JDS Uniphase Announces Second Quarter Results
Source: JDS Uniphase Corporation (abridged)
Sales Increase 18% From the First Quarter
NEPEAN, Ontario, and SAN JOSE, Calif. JDS Uniphase Corporation (Nasdaq: JDSU - news; Toronto: JDU - news) today reported sales for its second quarter ended December 30, 2000 of $925 million and pro forma net income of $208 million or $0.21 per diluted share.
Sales for the quarter were 18% above pro forma combined sales of $786 million for the quarter ended September 30, 2000 and 161% above pro forma combined sales of $354 million for the quarter ended December 31, 1999. Sales for the six months ended December 30, 2000 of $1.71 billion were 166% above pro forma combined sales for the comparable prior year six month period. Pro forma sales for the prior year period include the separately reported results of E-TEK Dynamics, Inc., which was acquired on June 30, 2000 in a transaction accounted for as a purchase. Including merger-related charges, purchased intangibles amortization, payroll taxes on stock option exercises and activity related to equity investments, the Company reported a loss of $895 million or $0.93 per share for the quarter and $1.91 billion or $2.00 per share for the fiscal year to date. JDS Uniphase generated $134 million in cash from operations for the quarter and $156 million for the first six months of the fiscal year.
On a pro forma basis, excluding merger-related charges, purchased intangibles amortization, payroll taxes on stock option exercises and activity related to equity investments, JDS Uniphase reported net income of $208 million or $0.21 per share for the quarter, an increase of 17% over the $177 million or $0.18 per share earned in the quarter ended September 30, 2000. Pro forma net income for the six months ended December 30, 2000 was $385 million or $0.38 per share, an increase of 158% from the $149 million or $0.17 per share earned in the prior year comparison period.
JDS Uniphase expects sales in the March quarter to be 7% to 10% above sales for the quarter ended December 30, 2000. This change in guidance from previous periods reflects uncertain carrier capital spending prospects, customer inventory adjustments, and a somewhat lower level of near-term sales visibility than the Company has experienced in recent periods. The Company anticipates sales for its fiscal year ending June 30, 2001 to be in the range of previously announced guidance of 115% to 120% above pro forma combined sales for the fiscal year ended June 30, 2000, recognizing that it could be at the low end of that range. Such pro forma sales included the separately reported results of E-TEK Dynamics. This guidance does not include any anticipated effects of the pending merger with SDL, Inc. The Company expects pro forma earnings per share in its third quarter to be approximately equal to or slightly above the December quarter and to be approximately $0.82 for the fiscal year ending June 30, 2001.
JDS Uniphase is a high technology company that designs, develops, manufactures and distributes a comprehensive range of products for the growing fiberoptic communications market. These products are deployed by system manufacturers worldwide to develop advanced optical networks for the telecommunications and cable television industries. JDS Uniphase Corporation is traded on the Nasdaq National Market under the symbol JDSU, and the exchangeable shares of JDS Uniphase Canada Ltd. are traded on The Toronto Stock Exchange under the symbol JDU.
More information on JDS Uniphase is available at www.jdsuniphase.com.
Web site: http://www.jdsuniphase.com
