MURRAY HILL, N.J., Dec. 21 /PRNewswire/ -- Lucent Technologies (NYSE: LU) today announced the results of an extensive review of the company's business and financial operations and outlined plans to restructure the business.
As a result of the review, the company expects a pro forma loss of 25 to 30 cents per share on continuing operations(1) in the first fiscal quarter of 2001, ending Dec. 31, 2000, and will initiate a business restructuring program to drive out in excess of $1 billion in costs as the company re-designs its internal systems and processes for long-term, sustainable growth.
The company has also completed the revenue review it announced on Nov. 21. As a result, its fourth fiscal quarter 2000 revenue will be $8.7 billion and its pro forma earnings will be 10 cents per share on continuing operations. This is lower than the previously announced $9.4 billion in revenues and pro forma earnings of 18 cents per share on continuing operations for the quarter ended Sept. 30, 2000. For fiscal year 2000, the adjusted results will be $33.6 billion in revenue and pro forma earnings per share of 93 cents on continuing operations.
As a result of the review, the company expects a pro forma loss of 25 to 30 cents per share on continuing operations(1) in the first fiscal quarter of 2001, ending Dec. 31, 2000, and will initiate a business restructuring program to drive out in excess of $1 billion in costs as the company re-designs its internal systems and processes for long-term, sustainable growth.
The company has also completed the revenue review it announced on Nov. 21. As a result, its fourth fiscal quarter 2000 revenue will be $8.7 billion and its pro forma earnings will be 10 cents per share on continuing operations. This is lower than the previously announced $9.4 billion in revenues and pro forma earnings of 18 cents per share on continuing operations for the quarter ended Sept. 30, 2000. For fiscal year 2000, the adjusted results will be $33.6 billion in revenue and pro forma earnings per share of 93 cents on continuing operations.