Thursday April 22, 7:18 am Eastern Time
Lucent Q2 net rises, beats estimates
MURRAY HILL, N.J., April 22 (Reuters) -
LUCENT TECHNOLOGIES INC.
Second Quarter Income Statement
(Unaudited; millions of dollars, except per share amounts)
For the Three Months Ended
3/31/99 3/31/99(a) 3/31/98(b) Change(c)
Revenues 8,220 8,220 6,184 32.9%
Costs 4,327 4,327 3,436 25.9%
Gross Margin 3,893 3,893 2,748 41.7%
Selling, General and
Administrative
1,902 1,902 1,501 26.7%
Research and
Development 1,157 1,139 932 22.2%
Total Operating
Expenses 3,059 3,041 2,433 25.0%
Operating Income 834 852 315 170.5%
Other Income (expense),
net (65) (65) 31 nm
Interest expense 95 95 58 63.8%
Income before income
taxes 674 692 288 140.3%
Income tax expense 232 235 102 130.4%
Net Income 442 457 186 145.7%
Earnings per share
- Basic 0.17 0.17 0.07 142.9%
Earnings per share
- Diluted 0.16 0.17 0.07 142.9%
Effective tax rate (%)
34.4 34.0 35.4 (1.4) pts.
(a) Excludes a one-time, after-tax charge of $15 million
for purchased in-process research and development related to
the acquisitions of WaveAccess, Sybarus and Enable
Semiconductor's Ethernet LAN business.
(b) Excludes a one-time, after-tax charge of $157 million
for purchased in-process research and development related to
the acquisition of Prominet Corp.
(c) Change between the three-month period ended 3/31/99,
excluding a one-time charge related to the acquisitions of
WaveAccess, Sybarus and Enable Semiconductor's Ethernet LAN
business, and the three-month period ending 03/31/98, excluding
a one-time charge related to the acquisition of Prominet.
(d) For the six months ended March 31, 1999, results
exclude the in-process research and development charges
associated with the acquisitions of Quadritek, WaveAccess,
Sybarus and Enable Semiconductor's Ethernet LAN business as
well as the cumulative effect of accounting change related to
pension and postretirement benefits. For the six months ended
March 31, 1998, results exclude the in-process research and
development charges associated with the acquisitions of
Livingston and Prominet as well as the gain on the sale of the
Advanced Technology Systems (ATS) business.
nm - not Meaningful
NOTE: First Call EPS Estimate $0.15.
For the fiscal second quarter, including a one-time,
after-tax charge of $15 million (or 1 cent a share) associated
with the acquisitions of WaveAccess, Sybarus and the Ethernet
LAN business of Enable Semiconductor, the company reported net
income of $442 million or 16 cents a share. In the year-ago
quarter, the company reported net income of $29 million or 1
cent a share, including a $157 million one-time, after-tax
charge associated with the acquisition of Prominet.
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