Avaya Issues Preliminary Financial Results

Avaya said preliminary results for its recently completed first fiscal quarter indicate revenues in the range of $1.060 billion to $1.070 billion and a loss of between $0.08 and $0.10 per diluted share from ongoing operations. The company said it ended the quarter with a cash balance of $650 million, an increase of more than $50 million sequentially from the fourth fiscal quarter of 2002 due primarily to continued improvements in the management of accounts receivables. Full results are expected on 21-January-2003.
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