News Releases
Milpitas, California, October 29, 2008 – JDSU (NASDAQ: JDSU) today reported results for its first fiscal quarter ended September 27, 2008.
Net revenue for the first fiscal quarter was $380.7 million and the net loss was $(16.4) million, or $(0.08) per share. This compares to net revenue of $356.7 million and a net loss of $(6.9) million or $(0.03) per share in the first fiscal quarter of 2008. Operating loss for the first fiscal 2009 quarter was $(16.6) million which compares to an operating loss of $(21.5) million for the same period last year. The lower operating loss was primarily due to improved gross margins.
On a non-GAAP basis net income for the quarter was $23.4 million or $0.11 per share. This compares with non-GAAP net income of $18.0 million or $0.08 per share in the first fiscal quarter of 2008.
On an adjusted EBITDA basis (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) the Company reported $37.1 million for the quarter, which compares to $23.7 million in the first fiscal quarter of 2008.
"In the first fiscal quarter of 2009, JDSU achieved growth in non-GAAP operating income and free cash flow during a period of economic uncertainty," said Kevin Kennedy, JDSU’s Chief Executive Officer. "We continue to focus on advancing our business model across all of our business segments."
Financial Overview – Fiscal 2009 First Quarter Ended September 27, 2008
Business Outlook
For the second quarter of fiscal 2009, ending December 27, 2008, the Company expects revenue to be in the range of $360 to $390 million.
Conference Call
The Company will discuss these results and other related matters at 2:00 p.m. Pacific Time on October 29, 2008 in a live webcast, which will also be archived for replay on the Company's website at www.jdsu.com/investors. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at 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 medical/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense, and decorative applications. More information is available at 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; (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 traditional Optical Communications and our Advanced Optical Technologies and Commercial Lasers businesses; (e) we and many of our Optical Communications suppliers 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) 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; and (h) we are currently materially upgrading our ERP systems, which if not completed on-time and on budget could materially impair our business in the near term and create additional future expenses and customer dissatisfaction.
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 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, 408-546-4421 or michelle.levine@jdsu.com
Press: Kathleen Greene, 408-546-5852 or kathleen.greene@jdsu.com
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
