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May 07, 2008 11:17 AM
OTTAWA'Nortel Networks Corp. chief executive officer Mike Zafirovski says the troubled company has taken steps toward returning to industry leadership. Zafirovski told the telecom equipment maker's annual meeting at its Kanata campus Wednesday that the "transformation process" will proceed even faster in 2008. Nortel last week reported a US$138-million loss in the first quarter of this year, better than analyst expectations, on an 11 per cent revenue increase to US$2.76 billion. Zafirovski acknowledged that the company's share price is at ``unacceptable levels." As he spoke, Nortel stock was at $8.69 on the TSX, up 21 cents on the day and up from an all-time low of $5.84 earlier this year, but down from a 52-week high of $28.62 almost a year ago. Zafirovski said the soft economy is partly to blame, but he is still disappointed the stock value is not higher. He also said that although there has been some consolidation in the telecom equipment sector, "there are still too many companies in our space."
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