Agere Systems Reports Second Quarter 2003 ResultsApril 28, 2003 by Jeff Shepard
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.