Tellabs reported Q2 revenues of $234 million, up 5% over the previous quarter. There was a net loss of $111 million or $0.27 per share for quarter. During Q2, Tellabs recorded restructuring and other charges of $80 million including: $15 million for severance costs related to previously announced workforce reductions; $15 million for fixed-asset write-downs related to the workforce reduction and consolidation of operations; $3 million for facilities closure and miscellaneous licenses; $33 million related to excess and obsolete inventory; and $21 million related to inventory purchase commitments deemed to be excess. Included in the net charge is a $6 million reversal of previously recorded restructuring costs. Tellabs cited “real progress” on its path to profitable growth, as revenues increased and costs decreased during the quarter.
http://www.tellabs.com
- On 18-June-2003, Tellabs closed its acquisition of Vivace Networks.
