Product category: Communications ICs (Wired)
News Release from: Agere Systems
Edited by the Electronicstalk Editorial Team on 2 November 2006
First profitable year
establishes firm foundation
Agere Systems has reported GAAP net income of $20 million, or $0.12 per share, for the fiscal year ended 30th September 2006
Agere Systems has reported GAAP net income of $20 million, or $0.12 per share, for the fiscal year ended 30th September 2006, compared with a GAAP net loss of $8 million, or $0.04 per share, for fiscal 2005. The results represent the first fiscal year that Agere has been profitable on a GAAP basis.
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Richard Clemmer, President and CEO of Agere, said: 'Our results for fiscal 2006 mark Agere's first full-year profit as a public company'.
'This milestone in financial performance demonstrates that we are executing on our turnaround strategy'.
'With our first profitable year behind us, we have established a firm foundation for Agere's future growth'.
For the fourth quarter ended 30th September 2006, Agere reported GAAP net income of $13 million, or $0.08 per share, nearly double the net income of $7 million, or $0.04 per share, in the same period of 2005.
For the full fiscal year of 2006, Agere's non-GAAP net income was $121 million, or $0.69 per share, compared with $72 million, or $0.41 per share, for fiscal 2005.
On a non-GAAP basis, Agere's fourth quarter of fiscal 2006 net income was $51 million, or $0.30 per share, versus $38 million, or $0.21 per share, in the year ago period.
In the December quarter, the company expects to report revenues in the range of $365 million to $390 million.
The company expects GAAP net income to be in the range of $0.08 to $0.13 per share.
Non-GAAP net income is expected to be in the range of $0.18 to $0.23 per share.
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