Nortel Reports Massive Annual Loss For 2005

Nortel Networks lost $2.6-billion dollars last year – compared with $207-million dollars of red ink in 2004. The filings reflect Nortel’s restatement of its 2003 and 2004 financial results – as well as the first nine months of 2005.

Nortel officials say the firm has adjusted revenues by a total of $1.5-billion, considerably more than what had been forecast last week, when the company said it would add $350-million to an earlier revenue restatement.

Nortel has been burdened with accounting woes for over two years and just last month announced the discovery of even more problems with the financial restatement process.
Meanwhile, Westcon Group announced that its subsidiary, Westcon Group North America acquired the Buffalo, NY-based distribution arm of Ronco Communications and Electronics, Inc. on April 28 for an undisclosed sum. The new operation will be renamed Ronco Distribution and will continue to be managed by Kurt Ruesch, formerly president, distribution for Ronco Communications & Electronics.

The acquisition transforms Westcon into the leading distributor of Nortel* voice and data products in North America. As part of the acquisition, Westcon retained the entire Ronco distribution team and immediately named Kurt Ruesch, vice president and general manager of convergence for Westcon reporting to Lynn Smurthwaite-Murphy, vice president of sales.

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