Agere Systems Reports Fourth-Quarter 2003 Profit
Agere Systems Inc. (Allentown, PA) reported that revenues for its fourth quarter of fiscal 2003, ended September 30, 2003, were $504 million, up 11% from revenues in the June quarter, and up 3% from revenues in the year-ago quarter. The revenue increase was driven by an 18% sequential growth in the company's Client Systems business, with strength in sales of chips for cellular phones, hard disk drives and other PC-related applications.
For the full fiscal year 2003, Agere reported revenues of $1.84 billion, exceeding the company's July guidance. The company's revenues in fiscal 2002 were $1.92 billion. The company reported its first profit since its IPO, with earnings of $11 million, or $0.01 per share, on a GAAP basis for the September quarter, compared with a loss of $78 million, or $0.05 per share, in the June quarter, and a loss of $885 million, or $0.54 per share, in the year-ago quarter. For the full fiscal year 2003, the company reported a net loss of $338 million, or $0.20 per share, compared to fiscal 2002 net loss of $1.81 billion, or $1.11 per share.
The company also reported its first quarter of positive cash flow from operations, less capital expenditures, of $17 million. The company improved cash and cash in trust by $16 million sequentially to $765 million, the company's third consecutive quarterly increase.