Lucent posts loss, expects profitability in 2002

Lucent Technologies today reported pro forma revenues of $3.5 billion for the first fiscal quarter of 2002, a drop of $1.3 billion from the fourth fiscal quarter of 2001 and $0.3 billion from same quarter of 2001.

At the same time, the company said it would reach profitability by the end of this fiscal year. On a sequential basis, the company reported a pro forma loss per share from continuing operations of 23 cents versus 28 cents from the previous quarter.

Frank D’Amelio, executive vice president and chief financial officer, told analysts Lucent’s restructuring has reduced its expense run by $1.6 billion and is on track reach its goal of $2 billion. As part of that restructuring, Lucent anticipates a further headcount reduction, mostly through asset sales and transferring full-time employees to contractor status.

“We see that 62,000 [the company’s headcount as of December 31, 2000] declining to somewhat less than 55,000 by the end of June,” D’Amelio said.