News Article
JDSU reports their 3rd Q results
GAAP net revenue was $405.3 million, with net loss of $(28.0) million, or $(0.12) per share. Prior quarter net revenue was $429.4 million, with net income of $4.1 million, or $0.02 per share. Net revenue for fiscal 2012 third quarter was $403.3 million, with net loss of $(17.4) million, or $(0.08) per share.
Non-GAAP net revenue was $405.3 million with net income of $24.1 million, or $0.10 per share. Prior quarter non-GAAP net revenue was $429.4 million, with net income of $42.3 million, or $0.18 per share. Non-GAAP net revenue for fiscal 2012 third quarter was $403.3 million, with net income of $24.6 million, or $0.10 per share.
“The March quarter experienced delayed carrier capex budget releases resulting in lower revenue than expected in our Communications Test and Measurement and Optical Communications businesses,” said Tom Waechter, President and CEO of JDSU. “Despite the revenue challenges, the JDSU team delivered solid results in most areas of the business. Our innovation engine and product portfolio align well with our customers’ strategic priorities, enabled by healthy cash generation and our strong balance sheet.”
Financial Overview – Third Fiscal
Americas, EMEA and Asia-Pacific customers represented 47.9%, 23.5% and 28.6%, respectively, of total net revenue for the quarter.
The Company held $638.8 million in total cash and investments and generated $28.2 million of cash from operations for the quarter ended March 30, 2013.
The Company has adjusted its current and historical Consolidated Statements of Operations and segment financials to reflect the October 2012 sale of its holographic security business. This business’ adjusted results are reflected as discontinued operations for the periods reported.
The Company’s results for its third fiscal quarter ended March 30, 2013 include the following related to its March 2013 acquisition of Arieso, Ltd.: revenue of $0.4 million, gross loss of $0.2 million and operating expenses of $1.4 million.
During the third fiscal quarter ended March 30, 2013, the Company approved a strategic plan to exit its low-speed wireline product line, incurring a $2.2 million charge for accelerated amortization of related intangibles ($1.8 million is included in amortization of acquired technologies and $0.4 million is included in amortization of other intangibles). In addition to the accelerated amortization charge, the Company incurred $11.3 million of inventory related charges included in cost of sales primarily related to the write-off of inventory no longer being sold due to the low-speed wireline product line exit. Both of these charges are excluded from the Company’s non-GAAP operating results.
Business Outlook
For the fourth quarter of fiscal 2013, ending June 29, 2013, the Company expects non-GAAP net revenue to be $420 to $440 million.
“The March quarter experienced delayed carrier capex budget releases resulting in lower revenue than expected in our Communications Test and Measurement and Optical Communications businesses,” said Tom Waechter, President and CEO of JDSU. “Despite the revenue challenges, the JDSU team delivered solid results in most areas of the business. Our innovation engine and product portfolio align well with our customers’ strategic priorities, enabled by healthy cash generation and our strong balance sheet.”
Financial Overview – Third Fiscal
Americas, EMEA and Asia-Pacific customers represented 47.9%, 23.5% and 28.6%, respectively, of total net revenue for the quarter.
The Company held $638.8 million in total cash and investments and generated $28.2 million of cash from operations for the quarter ended March 30, 2013.
The Company has adjusted its current and historical Consolidated Statements of Operations and segment financials to reflect the October 2012 sale of its holographic security business. This business’ adjusted results are reflected as discontinued operations for the periods reported.
The Company’s results for its third fiscal quarter ended March 30, 2013 include the following related to its March 2013 acquisition of Arieso, Ltd.: revenue of $0.4 million, gross loss of $0.2 million and operating expenses of $1.4 million.
During the third fiscal quarter ended March 30, 2013, the Company approved a strategic plan to exit its low-speed wireline product line, incurring a $2.2 million charge for accelerated amortization of related intangibles ($1.8 million is included in amortization of acquired technologies and $0.4 million is included in amortization of other intangibles). In addition to the accelerated amortization charge, the Company incurred $11.3 million of inventory related charges included in cost of sales primarily related to the write-off of inventory no longer being sold due to the low-speed wireline product line exit. Both of these charges are excluded from the Company’s non-GAAP operating results.
Business Outlook
For the fourth quarter of fiscal 2013, ending June 29, 2013, the Company expects non-GAAP net revenue to be $420 to $440 million.
