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Conexant Cuts Losses; Posts 10% Growth

October 23, 2002|Alex Pham | Times Staff Writer

Conexant Systems Inc. narrowed its losses and posted a 10% growth in sales in its fourth quarter amid continued weakness in the semiconductor industry.

The Newport Beach communications chip firm reported a $176.2-million net loss, or 66 cents a share, on revenue of $157.9 million in the quarter ended Sept. 30, compared with a $238.8 million net loss, or 95 cents a share, on $143 million in sales a year earlier.

For its fiscal year, Conexant sales fell 29% from 2001 to $601.8 million, while losses of $880.8 million, or $3.40 a share, were down from a net loss of $1.4 billion, or $5.91 a share, in 2001.

Conexant, which this year spun off a manufacturing site, wireless chip business and digital imaging business, has struggled to regain footing as key customers suffered downturns.

Conexant in July said it will cut 400 jobs, or 15% of its work force. Those cuts will help Conexant become profitable this quarter, said company Chief Executive Dwight Decker.

Shares rose 11 cents to 96 cents Tuesday on Nasdaq, but gained 7 cents in after-hours trading after Conexant released its results.

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