Product category: Communications ICs (Wired)
News Release from: Agere Systems
Edited by the Electronicstalk Editorial Team on 31 October 2003
Agere edges towards profitability
Agere Systems has reported revenues for its fourth quarter of fiscal 2003 up 11% from the June quarter, and up 3% from the year-ago quarter
Agere Systems has reported that revenues for its fourth quarter of fiscal 2003, ended 30th September 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 cellphones, hard disk drives and other PC-related applications.
This article was originally published on Electronicstalk on 31 October 2003 at 8.00am (UK)
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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 with 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.
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Agere Systems has reported GAAP net income of US $16 million, or $0.09 per share, for the first quarter of fiscal 2007 ended 31st December 2006
The company improved cash and cash in trust by $16 million sequentially to $765 million, the company's third consecutive quarterly increase.
"We are very pleased to report the strongest quarter in our history as a public company", said John Dickson, President and CEO, Agere.
"We met or exceeded every financial target we set, including achieving profitability and positive cash flow.
With the completion of our manufacturing consolidation, we significantly improved our gross margins, which exceeded 40% for the first time since our IPO".
"At the same time, our sharpened focus on areas such as cell phones, storage and PC-related applications enabled us to increase our revenues both sequentially and year-over-year.
We are investing strategically to expand our market opportunities: in 2003, we introduced a portfolio of RF transistor products targeting a $500 million opportunity, and made our first acquisition to address the projected $1 billion gigabit Ethernet IC market".
"With our strong financial performance, a focused product investment strategy and deep relationships with leading customers, we are building an exciting future for Agere", added Dickson.
The company was also profitable on a pro forma net income basis, with earnings of $47 million, or $0.03 per share in the September quarter, compared with a pro forma net loss of $74 million, or $0.04 per share in the June quarter, and pro forma net loss of $39 million, or $0.02 per share in the year-ago quarter.
For the full fiscal year 2003, the company reported a pro forma net loss of $253 million, or $0.15 per share, compared with a pro forma net loss of $565 million or $0.35 per share in fiscal 2002.
Pro forma net income excludes gain or loss from the sale of, and income or loss from, discontinued operations; net restructuring and other charges; amortisation of goodwill and other acquired intangibles; net gain or loss from the sale of operating assets and cumulative effect of an accounting change.
The company expects revenues in the December quarter to be in the range of $500 million to $510 million, with growth of about 5% in the Client Systems Group, offset by lower revenues in the Infrastructure Systems Group and a seasonal drop in intellectual property (IP) licensing.
The company expects pro forma (non-GAAP) net income to be breakeven, plus or minus $0.01 per share in the December quarter.
On a GAAP basis, the company expects net loss to be in the range of $0.01 to $0.04 per share, including restructuring costs related to the decommissioning of Agere's facilities in Pennsylvania.
The company notes that its board of directors has decided not to pursue a reverse stock split.
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