Financial results: JDS Uniphase and Celeritek
The Communications Products Group represented $78 million in net revenue, or 51% of net revenue, with the Thin Film Products Group accounting for the remainder.
However, JDSU’s net loss increased sequentially from $28 million (2 cents per share) in the third quarter of 2003 to $59 million (4 cents per share) in the final quarter. The net loss was $215 million (15 cents per share) in the last quarter of 2002.
CEO Kevin Kennedy told analysts that the company believes its markets are stabilizing, and that certain areas are showing signs of growth.
The company anticipates a 1-6% sequential increase in net revenue for the first quarter of 2004, with a loss of 1 cent per share. JDSU hopes to reach a break-even revenue level of $170 million by the second quarter of this year.
Celeritek
GaAs IC and sub-system maker Celeritek reported revenue of $7.7 million fro the final quarter of 2003, compared with $7.1 million in the previous quarter and $10.5 million in the year-ago period.
The net loss was $3.1 million (25 cents per share), compared with a net loss of $10.1 million (82 cents per share) for the same period a year ago. Included in the net loss for the final quarter of 2003 was a special charge of $1.9 million for termination expenses, a building lease impairment charge and facilities consolidation costs related to Celeritek s decision to exit the wireless handset power amplifier market.
Semiconductor revenues were $3.0 million for the quarter, while subsystem revenues were $4.7 million.
“In our semiconductor business, we received a $1.7 million order for the development of a power amplifier module for satellite handsets with production quantities forecast for 2005,” said Tamer Husseini, president and CEO of Celeritek. “As part of our efforts to expand our standard product base and concentrate resources on high-demand segments, we also recently introduced a new family of gain blocks.”
“Demand in our defense business remains steady,” said Husseini. “During the quarter, we booked the first order for a highly complex integrated subsystem for a defense aerospace application.”
Celeritek expects revenue for the current quarter to be $7.0 to $8.0 million.
