News Releases
Milpitas, California, April 30, 2008 – JDSU today reported results for its third quarter ended March 29, 2008.
Net revenue for the third quarter of fiscal 2008 was $383.9 million and the net loss was $(6.2) million, or $(0.03) per share. This compares to net revenue of $361.7 million and a net loss of $(14.2) million or $(0.07) per share for the third quarter of fiscal 2007.
On a non-GAAP basis, net revenue for the third fiscal 2008 quarter was $384.2 million and net income was $31.2 million, or $0.14 per share. This compares to non-GAAP net revenue of $361.8 million and net income of $12.3 million, or $0.06 per share, for the third quarter of fiscal 2007.
On a non-GAAP basis, operating profit for the third fiscal quarter was $15.9 million or 4.1% of revenue. This compares to non-GAAP operating profit of $3.3 million or 0.9% of revenue for the third quarter of fiscal 2007.
On an adjusted EBITDA basis (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) the Company reported $32.3 million for the third quarter of fiscal 2008, which compares to $17.7 million for the third quarter of fiscal 2007.
“Year over year financial performance improvements for the first three quarters of the fiscal year evidence significant improvement in JDSU’s business model,” said Kevin Kennedy, JDSU’s Chief Executive Officer. “Moving forward we are making investments in the business to create additional operating leverage for the future.”
Business Outlook
For the fourth quarter of fiscal 2008, ending June 28, 2008, the Company expects non-GAAP net revenue to be in the range of $381 to $403 million and non-GAAP operating margin to be in the range of 2-5%.
Conference Call
The Company will discuss these results and other related matters at 2:00 p.m. Pacific Time on April 30, 2008 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/.
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 http://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) the company’s intention to create additional operating leverage from investments in the business; (ii) any anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, EBITDA, free cash flow and other financial metrics; and (iii) 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; (b) the ongoing potential for significant quarter-over-quarter product mix fluctuations, which can materially impact profitability due to the broad gross margin range across our portfolio; (c) continuing consolidation activities affecting our customer base, which limits demand visibility in the short term, and could reduce our business potential in the long term; (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 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 and site consolidations as well as material IT and system infrastructure upgrades, which may cause interim increases in expenses, execution disruptions, customer satisfaction issues and quality and delivery problems; and (h) the current general economic uncertainty is further limiting our visibility in the near-term and may have a material adverse impact on our business.
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 year ended June 30, 2007 filed with the Securities and Exchange Commission, as well as in other filings on Forms 10-Q and 10-K. 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.
-SELECTED FINANCIAL DATA FOLLOWS-
