- Company Earns 2 Cents Per Diluted Share On A GAAP Basis
- Cash Balance Increases For Fourth Straight Quarter To $843 Million
- Net Debt* at Lowest Level Since Avaya's Inception
BASKING RIDGE, N.J., July 24 /PRNewswire-FirstCall/ -- Avaya Inc.
(NYSE:AV), a leading global provider of communications networks and
services for businesses, today reported third fiscal quarter results
in accordance with generally accepted accounting principles (GAAP).
The company reported net income of $8 million and earnings per diluted
share of 2 cents for the third fiscal quarter ended June 30,
2003. These results compare to a net loss of $41 million or a loss of
11 cents per diluted share in the second fiscal quarter of 2003.
Third fiscal quarter revenue of $1.072 billion was slightly below
second fiscal quarter revenue of $1.081 billion.
In the third fiscal quarter of 2002, Avaya reported a net loss of $39
million or a loss of 11 cents per diluted share on revenue of $1.219
Avaya noted its cash balance increased for the fourth straight quarter
to $843 million. Net debt* decreased to $150 million and is at the
lowest level it has been since the company became an independent
business. Selling, General and Administrative expenses declined $22
million sequentially from the second fiscal quarter and $51 million
from the same period last year.