Product category:
Communications ICs (Wired)
News Release from: Agere Systems
Edited by the Electronicstalk Editorial
Team on 25 January 2006
Storage business drives Agere's revenue
Agere Systems has reported revenues for the first quarter of fiscal 2006 of $403 million, driven by strong demand in the company's storage business.
Agere Systems has reported revenues for the first quarter of fiscal 2006, ended 31st December 2005, of $403 million, within the guidance range provided in October, driven by strong demand in the company's storage business By comparison, Agere's revenues were $416 million in the September quarter and $410 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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"We believe we are well positioned to gain share in storage with the continued ramp of 160Gbyte-capable products and preamplifiers", said Richard L Clemmer, President and CEO, Agere Systems.
"Overall, my first 90 days at Agere were spent developing relationships with key customers and putting in place a very capable leadership team that is focused on driving this company to sustained profitable revenue growth".
For the December quarter, Agere reported a GAAP net loss of $19 million, or $0.11 per share, better than its guidance, which included a net of $39 million in restructuring charges and equity compensation expenses.
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For the September quarter, Agere posted GAAP net income of $7 million, or $0.04 per share, including $31 million in net restructuring charges and related costs.
In the year-ago quarter, the company reported a GAAP net loss of $67 million, or $0.39 per share.
On a pro forma basis, Agere reported net income of $16 million or $.09 per share in the December quarter, at the high end of guidance, compared with pro forma net income of $38 million, or $0.21 per share in the September quarter.
In the year-ago quarter, the company reported a pro forma net loss of $8 million, or $0.05 per share.
Pro forma financial measures, which are non-GAAP measures, exclude gain or loss from the sale of, and income or loss from, discontinued operations; restructuring-related charges included in costs; certain other noncash charges including equity compensation; 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 accounting changes; and certain nonrecurring charges.
Throughout the quarter, Agere implemented broad executive changes focused on driving results and moving the business forward.
In addition, the company is combining its Telecom and Enterprise and Networking divisions into a new single entity aimed at leveraging Agere's core competencies in system-level solutions.
"We are addressing the challenges in our business with a sense of urgency and the commitment necessary to transform Agere into a more successful company that delivers increasing shareholder value", said Clemmer.
In the March quarter, the company expects to report revenues in the range of $390 million to $410 million.
The company expects a GAAP net loss in the range of $0.06 to $0.12 per share, including restructuring charges and related costs.
Pro forma net income is expected to be in the range of $0.05 to $0.11 per share.
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