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Ericsson vs. Alcatel

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STOCK EXCHANGE TICKER SYMBOL<br />

ERICY<br />

ALA<br />

STOCK OVERVIEW<br />

Current value<br />

30.56 $<br />

Current value<br />

15.78 $<br />

FINANCIAL SUMMARY<br />

Fiscal year ended 12/31/03, revenues fell 19%, Net loss<br />

decreased 43% to EUR 1.178 billion. Results reflect<br />

lower volume of mobile and fixed network systems.<br />

Net loss reflected lower operating profit margins<br />

Fiscal year ended 12/31/03, net sale fell 24% to EUR<br />

12.51 billion. Net loss fell 85% to EUR 1.72 billion.<br />

Revenues reflect sales declines across all businesses and<br />

all geographic markets. Net losses were offset by<br />

improved gross margins and fewer operating expenses. 11

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