Lucent spin-off Avaya, which employs more than 220 people at its European headquarters in Bray, has increased its revenues by 4pc sequentially in the fourth quarter.
The US-based telephony systems developer announced fourth quarter net income of US$66m or earnings of 15 cents per diluted share for the fourth quarter ended 30 September 2003. These results compare to net income of US$8m or earnings of 2 cents per diluted share in the third quarter of 2003.
Fourth quarter revenue of US$1.118bn was 4.3pc higher than third fiscal quarter revenue of US$1.072bn. In the fourth fiscal quarter of 2002, Avaya reported a net loss of US$544m or a loss of $1.50 per diluted share on revenue of US$1.152bn.
Avaya’s cash balance increased for the fifth straight quarter to US$1.192bn, giving the company a net cash position, for the first time since its inception, of US$239m.
Although Avaya’s revenues for the year as a whole were down 12.5pc – to US$4.338bn compared with US$4.956bn for fiscal 2002 – its net losses narrowed to US$88m in fiscal 2003 from US$666m for fiscal 2002.
“As I review the fiscal year just completed, I see Avaya in a substantially different position from where we were at our spin-off three years ago and compared to where we were just 12 months ago,” said Don Peterson, Avaya chairman and CEO. “Today, we are profitable, with a proven financial discipline that has helped provide us with a strengthened financial position.”
By Brian Skelly