Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Jim Bishop who wrote (94445)	10/23/2001 1:38:06 AM
From: Kevin Clarke	Read Replies (1) \| Respond to of 150070

VLPI, CEO ON CNBC IN THE MORNING

To: Jim Bishop who wrote (94445)	10/23/2001 12:22:47 PM
From: john	Read Replies (1) \| Respond to of 150070

B: Lucent Posts $8.8 Billion Loss TRENTON, N.J., Oct 23, 2001 (AP Online via COMTEX) -- Lucent Technologies posted an $8.8 billion loss for the fourth fiscal quarter due to a whopping $8 billion in special charges and a 28 percent drop in revenue. Even without the charges, its operating results were worse than Wall Street expected and its share price fell 3 percent by midday. Its chief executive said it expects to return to profitability sometime next year. The telecommunications equipment maker's loss amounted to $2.18 per share for the three months ended Sept. 30, versus a net loss of $484 million, or 9 cents per share, a year ago. The latest loss included charges for severance and other benefits for laid-off workers and others who took voluntary retirement, writeoffs of discontinued and obsolete inventory and writeoffs of plants, equipment and property no longer needed. Despite the magnitude of the loss, it is still smaller than the $19.43 billion quarterly loss reported earlier this year by Nortel Networks, a Canadian fiber optic concern. Excluding the charges, Murray Hill-based Lucent reported a loss of $909 million, or 27 cents per share, for the quarter. That was larger than the consensus forecast of analysts surveyed by Thomson Financial/First Call, who expected a loss of 23 cents per share. Sales for the 2001 fourth quarter totaled $5.2 billion, down from $7.2 billion a year earlier. The report comes exactly a year after chief executive Henry Schacht installed a new management team at the AT&T spinoff and initiated a turnaround plan. "In the current market, we think this represents a solid top-line performance," Schacht told analysts during a morning conference call, noting "sharply reduced spending in the industry." "Clearly, we're not yet where we need to be, but we've built a solid track record over the last 12 months," said Schacht, the former Lucent CEO brought back from retirement after a string of missed earnings targets, restatements of previously reported earnings, slumping sales and other problems led Lucent's board to oust chief executive Richard McGinn. Schacht said the company has completed the first phase of its turnaround plan, has begun its second phase and should return to profitability sometime during its 2002 fiscal year. Since January, 29,000 jobs were cut through layoffs, voluntary retirements and spinoffs, leaving 77,000 employees, said chief financial officer Frank D'Amelio. The company is on track to reduce its work force to 57,000 to 62,000, from a high of some 120,000, by the end of the second fiscal quarter, he said. For the full 2001 fiscal year, Lucent posted a net loss of $16.2 billion, or $4.18 per share, compared with a profit of $1.2 billion, or 43 cents per share, in 2000. Sales fell 26 percent, to $21.2 billion from $28.7 billion in the 2000 fiscal year. In midday trading on the New York Stock Exchange, Lucent shares were down 27 cents to $6.63. ---