- 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.