2009
Milpitas, California, August 19, 2009 – JDSU (NASDAQ: JDSU; and TSX: JDU) today reported results for its fourth fiscal quarter and year ended June 27, 2009.
Net revenue for the fourth fiscal quarter was $276.1 million and the net loss was $(59.5) million, or $(0.28) per share, which included $18.5 million of restructuring charges. This compares to net revenue of $390.3 million and a net loss of $(29.8) million or $(0.13) per share for the fourth fiscal quarter of 2008.
For the full fiscal year 2009, net revenue of $1,294.4 million decreased 15.4% from $1,530.1 million for fiscal 2008. The net loss for the year of $(866.4) million, or $(4.02) per share, increased from a net loss of $(21.7) million, or $(0.10) per share, for fiscal 2008. Fiscal year 2009 included impairments, primarily for goodwill and intangibles, totaling $759.8 million and restructuring and related charges totaling $38.7 million. Fiscal year 2008 included impairments, primarily for goodwill and intangibles, totaling $47.7 million and restructuring and related charges totaling $6.7 million.
On a non-GAAP basis, net loss for the quarter was $(2.3) million or $(0.01) per share. This compares with non-GAAP net income of $15.5 million or $0.07 per share for the fourth fiscal quarter of 2008. On a total year basis, fiscal 2009 non-GAAP net income was $39.0 million or $0.18 per share, which compares to $114.9 million or $0.50 per share for fiscal 2008.
On an adjusted EBITDA basis (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) the Company reported $12.1 million for the quarter, which compares to $25.1 million in the fourth fiscal quarter of 2008. For the total year, adjusted EBITDA was $94.9 million which compares to $142.9 million for fiscal 2008.
“We successfully navigated through the global economic turbulence that took place in fiscal 2009,” said Tom Waechter, JSDU’s President and Chief Executive Officer. “We begin fiscal 2010 with a stronger balance sheet, an improved business model and a stronger product portfolio, well positioned for growth when the economy rebounds.”
For the first quarter of fiscal 2010, ending October 3, 2009, the Company expects revenue to be in the range of $283 to $300 million.
The Company will discuss these results and other related matters at 2:00 p.m. Pacific Time on August 19, 2009 in alive webcast, which will also be archived for replay on the Company's website at www.jdsu.com/investors. This press releaseis being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov/.
JDSU (NASDAQ: JDSU; and TSX: JDU) enables broadband and optical innovation in the communications, commercial and consumer markets. JDSU is a leading provider of communications test and measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. JDSU is also a leading provider of innovative optical solutions for medial/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense, and decorative applications. More information is available at www.jdsu.com/.
This press release contains, and the discussions in our subsequent conference call will contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include: (i) any anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, EBITDA, cash flow and other financial metrics; and (ii) the Company's beliefs regarding the purpose, usefulness and efficacy of non-GAAP results and the measures and items the Company includes in the same, as well as any benefits to investors the Company believes its non-GAAP measures provide. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company's ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines exacerbated by the current credit and financial market uncertainty; (b) the ongoing potential for significant quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin range across our portfolio; (c) continuing consolidation activities affecting our customer base, which, in the shorter term limits demand visibility, and, in the longer term, could reduce our business potential; (d) average selling prices continue to decline across our businesses; (e) our Communications and Commercial Optical Products continue to experience execution and delivery challenges which limit our revenue and impair our profitability; (f) our Communications Test and Measurement business is notable for seasonality and a significant level of in-quarter book-and-ship business, further limiting our forecasting abilities; (g) as we implement vendor-managed-inventory and similar programs for our customers, our visibility may be reduced; (h) we are currently engaged in various product and manufacturing transfers, site consolidations and product discontinuances, which has caused and may continue to cause execution disruptions, customer satisfaction issues and quality and delivery problems.
For more information on these and other risks affecting the Company's business, please refer to the "Risk Factors" section included in the Company's Annual Report on Form 10-K/A for the year ended June 28, 2008 and the Company’s Quarterly Report on Form 10-Q for the third fiscal quarter ended March 28, 2009, filed with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
Investors: Michelle Levine, 408-546-4421 or michelle.levine@jdsu.com
Press: Rachel Shelton/Eastwick Communications, 650-480-4069, or rachel.shelton@eastwick.com
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
