Avaya Reports Third Fiscal Quarter Net Income of $8 Million

Avaya Reports Third Fiscal Quarter Net Income of $8 Million

Post by Monty Solomo » Sat, 26 Jul 2003 11:53:18



- 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
billion.

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.

     - http://finance.lycos.com/home/news/story.asp?story=34987574

 
 
 

1. Agere Systems Reports Results for the Third Quarter of Fiscal 2003

- Company Reports Sequential Improvements in Financial Performance,
  With a 3 Percent Increase in Revenue, 38 Percent Reduction in
  Reported Net Loss and $4 Million Increase in Cash

ALLENTOWN, Pa., July 23 /PRNewswire-FirstCall/ -- Agere Systems
(NYSE:AGR.A, AGR.B) today reported that revenues for its third quarter
of fiscal 2003, ended June 30, 2003, were $456 million, up 3 percent
from revenues in the March quarter.  Revenues in the year-ago quarter
from the company's continuing operations were $498 million.

Net loss on a reported or GAAP basis for the June quarter was $78
million or $0.05 per share, an improvement of $47 million, or 38
percent, over the March quarter, and an improvement of $254 million,
or 77 percent, from the year-ago quarter.

Pro forma net loss was $74 million, or $0.04 per share in the June
quarter. This was an improvement of $31 million, or 30 percent, from
the March quarter, and an improvement of $34 million, or 31 percent,
from the year-ago quarter. Pro forma net loss excludes gain or loss
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.

Cash and cash in trust at the end of the June quarter increased by $4
million sequentially to $749 million, with $566 million in excess of
short-term debt, and $101 million in excess of total debt.  Cash used
in operating activities and capital expenditures was $39 million,
which included $33 million used for restructuring and related
activities and $7 million used in discontinued operations.  The
company's ongoing operations generated a positive cash flow of $1
million in the June quarter.

     - http://finance.lycos.com/home/news/story.asp?story=34956035

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