Lucent Technologies has has reported lower second-quarter losses than the same time last year.
The company, the world's largest telecommunications equipment maker, said its loss was $631 million, or 20 cents a share, compared with a loss of $1.39 billion, or 41 cents a share, in the year-ago quarter.
It recorded pro forma revenues of $3.52 billion for the second fiscal quarter of 2002, a modest increase over the $3.47 billion in revenues that Lucent recorded in the first fiscal quarter of 2002.
Lucent chief executive Ms Patricia Russo said: "Our gross margin grew by nine points and our bottom line improved by nine cents per share, excluding the six-cent tax charge. Our top line showed modest sequential improvement in an environment marked by ongoing capital spending reductions by our customers".
Lucent also announced it has met all of the financial conditions under its credit facility to complete the spinoff of Agere Systems and that the board of directors of Lucent approved a distribution of Agere shares to the Lucent common shareowners.
The distribution is planned for June 1st, 2002, to the holders of Lucent common stock as of the close of business on May 3rd, 2002.