at Agere, according to Thomson Financial/First Call. Lucent expects to complete the Agere spinoff by the end of September.LUCENT NOT ALONEThe beleaguered company is not alone as demand in the telecom equipment sector has slowed, analysts said. Nortel Networks, the largest telecom gear maker, last week reported first-quarter losses in line with an earlier warning, but said earnings could improve next quarter as it cuts 5,000 more jobs and trims costs.Including the charges and other costs, Lucent reported a second-quarter net loss of $3.7 billion, or $1.08 per diluted share, compared with net income of $755 million, or 23 cents a share, in the same period last year.This year's results included $2.7 billion in restructuring and one-time charges, as well as other costs and a loss from discontinued operations.The $2.7 billion in restructuring and other one-time charges was wider than the $1.2 billion to $1.6 billion projected in January when Lucent announced its seven-point restructuring plan. Other charges may still be taken, it said.Lucent said it has fully reserved for its loans to Winstar, which recently filed for bankruptcy protection and filed a $10 billion lawsuit against Lucent.Chief Financial Officer Deborah Hopkins said Lucent has tightened its vendor financing practices, but J.P. Morgan H&Q analyst Greg Geiling said there will be more such write-offs.Lucent's total financing commitments to customers fell 8 percent from the end of last year to $6.9 billion at the end of March, Hopkins said in a conference call with analysts.Lucent's second-quarter pro forma revenues fell 17 percent from the same period last year to $5.9 billion, but rose 36 percent from the first quarter as the company relied more on large service providers....
