Financial focus

24 Oct 2003

A selection of the latest financial results from Lucent Technologies, JDS Uniphase, Corning and more.

•  Net income for the third quarter grew a staggering 658% at Palomar Medical, US. The maker of light-sources for cosmetic treatment reported a revenue of $8.3million and a net income of $0.9million for the three months ended 30 September 2003. This compares with $6.5million and $0.1million for the same period in 2002. “We have put a concerted effort into growing our revenues and as such have doubled our sales force in the US effective earlier this month,” said Joseph Caruso, the firm’s chief executive officer.

•  FLIR Systems, the US supplier of thermal imaging solutions, has reported a revenue of $70.2million for the third quarter of 2003. The result, a 9% rise over the same period last year, gave the firm a net income of $10.9million for the quarter. A 15% rise in sales of thermography equipment and handheld cameras helped fuel growth.

•  Lucent Technologies has posted its first profitable quarter since March 2000. The electronics and telecommunications specialist posted a net income of $99million on a revenue of $2.03billion, a 3% rise on the prior quarter. “It feels great to post a profitable quarter with positive operating cash flow,” said Patricia Russo, Lucent’s chief executive. “At this point we have essentially completed our restructuring initiatives and reduced our total expenses by about $5.6billion year over year.”

•  At VISX, third quarter revenue grew 28% compared to last year to reach $39.3million. The provider of laser vision correction systems says that the increase was driven by strong license sales of its CustomVue procedure which brought in $23.5million. Net income for the quarter was $4.9million, a 10% rise over last year.

•  JDS Uniphase, the supplier of optical communication modules, is making good progress with its restructuring activities. For the last quarter the firm reported a net loss of $28.1million compared with a net loss of $61.6million for the prior quarter and a net loss of $520.5million for the third quarter 2002. “

•  A rise in sales of glass for liquid-crystal displays (LCDs) and optical fiber helped Corning exceed its revenue guidance for its third quarter and achieve a net income of $33million. Revenue for the period of $772million was $20million higher than the second quarter. “We clearly have been tested over the past two years by the severe downturn in the telecommunications market,” said James Flaws, Corning’s chief financial officer. “We have passed this test with our return to profitability and improved balance sheet and are now poised for long-term growth.”

•  Despite a year-on-year 130% increase in sales, Three-Five Systems was impacted by a one-off charge due to discontinued operations and reported a net loss of $30.9million for the third quarter. Revenue for the period reached $41.8million compared with $18.2million for the third quarter 2002.