News

Agere Systems Reports Third-Quarter 2004 Results

July 20, 2004 by Jeff Shepard

Agere Systems Inc. (Allentown, PA) reported that revenues for the third quarter of fiscal 2004, ended June 30 2004, were $495 million, up 9% over the year-ago quarter, and 7% sequentially, driven by growth in sales of chips for mobile phones and wireless infrastructure. The company reported a GAAP net income of $2 million or breakeven per share, compared with the year-ago net loss of $78 million, or $0.05 per share. March quarter net income was $74 million, or $0.04 per share, including an $82 million tax benefit.

The company reported a pro-forma net income of $12 million, or $0.01 per share, compared with a pro-forma net loss of $74 million, or $0.04 per share, in the year-ago quarter. In the March quarter, the company reported a pro-forma net income of $83 million, or $0.05 per share, including an $82 million tax benefit. The company reported its fourth consecutive quarter of positive cash flow from operations, generating $8 million in the June quarter. The company reduced its total debt by $15 million sequentially, while also improving cash and cash in trust by $6 million to $785 million.