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posted a fourth-quarter loss but said it swung to a profit excluding restructuring charges.

For the quarter ended Jan. 2, 2004, the Naperville, Ill., telecom-gear shop posted a loss of $23 million, or 6 cents a share. That figure includes $44 million of charges; excluding those costs, the latest-quarter profit was $12 million, or 3 cents a share. That was 6 cents ahead of the Thomson First Call Wall Street analyst estimate.

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A year ago the company lost $84.5 million, or 21 cents a share.

Latest-quarter revenue rose 14% from a year ago to $279 million.

"I'm encouraged by the improving industry environment, and Tellabs continues to make progress toward profitable growth," said CEO Michael Birck. "Our goals for the year 2004 are to achieve revenue growth and attain operating profitability, and we see a clear path forward to these goals."

Tellabs rose 9 cents early Thursday to $10.60.