Monday, January 23, 2006

Agere Posts Revenue of $403 Million, Implements Business Turnaround Plan

Agere Systems posted revenue of $403 million for its first quarter of fiscal 2006, ended December 31, 2005, compared to $416 million in the September quarter and $410 million in the year-ago quarter.

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.

Agere said its storage revenues increase sequentially driven by strong shipments of preamplifier and system-on-a-chip solutions.

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.