Tellabs reports earnings down 10 percent from 2007

Making its Q4 and 2008 yearly financial announcements Tellabs reported Q4 revenues of $408 million, down 13 percent when compared to Q4 2007. For the year, Tellabs reported revenues of $1.7 billion, a 10 percent drop from the $1.9 billion it had in 2007.

On a GAAP basis, the company earned 3 cents per share in Q4 2008, up from a cent per share in Q4 2007. Fourth-quarter 2008 earnings were boosted by a tax benefit. However, on a yearly GAAP basis, Tellabs reported a loss of $930 million in 2008; not good, since the company reported earnings of $65 million in 2007. Most of the loss is embedded in a $988 million write-off of goodwill in Q3.

Excluding the goodwill write-off, the company saw improvements in non-GAAP gross margins, due in part to reducing operational expenses by $100 million. Tellabs said it continues to focus on improving profitability.

Looking to Q1 2009, Tellabs expects first-quarter revenues to be in the $345 million to $375 million range and non-GAAP gross margin to be flat.

For more:
- Tellabs press release [1]

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