCenter/Bon…

  • exNTII

    agree but would it matter

  • Nortel watcher

    I would like to hear from anyone in CVAS in the US and CALA as to whether Genband's H.R. dept has begun proceedings with the in-scope selection of staff.

  • bankrupt_bob

    I wish I'd never heard of the freaking “company!”

    (Didn't think you could buy the bonds unless you were Canadian.)

  • horace_grimswold

    With the Q4 financial results out, 3 analysts have upgraded Nortel from “burn your share certificates” to “strong sell.”

  • exNTII

    total assets 6B? most of it is gone so what assets – cash 2B where does a whopping 4B come from. 7B compromise is because there is only 2B in the bank.

  • waitingforwhat

    April

  • TongueInCheek

    A balance sheet really isn't all that difficult to read. The top 5 assets that makes up 79.7% of assets are:

    Cash – $1,998B
    Restricted Cash – $1,928B (proceeds from asset sales)
    Cash Equivalents – .$0.092B
    Plant & Equipment – $0.688B
    Accounts Receivable – $0.625B
    TOTAL – $5.331B

  • exNTII

    its not but had not looked at it.

  • iamdone

    End of an era… Big red “Avaya” lighted letters replace the “Nortel” letters on the side of 600 Tech Park in Billerica today… For those of us TSA folks left. The writing is now literally on the wall…

  • bankrupt_bob

    All kidding aside, it is indeed a sad day. A far cry from the Nortel of the 80's. I'll never forget my first trip to RTP and how very impressed I was at the facilities. What a difference a day makes.

  • nolongerbelieve

    It is sad indeed. Remember all the big Nortel signs on the brown buildings in Richardson Telecom Corridor, and it drops one by one during these years. Now we are counting days to see the last 2 or 3 disappeared. Sad………

  • exNTII

    same when I visited locations around the world. It was a proud feeling to be part of such a large company. wonder how many execs feel so bad?

  • keithsherwood

    What do you make of the fact that the NNL shares will continue to be a reporting issuer? I think this gives some creedence to the co. continuing as a patent holding entity. I recieved some mail from computorshare yesterday regarding my shares in NNL, they wanted to know whether or not I want to be informed about interim finacial reports and annual financial results. Apparently there are less than 300 holders of NNL shares. They filed a form 15 relieving them of having to file their financials with SEC. Maybe Im one of 300 of the dumbest shareholders or maybe not. If anyone with any ideas about that situation I'd like to read them.

  • keithsherwood

    What do you make of the fact that the NNL shares will continue to be a reporting issuer? I think this gives some creedence to the co. continuing as a patent holding entity. I recieved some mail from computorshare yesterday regarding my shares in NNL, they wanted to know whether or not I want to be informed about interim finacial reports and annual financial results. Apparently there are less than 300 holders of NNL shares. They filed a form 15 relieving them of having to file their financials with SEC. Maybe Im one of 300 of the dumbest shareholders or maybe not. If anyone with any ideas about that situation I'd like to read them.

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