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To: Lucretius who wrote (140768)	12/28/2001 1:04:53 PM
From: mishedlo	Read Replies (1) \| Respond to of 436258

Staggering is more like it. ggg JDSU - LOL M

To: Lucretius who wrote (140768)	12/28/2001 5:04:01 PM
From: mishedlo	Respond to of 436258

Here's honesty for you. Lucent Reiterates Lower Revenue Outlook For FY02 Hmmmm is that 2002 recovery going to be pushed to 2003 now? LOL Well it can't get any worse - uh can it? -------------------------------------------------------------------------------- 15:02 ET Lucent Reiterates Lower Revenue Outlook For FY02 28 Dec 15:02 WASHINGTON -(Dow Jones)- Lucent Technologies Inc. (LU) reiterated Friday in its annual report to the Securities and Exchange Commission that it expects revenue for the current fiscal year will be less than revenue reported for the year ended Sept. 30. According to the 10-K report, the expectations of decreased revenue are a result of the sale of Lucent's optical fiber business in November. The company also ties the expected lower revenue to its new focus on large service providers, as well as the "continued uncertainty in the global telecommunications market." Lucent recently warned that revenue in its fiscal first quarter ending Monday will fall about 30% short of estimates. The company also said in the filing that as of Sept. 30 it had achieved more than 60% of its goal of reducing operating expenses by $4 billion on an annualized basis. Another goal of the company's restructuring efforts was to reduce working capital by $4 billion. It defined working capital as the change in receivables and inventory adjusted for noncash charges and asset securitizations, and normalized for the change in quarterly sales. Lucent said in the filing that it had achieved more than 75% of this objective as of Sept. 30. The company also said it is targeting a reduction of about $750 million of its annual capital spending rate this fiscal year. Lucent said it expects its restructuring program to yield gross cash savings in excess of $5 billion annually, primarily from reduced head count. Lucent reduced its work force by nearly 40%, to around 60,000, in 2001. The company still gives the end of fiscal 2002 as a target for completion of its restructuring program, according to the filing. Lucent shares were recently trading unchanged at $6.14.