Product category:
Communications ICs (Wired)
News Release from: Agere Systems
Edited by the Electronicstalk Editorial
Team on 30 January 2004
Agere continues revenue improvements
Agere Systems has reported revenues of $516 million for its first quarter of fiscal 2004, up 18% from revenues in the year-ago quarter, and up 2% sequentially.
Agere Systems has reported revenues of $516 million for its first quarter of fiscal 2004, ended 31st December 2003, up 18% from revenues in the year-ago quarter, and up 2% sequentially, exceeding the company's guidance The increase over the year-ago quarter was driven by a 33% growth in the company's Client Systems business, with strength in sales of chips for mobile phones, hard disk drives and other PC-related applications
This article was originally published on Electronicstalk on 8 Mar 2007 at 8.00am (UK)
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The company reported a GAAP net loss of $39 million, or $0.02 per share, which included a restructuring charge of $47 million, a majority of which was related to the decommissioning of Agere's former manufacturing facilities, and a purchased in-process R and D charge of $13 million related to the company's recent acquisition of TeraBlaze.
This was an improvement of $0.07 per share over the year-ago quarter net loss of $146 million or $0.09 per share.
The company reported earnings of $11 million or $0.01 per share in the September quarter.
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The company was profitable on a pro forma net income basis, with earnings of $22 million, or $0.01 per share in the December quarter, compared with a pro forma net loss of $121 million, or $0.07 per share in the year-ago quarter, and pro forma net income of $47 million, or $0.03 per share in the September quarter.
Pro forma net income excludes gain or loss from the sale of, and income or loss from, discontinued operations; net restructuring and other charges; purchased in-process research and development charges related to acquisitions; amortisation of acquired intangible assets; net gain or loss from the sale of operating assets and cumulative effect of an accounting change.
The company also reported positive cash flow from operations, less capital expenditures, of $64 million before restructuring, and $27 million including restructuring.
The company improved cash and cash in trust by $7 million sequentially to $772 million, the company's fourth consecutive quarterly increase.
"We delivered another strong quarter, with better-than-expected revenues, improved gross margins, pro forma profitability and positive cash flow", said John Dickson, President and CEO, Agere Systems.
"With the recent acquisition of TeraBlaze, we are continuing to invest strategically in such high-growth areas as Gigabit Ethernet that present attractive revenue opportunities for Agere".
"Our broad portfolio mix has enabled us to deliver four consecutive quarters of revenue growth".
"Looking out to the next quarter, we expect our revenues to hold steady even in a quarter where PC-related applications are typically down, as we begin to see sustained improvement in demand for products for wireless and wireline infrastructure".
"We are also pleased that we expect to be both profitable and cash flow positive in the next quarter", added Dickson.
The Client Systems Group reported revenues of $398 million for the December quarter, up 33% over the year-ago quarter and 4% sequentially, driven by growth in chips for mobile phones and hard disk drives.
The Infrastructure Systems Group reported revenues of $118 million, down 13% from the year-ago quarter and 4% sequentially.
The sequential decline was due to a decrease in revenues from intellectual property licensing and mature telephony products, partially offset by an increase in sales of the company's wireline and wireless infrastructure products.
The company expects revenues in the March quarter to be about flat with the December quarter, and expects to post profitability, with both GAAP and pro forma net income expected to be in the range of $0.01 to $0.02 per share.
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