Conexant Reports Third Fiscal Quarter Results for 2001; Company Performance In Line with Earnings Preview.
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Conexant Reports Third Fiscal Quarter Results for 2001; Company Performance In Line with Earnings Preview.
Business Editors and High-Tech Writers
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--July 19, 2001 Conexant Systems, Inc. (Nasdaq:CNXT) today announced revenues of $200.1 million for the third quarter of fiscal 2001, which ended June 30, 2001. Revenues were down 20 percent from second quarter fiscal 2001 revenues of $251 million, and slightly below the lower end of guidance established in April. The pro forma net loss for the third quarter was $220.4 million, or $0.89 per share, using a tax rate of zero. This compares with a pro forma net loss in the prior quarter of $187.5 million, or $0.77 per share, using a 38 percent tax rate. The pro forma net loss for the third quarter includes a $45.1 million reserve for inventory and other items. Excluding this charge and using a normalized 36 percent tax rate, the third-quarter pro forma net loss was $112 million, or $0.45 per share, which is at the low end of the prior guidance range. Pro forma re...See the full content of this document
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