ALLENTOWN, Pa.--Agere Systems Inc. reported that revenues for its first quarter of fiscal 2004 were $516 million, up 18 percent from revenues in the year-ago quarter, and up 2 percent sequentially.
The company reported a GAAP net loss of $39 million, or minus $0.02 per share. This includes 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&D charge of $13 million related to the company's recent acquisition of TeraBlaze, Inc.
This was an improvement of $0.07 per share over the year-ago quarter net loss of $146 million, or minus $0.09 per share. The company reported earnings of $11 million, or $0.01 per share in the September quarter.
"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 of Agere Systems, in a statement.
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.