Avaya Inc. has reported income from continuing operations of US$58 million or earnings of US12 cents per diluted sh...
July 27, 2004
Avaya Inc. has reported income from continuing operations of US$58 million or earnings of US12 cents per diluted share in the third fiscal quarter.
In the same quarter last year, the company reported a loss from continuing operations of US$3 million.
Third fiscal quarter 2004 revenues increased nine percent to US$1.016 billion compared to US$929 million in the same period last year.
The company noted higher revenues and gross margin, coupled with lower selling general and administrative (SG&A) expenses contributed to a 53% sequential increase to US$92 million in operating income.
Operating cash flow from continuing operations in the quarter was US$215 million, while gross margin increased year-over-year to 48% from 43%.
“The performance this quarter demonstrates our ability to execute against our strategy,” said Don Peterson, Avaya’s chairman and CEO.
“Our revenues grew significantly over last year, and we’re seeing increasing signs that customers are migrating to IP telephony to help them improve their business processes.”
Revenues for the first nine months of fiscal 2004 were US$2.993 billion, an increase of 6% compared to the first nine months of fiscal 2003.