JDSU revenues jump by 26.8%
JDSU has reported results for its third fiscal quarter ended April 2, 2011.
On a GAAP basis, net revenue for the third fiscal quarter of 2011 was $454.0 million and net income was $38.6 million, or $0.16 per share. This compares to net revenue of $473.5 million and net income of $23.6 million, or $0.10 per share for the prior quarter. This represents a 26.8% increase over the same quarter last year where net revenue was $332.3 million and net loss was $(11.9) million, or $(0.05) per share.
GAAP net income for the third fiscal quarter of 2011 included a tax benefit of $34.9 million related to a release of deferred tax valuation allowance for a foreign jurisdiction. The Company determined during the quarter that it is more likely than not such deferred tax assets will be realised.
"In fiscal Q3 JDSU reported strong financial results with year over year operating income growth of nearly 150%, as our strategy to operate as a diversified technology company provides the ability to navigate fluctuations that may occur in any one business segment and continues to positively differentiate JDSU's performance," said Tom Waechter, JDSU's President and Chief Executive Officer. "We benefited again this quarter from the strong mix of new products as the result of our collaborative innovation initiative evidenced by market share gains in our optical communications and test and measurement businesses."
Business Outlook
For the fourth quarter of fiscal 2011, ending July 2, 2011, the Company expects non-GAAP net revenue to be in the range of $455 to $475 million.
JDSU discussed these results and other related matters in a live webcast which is archived for replay on the company's website at www.jdsu.com/investors.
