Agere Reports Revenues of $433 million

Agere Systems reported quarterly revenue of $433 million, at the high end of the guidance range provided by the company in April, up from $417 million in the preceding quarter. The company reported GAAP gross profit of $185 million or 43% of revenue, GAAP operating income of $3 million or 1% of revenue and GAAP net income of $120 million or $0.66 per share.


Agere also announced plans to complete the closure of its Orlando wafer fabrication facility by Sept. 30, 2005. At present, 545 employees work in the facility.


"Our results this quarter are a significant step toward achieving our operating model goals as we achieved a quarterly pro forma gross margin of 52% and operating income margin of 11%," said John Dickson, president and CEO, Agere Systems. "The closure of our facility in Orlando represents the last major step in the restructuring efforts we have undertaken."http://www.agere.com