Bacchus_II
19 years ago
Agere Changes CEO
By TSC Staff
10/26/2005 7:29 AM EDT
Agere (AGR:NYSE - commentary - research - Cramer's Take) posted a fourth-quarter profit, trimmed first-quarter guidance and named a new CEO.
The Allentown, Pa., tech gearmaker named Richard Clemmer chief executive, replacing John Dickson, who will retire. Agere also said it would buy back up to $200 million of its own stock.
For the quarter ended Sept. 30, Agere made $7 million, or 4 cents a share, reversing the year-ago loss of $127 million, or 74 cents a share. Revenue fell to $416 million from $439 million a year earlier. On a pro forma basis, excluding certain costs, latest-quarter earnings were 21 cents a share. Analysts were looking for a dime-a-share profit on sales of $433 million.
The company also guided to a pro forma profit of 6 cents a share for the first quarter on revenue of $400 million. Analysts surveyed by Thomson First Call were looking for a 12-cent profit on sales of $426 million.
http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=3750000020&tid=agr&sid=3....
Bacchus_II
20 years ago
Agere sets date for reverse split
Besides announcing 1-for-10 conversion, it posts quarterly loss.
By Jeanne Bonner
Of The Morning Call
Agere Systems will proceed with plans to combine its two classes of shares, and effect a 1-for-10 reverse stock split that will reduce the number of outstanding shares and boost the price of its flagging stock.
The Hanover Township, Lehigh County, chipmaker said Tuesday the two changes will most likely take place on May 27. Agere received overwhelming approval for the two moves from its shareholders at the company's annual meeting in February.
The company believes combining the shares will eliminate confusion among investors. Agere had its initial public offering in 2001 and spun off from Lucent Technologies in 2002. Lucent distributed too many shares in the IPO and put the tax-free nature of the spinoff in jeopardy. The solution was to create two classes of shares.
The reverse stock split, which will combine 10 shares into a single share, is aimed at boosting the stock price and reducing the number of outstanding shares. Using Agere's closing price of $1.22 on Tuesday, the company's shares would trade at $12.20 after the split took place.
The reverse stock split has been hailed by Wall Street analysts as a way to boost Agere's stock price so it will appeal to institutional investors, who already own the majority of the company's shares. Ross Seymore, an analyst with Deutsche Bank, said the unusually high number of shares that the Lucent spinoff foisted upon Agere has prevented the company's stock from reflecting its incremental steps toward profitability.
''With the reverse split, you'll have a stock price where you can see the earnings-per-share effect in a quarter,'' said Seymore, who has a ''hold'' rating on the stock. ''It cleans things up.''
Some critics, however, say the move is an artificial way to raise the stock price that would dilute holdings if the shares fell after the maneuver.
The decision to eliminate an extra class of shares and implement a reverse stock split may remove the last vestiges of the Lucent spinoff from Agere's corporate structure. It is hoped the split will bring Agere's stock price permanently above $5. Agere's stock fell 55 percent last year.
The reclassification of shares and the reverse split will leave Agere with about 181 million outstanding shares, down from a combined 1.8 billion now for the two classes. The company's stock symbol will be AGR.
The company announced the stock changes in conjunction with releasing second-quarter financial results. Agere reported a loss of $68 million on revenue of $417 million, which is on the high side of the range the company had forecast. Agere reported a profit of $74 million in the year-ago quarter that included a tax benefit of $79 million.
Agere is the world's 28th largest chip company. It makes chips for hard-disk drives and cell phones as well as telephone and computer networks. Its chips are used in Apple's iPod Mini music player and an array of Samsung cell phones.
The company forecasts revenue of between $415 million and $435 million for the quarter that will end June 30. It predicts net income of break-even to a loss of 2 cents per share, before the impact of the reverse split.
Revenue for the second quarter, which ended March 31, fell 10 percent from the year-ago quarter but was up slightly from the first quarter. The company began the year with the lowest quarterly revenue it has ever reported. Agere officials have said revenue and profitability will improve as the year progresses.
''I think their resolve is solid and their guidance is solid,'' said Ping Zhao, an analyst with CreditSights who has a ''buy'' rating on the stock.
Seymore of Deutsche Bank said Agere is becoming a smaller company and will end up with less revenue this year than in 2004. He has predicted annual revenue of between $1.6 billion and $1.7 billion for this year, compared with $1.91 billion last year. But Seymore said by becoming smaller, Agere will become profitable in the long run. Agere won't turn a full-year profit in fiscal 2005, the company has said.
''The challenge they are facing is transitioning from turnaround story to a growth story,'' said Seymore of Deutsche Bank, in a telephone interview. ''[As a company], I would rather be small and more profitable than larger and unprofitable and I think that's the trade they are making and I would applaud it.''
Agere's second-quarter net loss included $55 million in research and development charges that were part of its purchase of Modem-Art, an Israeli developer of cell phone chips, in February. The quarterly loss also includes $29 million in charges for additional depreciation, primarily related to its Orlando chip wafer plant, which the company plans to close later this year.
Agere reported $15 million in cash flow for the second quarter, the seventh consecutive quarter of positive cash flow. The company's pro forma loss for the quarter excluding one-time items was $1 million.
Agere officials said they are steadily gaining new customers and expanding beyond the company's traditionally small set of clients. Agere announced Sony Ericsson will use its dual-mode cell phone chips for a new PC card that consumers can insert into their computers to gain access to the Internet through cell phone networks. Because it provides access to a third generation, or 3G, cell phone network, the connection will be at broadband speed and will be more ubiquitous than Wi-Fi hot spots, whose ranges are limited, Agere officials said.
The company also said it has expanded its relationship with Western Digital, a maker of hard-disk drives. Previously, Agere sold preamplifier chips for Western Digital's hard-disk drives. Now it is also selling Western Digital systems-on-a-chip, which cost more and contain more Agere components. Chief Executive Officer John Dickson said the new business is bringing stability to Agere.
Three customers each accounted for 10 percent or more of Agere's revenue in the second quarter: hard-disk drive makers Maxtor and Seagate, and Samsung, which is the world's No. 3 cell phone maker. Agere has dramatically expanded its relationship with Samsung in the past two years and now supplies the Korean telecommunications giant with chips for cell phones, hard-disk drives and phone network infrastructure.
Agere is trying to build back its 3G cell phone business after its main client, NEC of Japan, began purchasing chips from other suppliers last year. NEC, for whom Agere developed a custom chip, continues to buy chips from Agere but in much smaller volumes.
As Agere's relationship with NEC has diminished, it has moved to developing a standard 3G chip. To boost its efforts, Agere acquired Modem-Art for $145 million in March. The 3G cell phone technology is specifically designed to provide features such as digital music, photo-sharing and streaming video that require a lot of bandwidth.
''I think what Modem-Art has given to us is an acceleration or enhancement of the capability we had, and for some of our customers it has also been a major sign of our commitment to that market,'' Dickson said. ''We see accelerated interest from our customers. Samsung is driving that very hard.''
Agere won't see revenue from the standard next-generation chips until later on this year.
Agere's sales in three out of its four product sectors declined from a year ago but rose from the December quarter. The unit that produces chips for telecommunication networks saw sales rise 14 percent from the December quarter and 3 percent from a year ago to $65 million.
''Sequentially, you saw growth,'' said Agere Chief Financial Officer John Gamble, in a telephone interview Tuesday. ''We went through difficult times last year during the summer. The job we have is to rebuild from where we are.''
The company's storage division, which produces chips for hard-disk drives and is the largest revenue generator, fell 10 percent from the December quarter and 12 percent from the year-ago quarter to $150 million in revenue.
The company has staked a claim in the emerging smaller hard drives that are used in consumer electronics. Dickson said Agere shipped 13 million chips for the 1-inch microdrives, more than half in the past two months. For now, the smaller drives remain a small part of its storage revenue.
Agere's decision to pursue a reverse stock split comes after receiving shareholder authorization twice to pursue the move. Agere decided not to effect the reverse split in its fiscal 2004 because it hoped to boost the stock price by revenue gains and profitability. Last year, the company faced uneven revenue from several major customers, including NEC, that took a toll on its stock price.
Gamble said the company chose to effect a 1-for-10 split rather than the other ratios — 1-for-20, 1-for-30 and 1-for-40 — because most of its peers have between 100 million and 400 million outstanding shares.
''So doing the 1-for-10 split and having 181 million shares outstanding — that seemed to be the right place to be,'' Gamble said.
He added, ''A double-digit stock price was perfectly reasonable. It was more important that the stock be liquid rather than to double the share price to $26.''
Holders of Agere's B shares will lose their extra voting rights when the two shares are combined. Corporate governance experts say Agere is making the right move in eliminating one class of shares. Companies that use a two-class share structure often want to concentrate control of the company among a particular group of investors.
May 31 will be the first day of trading for Agere's stock if the company completes the reverse stock split and the reclassification of shares on May 27.
jeanne.bonner@mcall.com
http://www.mcall.com/business/local/all-agereapr27,0,7379207.story?page=1&coll=all-businesslocal...
Bull_Dolphin
20 years ago
Agere Systems Unveils Industry's First Single-Chip 48-Port Gigabit Ethernet Switch and Lowest Power Octal PHY
http://biz.yahoo.com/prnews/041108/phm011_1.html
Monday November 8, 8:09 am ET
Company's Octal PHY, at 500 mW Per Port, Is The Lowest Power PHY in the Industry; 48-Port Switch Provides Twice the Capability of Any Other Single- Chip Offering
Agere Ships Four Single-Chip Gigabit Ethernet Switch Products to Industry- Leading ODMs Accton and Delta
ALLENTOWN, Pa., Nov. 8 /PRNewswire-FirstCall/ -- Agere Systems (NYSE: AGR.A - News, AGR.B - News) today announced the availability of the industry's first single-chip 48-port Gigabit Ethernet (GbE) switching chip and the lowest power GbE octal physical layer device (PHY) to offer enterprise networking equipment manufacturers the lowest cost and power per port in the industry. The company is currently shipping these chips to original design manufacturers (ODMs) Accton Technology Corporation and Delta Networks, who make enterprise switching gear for a global base of OEM customers.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040618/AGERELOGO )
The company's new products target the growing market for GbE chips, expected to exceed $1 billion in 2005, according to industry analyst firm IDC.
Agere's TruePHY(TM) ET1081 octal PHY has a power consumption of less than 500 milliwatts per port. The powerful combination of Agere's patent-pending TruePHY technology coupled with the significant levels of integration on the single-chip 48-port switch provides manufacturers a 50 percent lower total chip count and 35 percent lower power consumption which equates to significantly lower overall cost of ownership. Agere's solution uses seven chips -- one switch system on a chip (SoC) and six octal PHYs -- to build a complete 48-port GbE switch with two 10 gigabits per second (Gb/s) Ethernet ports. Competing solutions require as many as 17 chips for the same solution. In a board level environment, Agere's solution reduces the printed circuit board space by about 30 percent and cuts the system failure rate in half.
"It has been less than a year since we acquired our switch business and already we have achieved several significant milestones in the GbE chip market. We've raised the bar for the industry in terms of performance, and we're winning customers in the marketplace," said Ed Roberts, vice president and general manager of Agere's Ethernet business. "Together with the industry's lowest-power octal PHY, Agere is providing the industry's most complete switch-on-a-chip and multi-PHY system solution to most effectively address the requirements for any enterprise switch. Our team has engineered a new generation of silicon technology that significantly cuts system level costs and development time and brings our customers a whole range of new enhanced features."
The Industry's First Single-Chip 48-port Switch
The four new GbE switch-on-a-chip devices are part of Agere's ET4K family of switching silicon. The ET4000 is a single-chip switch device supporting 24 10/100/1000 Mb/s Ethernet ports and four Gigabit SerDes ports. The ET4100 is a single-chip switch device supporting 24 10/100/1000 Mb/s Ethernet ports, with four Gigabit SerDes ports and two 10 Gb/s Ethernet ports. The ET4001 is a single-chip switch device supporting 48 10/100/1000 Mb/s Ethernet ports and four Gigabit SerDes ports. The ET4101 is a single-chip switch device supporting 48 10/100/1000 Mb/s Ethernet ports, four Gigabit SerDes ports and two 10 Gb/s Ethernet ports.
The ET4K family of switching devices are built upon an innovative new architecture and application software algorithms that achieve the industry's highest integration level while maintaining wire speed performance. The ET4K architecture supports L2/L3/L4 packet processing at wire speed, thus enabling throughput of more than 104 million packets per second. ET4K also offers a best-in-class access control list (ACL) function, a feature essential to providing network security, including the defense of denial of service attacks. In addition to supporting IPv4, the ET4K family represents one of the industry's first silicon solutions to support native IPv6 capability.
Shipping to Industry-Leading ODMs
"Agere is the first company to deliver a complete solution that works for our next-generation switch platforms with the most integrated multi-port chipset we have seen," said Ken Lu, co-founder and senior vice president of Accton Technology Corporation. "Ethernet technology is the core to Accton's focus. Because of its high level of integration and extremely low power, we've designed the chip into our ES4550 switching systems to deliver the high levels of performance including compelling cost per port and power per port metrics that are important to our OEM customers."
Original design manufacturers (ODMs) such as Accton and Delta are becoming increasingly important in the electronics industry supply chain as they provide system design and manufacturing capabilities for original equipment manufacturers (OEMs) who use their services.
"OEMs are increasingly asking us to provide higher port density and lower power switching solutions," said James Chiang, product manager at Delta Networks. "Agere's delivery of the ET4K family and ET1081 octal PHY will enable us to deliver the promise of competitive Gigabit Ethernet to our customers."
The Industry's Lowest-Power Octal PHY
TruePHY technology enables the lowest total power per port at the .13 micron technology node. The TruePHY ET1081 octal device is ideally suited not only for bringing the ultimate peak density of 48 ports in a 1U "pizza box" form factor, but it is also highly desirable in fast growing 2U 96-port bladed applications such as those utilizing the global Advanced Telecommunications Computing Architecture (ATCA) standard. Also inherent in the TruePHY architecture is the industry's most highly advanced cable diagnostics, with the precision and accuracy to pinpoint a break in 100 meters or more of standard CAT5 cabling. To ensure seamless interoperability and faster customer validation, Agere's TruePHY technology is compliant with University of New Hampshire test specifications.
These four ET4K switch SoCs and the ET1081 octal TruePHY device are coming to market as part of Agere's strategy to take share in the GbE networking silicon market with the August 2003 acquisition of Irish GbE PHY specialist Massana Ltd. and the January 2004 acquisition of Ethernet switch-on-chip team TeraBlaze Inc.
The Agere introductions come at a time when Voice-over-IP (VoIP) telephony is becoming more prevalent and sophisticated in the enterprise, as innovative OEMs add video functionality as well as Power-over-Ethernet technology. Agere's GbE switch silicon has been built and will continue to be built with these technology trends in mind.
All five devices announced today are actively sampling and will be available in production quantities in the first quarter of 2005. These products are already designed into key ODM and OEM platforms.
Customers in the U.S. may call the Agere Systems Customer Response Center at 1-800-372-2447. Customers in Canada may call 1-800-553-2448. Customers outside those countries may call 1-610-712-4323. Fax inquiries may be directed to 1-610-712-4106, or e-mail queries to docmaster@agere.com. Written inquiries should be sent to Agere Systems, Room 10A-301C, 1110 American Parkway NE, Lehigh Valley Central Campus, Allentown, PA, 18109, USA.
Agere Systems is a global leader in semiconductors for storage, wireless data, and public and enterprise networks. The company's chips and software power a broad range of computing and communications applications, from cell phones, PCs, PDAs, hard disk drives and gaming devices to the world's most sophisticated wireless and wireline networks. Agere's customers include the top manufacturers of consumer electronics, communications and computing equipment. Agere's products connect people to information and entertainment at home, at work and on the road -- making personal broadband a reality. More information about Agere is available on its web site http://www.agere.com.
Agere is a registered trademark and TruePHY, Agere Systems and the Agere Systems logo are trademarks of Agere Systems Inc.
This release contains forward-looking statements based on information currently available to Agere. Agere's actual results could differ materially from the results stated or implied by such forward-looking statements due to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, our ability to keep pace with technological change, our dependence on new product development, price and product competition, availability of manufacturing capacity, customer demand for our products and services, general industry and market conditions, and our reliance on major customers and suppliers. For a further discussion of these and other risks and uncertainties, see our annual report on Form 10-K for the fiscal year ended September 30, 2003, and our quarterly report on Form 10-Q for the period ended June 30, 2004. Agere disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
--------------------------------------------------------------------------------
Source: Agere Systems
Bull_Dolphin
20 years ago
Agere to debut data transport chips
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 3:56 PM ET Nov. 5, 2004
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&gui...
SAN FRANCISCO (CBS.MW) -- Agere Systems will debut two networking chips Monday devoted to Gigabit Ethernet, a technology that helps shuttle information quickly around the Internet.
Agere's (AGR.A: news, chart, profile) newest products mark its most significant attempt yet to break into the Gigabit Ethernet market against entrenched competitors Broadcom (BRCM: news, chart, profile), Marvell Technology (MRVL: news, chart, profile) and Vitesse Semiconductor (VTSS: news, chart, profile).
The new chips are used in networking switches sold by equipment manufacturers. Such switches filter and forward packets of information across the Internet. Allentown, Pa.-based Agere makes networking chips used for data storage, wireless and computing applications.
The company has set a goal to capture 2 percent of the Gigabit Ethernet chip market in 2005 and 10 percent in three years, said Ed Roberts, general manager of Agere's Ethernet division.
Agere has lined up two major Asian design companies, Accton Technology and Delta Networks, to use the new chips. Accton and Delta's customers include 3Com (COMS: news, chart, profile), Hewlett-Packard (HPQ: news, chart, profile) and Nortel Networks (NT: news, chart, profile).
Gigabit Ethernet technology can transfer data at a rate of 1,000 megabits per second, compared with Fast Ethernet, which has a transfer rate of 100 megabits per second, and Ethernet, which transfers data at 10 megabits per second.
Most networks operate on Ethernet or Fast Ethernet technology with a transition currently under way to Gigabit Ethernet.
Agere said its chips are different from competitors' offerings because they're more highly integrated, which reduces costs and power consumption.
Its newest chip, the ET4001, can accommodate 48 data ports and works in conjunction with its other new chip, the TruePHY ET1081.
A circuit board for a switch would only need seven Agere chips, compared with 17 comparable chips from competitors, according to the company.
"This certainly is significant for Agere," said Seamus Crehan, a research director at Dell'Oro. "They haven't had that big of a presence in the Gigabit Ethernet market yet, and they've made a number of acquisitions to help them get the teams and technologies to make this happen."
The chips come out of Agere's purchase in August 2003 of Massana for $26 million, as well as the January buy of TeraBlaze for $21 million. Roberts said his Ethernet team now has about 200 employees.
He added that Agere will get revenues from the chips this quarter, but wouldn't be more specific beyond his market share targets.
Crehan said these chips address an installed base of $450 million worth of Fast Ethernet ports, all of which have the potential to be replaced by Gigabit Ethernet.
Lower cost components will help speed the adoption of Gigabit Ethernet, the researcher added, and volume shipments will be more significant through 2005 with peak shipments in 2006 and 2007.
Agere's newest offering appears to drop the price per data port down to almost twice the cost of a Fast Ethernet port, Crehan said. "If they get less than two times per port on a like-for-like device, that should trigger strong adoption."
Likewise, analyst Roy Rubenstein with RHK Research, a consultancy and boutique investment bank, said Gigabit Ethernet is the place to be right now for chips used in networking switches.
The number of ports that Agere is addressing through one chip is a significant jump in capability for the market, he added, and others are moving in that direction. "There are a lot of players jockeying for position right now," Rubenstein said.
Chris Kraeuter is a reporter for CBS.MarketWatch.com in San Francisco.
regards
Bull_Dolphin
20 years ago
Settlement....
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh26546_2004-10-05_21-36-04_wen...
Broadcom, Agere settle patent suit
Tue Oct 5, 2004 05:36 PM ET
NEW YORK, Oct 5 (Reuters) - Broadcom Corp. (BRCM.O: Quote, Profile, Research) said on Tuesday it settled all litigation with Agere Systems Inc. (AGRa.N: Quote, Profile, Research) over patents related to high speed communications, wireless, disk drive and other technologies.
In 2003 and 2004, Broadcom and Agere filed several complaints and counterclaims against one another. Under the settlement, all litigation is dismissed and cross licensing deals were reached under respective patent portfolios.
Broadcom, based in Irvine, California, said it will record an aggregate $27.5 million in settlement costs during the most recent quarter. Other terms of the settlement were not disclosed.
regards
Bacchus_II
20 years ago
Agere Systems Announces Plans to Reduce Expenses, Reaffirms Fourth Fiscal Quarter Revenue Outlook
Wednesday September 29, 7:01 am ET
ALLENTOWN, Pa., Sept. 29 /PRNewswire-FirstCall/ -- Agere Systems (NYSE: AGR.A - News, AGR.B - News) today announced plans to align its cost structure with current revenue expectations and improve profitability. As part of these actions, the company is reducing its workforce by 500 employees across the business, including administrative functions, sales, marketing and product development.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040618/AGERELOGO )
With these actions, the company will lower both its costs and operating expenses. The company expects to reduce its quarterly research and development (R&D) and selling, general and administrative (SG&A) expenses to approximately $170 million to $175 million by the third quarter of fiscal 2005, beginning in April. In the quarter ended June 30, the company had reported $195 million in these expenses.
In addition, Agere announced that it would cease operations in its wafer manufacturing facility in Orlando, Fla., by the end of December 2005, if a sale of the facility cannot be arranged by that time. In 2002, the company had announced plans to sell this facility as an ongoing operation, but has not yet found a suitable buyer. The facility currently employs approximately 600 people.
The company expects cost benefits from the facility closing to begin accruing in fiscal 2006.
The company expects to take total restructuring charges and expenses in the range of $340 million to $360 million associated with these actions, with approximately $130 million to $140 million to be recorded in the fourth quarter of fiscal 2004, ending September 30, and the remainder to be incurred in subsequent quarters.
Agere also reaffirmed that revenues in the September quarter are still expected to be in the range of $420 million to $445 million, which was the guidance provided in July.
The company expects revenues for the first quarter of fiscal 2005, ending December 31, 2004, to be sequentially lower by approximately 5 percent. This decline is due to inventory adjustments by customers of 2.5G/GPRS mobile phone and telecommunications products, as well as a seasonal decline in IP revenues and shipments of chips for satellite radio. Gross margin is expected to decrease sequentially due to lower utilization of capacity and lower revenue levels. The company will provide additional guidance for the December quarter during its quarterly earnings conference call on Tuesday, October 26.
"While our actions to reduce the workforce are clearly very difficult for employees, they were absolutely necessary to align our expenses with our revenues," said John Dickson, president and CEO, Agere Systems. "The issues we faced with three major customers now seem to have broadened into an industry-wide inventory correction, as reflected by a spate of earnings warnings from most companies in our industry. Agere Systems has a strong balance sheet, exceptional relationships with our customers, and we are confident that the improved cost structure, coupled with sharply focused R&D investments will drive profitable growth as we move through 2005."
The company will host a conference call for investors today at 8:30 a.m. EDT. To listen to the conference call via the Internet, visit http://www.agere.com/webcast. Subsequent to the conference call, a replay will be available at the same web address.
Agere Systems is a global leader in semiconductors for storage, wireless data, and public and enterprise networks. The company's chips and software power a broad range of computing and communications applications, from cell phones, PCs, PDAs, hard disk drives and gaming devices to the world's most sophisticated wireless and wireline networks. Agere's customers include the top manufacturers of consumer electronics, communications and computing equipment. Agere's products connect people to information and entertainment at home, at work and on the road -- making personal broadband a reality. This release contains forward-looking statements based on information currently available to Agere. Agere's actual results could differ materially from the results stated or implied by such forward-looking statements due to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, our ability to keep pace with technological change, our dependence on new product development, price and product competition, availability of manufacturing capacity, customer demand for our products and services, general industry and market conditions, and our reliance on major customers and suppliers. For a further discussion of these and other risks and uncertainties, see our annual report on Form 10-K for the fiscal year ended September 30, 2003, and our quarterly report on Form 10-Q for the period ended June 30, 2004. Agere disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
--------------------------------------------------------------------------------
Source: Agere Systems
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