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The telecommunications industry suffered a severe business downturn during the early part of this decade. Lucent Technologies is one of the major equipment providers to this industry. At the top of the next page are the comparative income statements for Lucent Technologies for the fiscal years ended September 30, 2001 and 2000.
1. Prepare a horizontal analysis income statement for Lucent Technologies.
2. Interpret your analysis.
Lucent Technologies Inc.
Consolidated Statements of Income
For the Years Ended September 30, 2000 and 2001
In millions
9/30/01
9/30/00
Revenues
$ 21,294
$28,904
Costs
19,236
17,190
Gross profit
$ 2,058
$11,714
Operating expenses:
Selling, general and administrative
$ 7,410
$ 5,610
Research and development
3,520
3,179
Other operating and restructuring expenses
10,157
559
Total operating expenses
$ 21,087
$ 9,348
Operating income (loss)
$(19,029)
$ 2,366
Other income (expense)-net
(357)
333
Interest expense
518
342
Income (loss) from continuing operations before
income tax expense (benefit)
$(19,904)
$ 2,357
Income tax expense (benefit)
(5,734)
924
Income (loss) from continuing operations
$(14,170)
$ 1,433
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