Product category:
Communications ICs (Wired)
News Release from: Agere Systems
Edited by the Electronicstalk Editorial
Team on 26 January 2005
Agere positions itself for growth
Agere Systems has reported that revenues for the first quarter of fiscal 2005, ended 31st December 2004, were $410 million, at the high end of the guidance range provided by the company in October.
Agere Systems has reported that revenues for the first quarter of fiscal 2005, ended 31st December 2004, were $410 million, at the high end of the guidance range provided by the company in October The company's revenues were $439 million in the September quarter and $516 million in the year-ago quarter
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 $67 million, or $0.04 per share, including $60 million in net restructuring charges and related costs.
For the September quarter, Agere reported a GAAP net loss of $127 million, or $0.07 per share, including $132 million in net restructuring and other charges.
In the year-ago quarter, the company reported a GAAP net loss of $39 million, or $0.02 per share.
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Pro forma net loss was $8 million, or breakeven per share, in the December quarter, better than guidance, compared with pro forma net income of $6 million, or breakeven per share, in the September quarter, and pro forma net income of $28 million, or $0.02 per share, in the year-ago quarter.
Pro forma net income excludes gain or loss from the sale of, and income or loss from, discontinued operations; restructuring-related charges included in costs, primarily increased depreciation; certain other non-cash charges; net restructuring and other charges; purchased in-process research and development charges; amortisation of acquired intangible assets; net gain or loss from the sale of operating assets; certain tax adjustments; cumulative effect of an accounting change and certain non-recurring charges.
The company posted cash flow from operations, less capital expenditures, of $10 million, its sixth consecutive positive quarterly result.
During the quarter, the company repaid an accounts receivable securitisation facility that matured in October.
Cash and cash in trust, less total debt, improved by $26 million to a total of $256 million from the September quarter, reflecting positive cash flow.
"We achieved strong design win momentum in all areas of the business and we are pleased by our continued strength in storage where we increased shipments of read channels and system-on-a-chip solutions to key customers targeting PC and consumer electronics applications", said John Dickson, President and CEO, Agere Systems.
"Overall, we have positioned ourselves for future growth and we expect to increase revenues and improve profitability as we move beyond the March quarter into the second half of fiscal 2005".
In the March quarter, the company expects to report revenues in the range of $400 million to $420 million.
The company expects GAAP net loss to be in the range of $0.03 to $0.05 per share, including restructuring-related items.
Pro forma net loss is expected to be in the range of breakeven to a loss of $0.02 per share.
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