News

Agere Systems Reports First-Quarter 2003 Results

January 26, 2004 by Jeff Shepard

Agere Systems Inc. (Allentown, PA) reported that revenues for its first quarter of fiscal 2004, ended December 31, 2003, were $516 million, up 18% from revenues in the year-ago quarter, and up 2% sequentially, exceeding the company's guidance. The increase over the year-ago quarter was driven by a 33% growth in the company's Client Systems business, with strength in sales of chips for mobile phones, hard disk drives and other PC-related applications.

The company reported a GAAP net loss of $39 million, or $0.02 per share, which included a restructuring charge of $47 million. This was an improvement of $0.07 per share over the year-ago quarter net loss of $146 million, or $0.09 per share. The company reported earnings of $11 million, or $0.01 per share, in the September quarter.

The company was profitable on a pro-forma net income basis, with earnings of $22 million, or $0.01 per share, in the December quarter, compared to a pro-forma net loss of $121 million, or $0.07 per share, in the year-ago quarter, and pro-forma net income of $47 million, or $0.03 per share, in the September quarter.

The company also reported positive cash flow from operations, less capital expenditures, of $64 million before restructuring, and $27 million including restructuring. The company improved cash and cash in trust by $7 million sequentially to $772 million, the company's fourth consecutive quarterly increase.