Tellabs Management Discusses Q2 2012 Results - Earnings Call Transcript

The board has appointed a CEO search committee, which I am chairing. Meanwhile, the board is confident that the current executive team will continue to lead us forward as we take on the undeniable challenges of the current telecom environment. This team knows the business, they know and help develop our strategy and they know our customers. The board has asked Dan Kelly, who I know most of you know, to serve as acting CEO and President. Dan and Rob joined Tellabs in the same year. Dan has been a part of Tellabs for 28 years in increasingly responsible roles, most recently as EVP for Global Products, with responsibility for our R&D activities worldwide. The board is confident that Dan and the executive team will more than just hold the fort and that they have what it takes to move this company forward.

Now I'd like to turn this call over to Dan and Andrew for an overview of the second quarter and answer any questions you may have.

Daniel P. Kelly

Thanks, Mike. I appreciate your support and the support of the entire Tellabs' board. I would like acknowledge how much we miss our colleague and friend, Rob Pullen. Rob taught us a lot and he made major contributions at Tellabs and in our industry over the past 28 years. Now we are moving forward, focusing on helping our customers succeed and improving our profitability.

We made good progress in the second quarter. Despite the economic challenges in Europe and elsewhere, we were able to generate $32 million in cash from operations in the quarter. Tellabs' revenue grew 12% on a sequential basis and we produced non-GAAP net earnings of $0.02 a share.

Tellabs continues to execute our vision and strategy with the focus on Mobile Backhaul, Packet Optical and Professional Services solutions. We recently reorganized our research and development teams and announced a change in the segments that reflect the way we run the business. We're working closely with our customers in these markets to create the solutions and products they need to succeed now and into the future. Each of these markets is growing faster than our customers' overall capital expenditures.

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