Agere Systems Reports Second Quarter 2003 Results
Agere Systems (Allentown, PA) reported that revenues for its second quarter of fiscal 2003, ended March 31, 2003, were $443 million, up two percent from revenues in the December quarter. Revenues in the year-ago quarter from the company's continuing operations were $489 million.
Net loss on a reported or GAAP basis for the March quarter was $125 million, or $0.08 per share, which included $68 million in net restructuring and other charges, and a gain of $41 million associated with the sale of the company's optoelectronic components business. This was an improvement of $21 million, or 14 percent, over the December quarter, and an improvement of $94 million, or 43 percent, from the year-ago quarter.
Pro-forma net loss was $105 million, or $0.06 per share, in the March quarter. This was an improvement of $16 million, or 13 percent, from the December quarter, and an improvement of $79 million, or 43 percent, from the year-ago quarter. Pro-forma net loss excludes gains from the sale of, and income or loss from, discontinued operations; net restructuring and other charges; amortization of goodwill and other acquired intangibles; net gain or loss from the sale of operating assets and cumulative effect of an accounting change.