Lucent To Restate Revenues

Wed., Nov. 22, 2000

From Staff

Shares of Lucent Technologies Inc. plunged 16 percent Tuesday after the telecommunications equipment maker revealed it was reducing its alreadyreported fourth-quarter revenues by $125 million and might not make its forecast for the upcoming threemonth period..

The “revenue recognition” problem for the three months ended Sept. 30 was discovered while the company was completing year-end financial reports, the Murray Hill, N.J.-based company said. It declined to provide further details.

As a result, Lucent will restate its fiscal fourthquarter revenues, which had been reported as an unaudited $9.4 billion, and will reduce its profit from continuing operations from 18 cents per share, or $600 million, to 16 cents per share.

In addition, Lucent said it can no longer confirm its forecast for its fiscal first quarter. It had predicted sales would be down 7 percent from the year-ago period and the company would only break even, a hard fall from its days of steady, double-digit profit increases.

Shares of Lucent fell $3.38 to $17.56 on the New York Stock Exchange, hitting their lowest level since mid-1997.

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Lucent To Restate Revenues

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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