Exhibit 99.1
 Media Inquiries
    Investor Inquiries  
 Robert Guenther
    Sujal Shah  
 610-712-1514 (Office)
    610-712-5471 (Office)  
 908-457-3360 (Mobile)
Agere Systems Reports Net Income of $47 million, or $0.27 Per Share, for Third Quarter; Announces New Stock Repurchase Program
ALLENTOWN, Pa., July 25, 2006
— Agere Systems (NYSE: AGR) today reported GAAP net income of $47 million, or $0.27 per share, for the third quarter of fiscal 2006, above the company’s April guidance. In the third quarter of fiscal 2005, Agere reported GAAP net income of $120 million, or $0.65 per share. The latest quarter included a $27 million tax benefit; the year-ago quarter had a tax benefit of $120 million. Revenue for the third quarter of fiscal 2006 totaled $382 million.
On a non-GAAP basis*, Agere reported net income of $37 million, or $0.22 per share, in the third quarter of fiscal 2006, compared to $43 million, or $0.23 per share, in the same period for fiscal 2005.
Richard Clemmer, President and CEO, said, “Agere Systems turned in a solid third quarter, demonstrating the leverage we have created in our business model and the clear progress we are making in our turnaround plan. Moreover, we expanded our customer base during the quarter, giving us a firm foundation for driving revenue growth.
“During the quarter,” Clemmer added, “we completed a strategic plan that will drive success in our three businesses. Our vision for the company is captured in our new tagline, ‘Perfecting the Connected Lifestyle.’ By this, we mean that we will work to transform the performance of networks and consumer electronics to enable people to stay connected — more reliably, in more places, and more often than ever before. We are confident in our plans and believe that Agere shares remain undervalued. Consequently, we have authorized a new $200 million share repurchase program.”

The following information was filed by Agere Systems Inc on Tuesday, July 25, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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