Monday, October 30, 2006

Agere Posts First Full Year of GAAP Profitability

Agere Systems reported GAAP net income of $20 million, or $0.12 per share, for the fiscal year ended September 30, 2006, compared to a GAAP net loss of $8 million, or $0.04 per share, for fiscal 2005. The results represent the first fiscal year that Agere has been profitable on a GAAP basis.

Richard Clemmer, President and CEO of Agere, said, "Our results for fiscal 2006 mark Agere's first full-year profit as a public company. This milestone in financial performance demonstrates that we are executing on our turnaround strategy.

In the December quarter, the company expects to report revenues in the range of $365 million to $390 million. The company expects GAAP net income to be in the range of $0.08 to $0.13 per share.