Business briefs

26 Jul 2002

Including news from Corning, Lucent, Agere Systems, TDI, JDS Uniphase and more.

•  Corning has recorded stable second-quarter sales of USD 896 million. Despite a 6% decline in its telecoms business, Corning's sales remained level with the first quarter thanks to a 4% increase in its advanced materials sector and a 9% rise in its information displays segment. The company has not ruled out selling or discontinuing some non-core businesses as well as further closures of telecommunication facilities.

•  Lucent Technologies has posted third quarter revenues of USD 2.95 billion, a decline of 16% compared with the USD 3.52 billion recorded in the previous quarter and down 45% from USD 5.37 for the same period last year. Due to the continuing market declines, the company is going ahead with plans to reduce its headcount by a further 7000 by the end of 2002. Lucent says this will save USD 700 million annually.

•  Optical component manufacturer Agere Systems, US, has reported third quarter revenues up 1.6% from the previous quarter to USD 560 million. Net loss for the quarter was USD 332 million, a significant decrease from the USD 1.1 billion figure for the same period last year. Agere expects revenues to decrease 5% in the next quarter and its net loss to remain flat to "slightly worse".

•  JDS Uniphase has announced its net sales for the fourth quarter and fiscal year ended June 30. Quarterly sales fell to USD 222 million, 15% below the USD 262 million for the previous quarter and down 63% from USD 601 million reported for the same period last year. Net annual sales have also plummeted to USD 1.1 billion, 66% below the figure of USD 3.2 billion reported last year.

•  Technology and Devices International (TDI) of Gaithersburg, Maryland, a US developer of gallium nitride and silicon carbide substrates for optoelectronic devices, is moving its operations to a new state-of-the-art facility in Silver Spring, Maryland. The new 32 000 sq. ft. plant includes expanded manufacturing and R&D space to meet increasing demand for low-defect substrate materials for optoelectronic and electronic devices.

•  US-based PLC Systems, a developer of carbon-dioxide laser technology for treating angina, has posted a quarterly profit for the first time in five years. Net income for the second quarter was USD 135 000, compared to a net loss of USD 1.1 million for the same period last year.