Avaya ( AV) hit its financial targets while scoring a $577 million tax break in the fiscal fourth quarter. The Basking Ridge, N.J., office phone networker made $660 million, or $1.36 a share, up from the year-ago $100 million, or 21 cents a share. Excluding a big tax benefit, latest-quarter earnings were 20 cents a share. Sales in the quarter were $1.29 billion including revenue from new acquisitions. In the year-ago quarter, sales totaled $1.07 billion. Analysts were looking for a profit of 17 cents on revenue of $1.28 billion, according to a Reuters Research tally. "We ended our fifth year as an independent company with a solid performance in the fourth quarter," said CEO Don Peterson in a press release. Avaya shares closed down a dime at $11.54 in regular trading and rose 6% to $12.25 in the after-hours session.
Even though AT&T tried a last-minute bribe of promising 5,000 new U.S. jobs to help gain support for the deal, the Justice Department filed a complaint to fight the combination of the nation's No. 2 and No. 4 wireless carriers.