MANHASSET, N.Y. Semiconductor supplier Agere Systems Inc. posted sales of $397 million in its second 2006 fiscal quarter ended March, within the guidance range provided in January. By comparison, Agere's revenues were $403 million in the December quarter and $417 million in the year-ago quarter.
For the March quarter, Agere (Allentown, Pa.) reported a GAAP net loss of $21 million or 11 cents per share, which included $40 million of net restructuring charges and related costs, and stock-based compensation expenses. In the previous quarter, Agere posted a GAAP net loss of $19 million, or 11 cents per share, including $39 million of net restructuring charges and stock-based compensation expenses.
In the year-ago quarter, the company reported a GAAP net loss of $68 million or 38 cents per share, including purchased in-process R&D charges of $55 million, $33 million of net restructuring charges and related costs, and a $22 million benefit resulting from the reversal of a tax contingency.
"Our turnaround plan for Agere is well under way as we move from stabilizing the business to addressing earnings growth through process improvements and focused investments," said Richard Clemmer, president and CEO of Agere Systems, in a statement. "We see strong underlying growth being driven by such areas as EDGE wireless handset solutions, storage preamplifiers, storage area network ICs and traffic management, with overall revenue growth expected in the next fiscal year."
For the June quarter, Agere expects revenue of $390 million to $410 million. The company expects GAAP net income to be between breakeven and a profit of 5 cents per share, including restructuring charges and related costs.