Nortel posts $197m loss with one-time charges

Nortel Networks reported on this week that fourth-quarter 1999 revenues were up 21% -- $6.99 billion compared to $5.77 billion for the same quarter in 1998. Net earnings from operations were up 58% for the quarter and 62% for the year.

But the company failed to post a year-end profit after figuring in acquisition costs and one-time gains and charges. It recorded a $197 million net loss for 1999.

US revenues for the quarter grew by 20%, while outside the US they were up 30%, according to Nortel President and CEO John Roth.

Roth noted that Nortel's optical Internet business grew more than 80% over 1998, and the company aimed to triple its optical manufacturing capacity.

Nortel announced in December that it would acquire privately held Qtera in Boca Raton, Fla. Qtera's technology facilitates long-haul optical networks.

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