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Avaya Comments On First Fiscal Quarter 2003 Results

01-09-2003

Avaya Inc., a leading global provider of communications networks tobusinesses, today said preliminary results indicate first fiscalquarter 2003 revenues in the range of $1.060 billion to $1.070billion and a loss of between eight cents and 10 cents per dilutedshare from ongoing operations. The company said it ended the firstfiscal quarter with a cash balance of $650 million, an increase ofmore than $50 million sequentially from the fourth fiscal quarterof 2002 due primarily to continued improvements in the managementof accounts receivables.

Avaya Inc., a leading global provider of communications networksto businesses, today said preliminary results indicate first fiscalquarter 2003 revenues in the range of $1.060 billion to $1.070billion and a loss of between eight cents and 10 cents per dilutedshare from ongoing operations. The company said it ended the firstfiscal quarter with a cash balance of $650 million, an increase ofmore than $50 million sequentially from the fourth fiscal quarterof 2002 due primarily to continued improvements in the managementof accounts receivables.

Avaya noted the preliminary loss per share reflects animprovement in gross margin and a reduction in selling, general andadministrative expenses sequentially from the fourth fiscal quarteras a result of its ongoing restructuring. The loss per share amountalso includes a higher expense associated with an accrual for thecompany's incentive programs for the first fiscal quarter of2003.

On Jan. 21, Avaya will report first fiscal quarter 2003 results,as well as provide a business update.

About Avaya
Avaya Inc. designs, builds and manages communications networks formore than one million businesses around the world, including 90percent of the Fortune® 500. A world leader in secure and reliableInternet Protocol (IP) telephony systems, communications softwareapplications and services, Avaya is driving the convergence ofvoice and data applications across IT networks enabling businesseslarge and small to leverage existing and new networks to enhancevalue, improve productivity and gain competitive advantage. Formore information visit the Avaya Web site: http://www.avaya.com

This news release contains forward-looking statements regardingthe company's outlook for revenue and earnings based on currentexpectations, forecasts and assumptions that involve risks anduncertainties that could cause actual outcomes and results todiffer materially. These risks and uncertainties include, but arenot limited to, general industry market conditions and growth ratesand general domestic and international economic conditionsincluding interest rate and currency exchange rate fluctuations andthe economic, political, and other risks associated withinternational sales and operations, U.S. and foreign governmentregulation, price and product competition, rapid technologicaldevelopment, dependence on new product development, the successfulintroduction of new products, the mix of our products and services,customer demand for our products and services, the ability tosuccessfully integrate acquired companies, control of costs andexpenses, the ability to implement in a timely manner ourrestructuring plans, and the ability to form and implementalliances. For a further list and description of such risks anduncertainties, see the reports filed by Avaya with the Securitiesand Exchange Commission. Avaya disclaims any intention orobligation to update or revise any forward-looking statements,whether as a result of new information, future events orotherwise.

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