Avaya results take a dive

NEWS Avaya has reported a decline in fourth quarter revenue and profits, but said it is set to complete its three-year spin off programme a year ahead of schedule. At the end of its first year as an independent company, Avaya reported pro forma fourth quarter profits of $18m or four cents per share. Earnings for the same quarter last year were $20m or seven cents per share. Revenue for the quarter was $1.42bn, down 29 per cent on revenue of $2.03bn in the period a year ago. For the fiscal year 2001, net income was $214m or 66 cents per share, an increase of 37.2 per cent on net income of $156m for 2000. Revenue for the year was down 9.3 per cent to $6.7bn, from $7.48bn in 2000. Avaya said it will complete a restructuring programme - related to its spin off from Lucent - by the end of 2002, one year ahead of plans, allowing it to concentrate on high growth areas of the market.