Agere Systems reported GAAP net income of $47 million, or $0.27 per share, for the third quarter of fiscal 2006, above the company’s April guidance. In the third quarter of fiscal 2005, Agere reported GAAP net income of $120 million, or $0.65 per share. The latest quarter included a $27 million tax benefit; the year-ago quarter had a tax benefit of $120 million. Revenue for the third quarter of fiscal 2006 totaled $382 million.
Richard Clemmer, President and CEO, said, “Agere Systems turned in a solid third quarter, demonstrating the leverage we have created in our business model and the clear progress we are making in our turnaround plan. Moreover, we expanded our customer base during the quarter, giving us a firm foundation for driving revenue growth.
Agere also announced a new $200 million share repurchase program.
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