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Exhibit 99
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News Release [LUCENT TECHNOLOGIES LOGO]
Bill Price
908-582-4820 (office)
973-515-5038 (home)
[email protected]
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Michelle Davidson
908-582-7635 (office)
973-218-0032 (home)
[email protected]
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LUCENT TECHNOLOGIES IDENTIFIES REVENUE ISSUE FROM FOURTH FISCAL QUARTER 2000
FOR RELEASE: TUESDAY, NOVEMBER 21, 2000
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MURRAY HILL, N.J. - Lucent Technologies (NYSE: LU) today said that it
has identified a revenue recognition issue impacting approximately $125 million
of revenue in its fourth fiscal quarter ended Sept. 30, 2000. The company
estimates that the reduction in revenue could have an approximately 2 cent
impact on earnings per share for the quarter and the year. The company
previously reported $9.4 billion in revenues and 18 cents a share on continuing
operations for the quarter.
"We wanted to make this public as soon as we discovered the issue,"
said Henry Schacht, chairman and chief executive officer of Lucent Technologies.
"I have asked our outside auditor and our outside counsel to assist us in doing
a complete review of this and any related issues. We have also informed the
Securities and Exchange Commission of our efforts."
The issue was discovered as the company was completing the final
preparation of its financial statements for its fiscal year.
At this time, the company also indicated that it cannot confirm its
guidance for the first quarter of 2001.
The company's outside auditor is PricewaterhouseCoopers. The company's
outside counsel is Cravath, Swaine & Moore.
Until the review is completed, the company said it would have no
further comment.
Lucent Technologies, headquartered in Murray Hill, N.J., USA, designs
and delivers the systems, software, silicon and services for next-generation
communications networks for service providers and enterprises. Backed by the
research and development of Bell Labs, Lucent focuses on high-growth areas such
as broadband and mobile Internet infrastructure; communications software;
communications semiconductors and optoelectronics; Web-based enterprise
solutions that link private and public networks; and professional network
design and consulting services.
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This news release contains forward-looking statements based on current
expectations, forecasts and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially. These risks
and uncertainties include price and product competition, dependence on new
product development, reliance on major customers and suppliers, customer demand
for our products and services, the ability to successfully integrate acquired
companies, availability of manufacturing capacity, components and materials,
control of costs and expenses, international growth, credit concerns in the
emerging service provider market, general industry and market conditions and
growth rates and general domestic and international economic conditions
including interest rate and currency exchange rate fluctuations. For a further
list and description of such risks and uncertainties, see the reports filed by
Lucent with the Securities and Exchange Commission. Lucent disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
