2009
Milpitas, California, November 5, 2009 – JDSU (NASDAQ: JDSU; and TSX: JDU) today reported results for its first fiscal quarter ended October 3, 2009.
Net revenue for the first fiscal quarter was $297.8 million and the net loss was $(31.9) million, or $(0.15) per share. This compares to net revenue of $273.1 million and a net loss of $(63.6) million or $(0.29) per share for the prior quarter, and net revenue of $377.2 million and a net loss of $(21.3) million or $(0.10) per share for the first fiscal quarter of 2009.
On a non-GAAP basis, net revenue for the first quarter was $298.6 million and net income for the quarter was $9.0 million or $0.04 per share. This compares to non-GAAP net revenue of $274.0 million and net loss of $(1.6) million or $(0.01) per share for the prior quarter, and non-GAAP net revenue of $377.3 million and net income of $23.9 million or $0.11 per share for the first fiscal quarter of 2009.
“Our fiscal Q1 results represent growth across all of our business segments providing clear evidence of improving demand from our customers,” said Tom Waechter, JDSU’s President and Chief Executive Officer. “The leverage in our operating model and balance sheet will become increasingly evident as our top line grows.”
Financial Overview –First Fiscal Quarter Ended October 3, 2009
Business Outlook
For the second quarter of fiscal 2010, ending January 2, 2010, the Company expects non-GAAP net revenue to be in the range of $320 to $345 million.
Conference Call
The Company will discuss these results and other related matters at 2:00 p.m. Pacific Time on November 5, 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 http://www.sec.gov/.
About JDSU
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 http://www.jdsu.com/.
Forward-Looking Statements
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, as well as the migration to vendor managed inventory programs; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin range across our portfolio; (c) consolidation of 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 Test and Measurement business is notable for seasonality and a significant level of in-quarter book-and-ship business, further limiting our forecasting abilities; (f) we are currently engaged in various product and manufacturing transfers, site consolidations and product discontinuances, which has caused and may cause short term disruptions; and (g) the ability of our suppliers and contract manufacturers to meet additional production and delivery requirements beyond our forecasted demand.
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 for the fiscal year ended June 27, 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.
Contact Information
Investors: Michelle Levine Schwartz, 408-546-4421 or michelle.levine@jdsu.com
Press: Jim Monroe, 240-404-1922, or jim.monroe@jdsu.com
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
