Misery continues for JDS Uniphase
JDS misery is set to continue; sales are predicted to drop a further 17-22% in the December 2002 quarter, reaching $150 million to $160 million.
For the September 2002 quarter, JDS Uniphase reported a GAAP loss of $521 million, or 37 cents per share. The company lost $1.22 billion, or 93 cents a share, a year earlier. Excluding various charges, the company lost $98 million, or 7 cents a share, in the September 2002 quarter.
"While industry conditions remain difficult, we believe JDS Uniphase continues to navigate well in these turbulent times. The company continues to make important progress in its Global Realignment Program, remains financially strong and technologically innovative, and continues to benefit from its close relationships with customers," said Jozef Straus, Co-Chairman and CEO.
"We remain optimistic in our long-term outlook, and aggressive in our near-term actions to weather the remainder of the downturn and prepare for future growth."
JDS is continuing its restructuring activities under the Global Realignment Program in response to the business downturn. To date, the program has reduced JDSU s annual cost rate by approximately $1.1 billion. The company plans to undertake further reductions of employment, centralization of functions and additional site closures. The company now has approximately 8,000 employees, down from almost 29,000 in early 2001, and now has less than 20 manufacturing plants, down from 41.