Wait until 2004...
Lucent Technologies Comments On Expectations For Third Quarter and Fiscal Year 2003
Tuesday July 15, 4:06 pm ET
- Revenues for third fiscal quarter to be down sequentially about 18 percent - Loss per share of approximately 6 cents to 8 cents for third fiscal quarter - Now expects return to profitability in fiscal 2004
MURRAY HILL, N.J., July 15 /PRNewswire-FirstCall/ -- Lucent Technologies (NYSE: LU - News) today announced that it expects revenues for the third quarter of fiscal 2003 to be down approximately 18 percent from its $2.4 billion in revenue for the second quarter, due to a decline in revenues from its Mobility business.
The company's loss per share(1) for the quarter is expected to be approximately 6 cents to 8 cents, in accordance with U.S. generally accepted accounting principles (GAAP), compared with a net loss of 14 cents per share during the prior quarter, which included a net unfavorable impact of 6 cents per share for certain items, including the global settlement of Lucent's shareowner litigation. The impact of similar items in the third quarter is not expected to be significant.
"In the third quarter, our Mobility revenues were unfavorably impacted by some reduced spending in North America and an unexpected network acceptance delay," said Lucent Technologies Chief Financial Officer Frank D'Amelio. "These two items accounted for virtually all of the decline."
Looking forward, the company said it sees continued uncertainty in the market, particularly in Mobility. "We now expect that our return to profitability will occur in fiscal 2004," said D'Amelio. "We continue to seek new revenue opportunities while implementing plans to further reduce our breakeven."
The company also said that it used only a modest amount of cash in the third quarter and expects to report an ending balance of $4.9 billion in cash and short-term investments for the quarter. |
