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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (61974)	3/13/2002 12:33:56 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Lucent Says Profits Won’t Return Until Fiscal 2003 Online staff -- Electronic News, 3/12/2002 e-insite.net Lucent Technologies Inc. today said that while it is seeing sequential improvements in revenue, it will likely not see a profit until sometime in fiscal 2003. The Murray Hill, N.J.-based company said it expects to see sequential improvement to its bottom line in the second quarter. Revenue is also forecast to show a "modest to 10 percent improvement," the company said. Previously, Lucent was predicting revenue would grow 10 percent to 15 percent sequentially. In 2001, Lucent cut tens of thousands of jobs and shut down facilities in an attempt to cut costs. The company reported a loss of $16.2 billion for the year. Following today’s announcement, shares in Lucent fell nearly 10 percent, or 61 cents, to close at $5.65. "The progress we are making with our restructuring program will enable us to deliver the fifth quarter in a row of sequential improvement in the bottom line," said Frank D'Amelio, executive VP and CFO, in a statement. He said that service providers continue to reduce or defer their spending as they rethink their business plans and conserve cash, to the detriment of Lucent's bottom line.