JDSU posts year end results: revenue up but $17.8m in losses
Company reports 15-year record high gross margin at 50 percent
JDSU has reported results for Q4 2014 and its fiscal year ended June 28, 2014. "Fiscal 2014 concluded with a solid finish, with a book-to-bill ratio above one for the second quarter in a row, revenue and EPS exceeding guidance and a 15-year record high gross margin for JDSU at 50 percent," said Tom Waechter, JDSU's president and CEO.
GAAP net revenue for the whole of fiscal 2014 was $1,743.2 million, with net loss of $17.8 million. In comparison, GAAP net revenue for 2013 was $1,676.9 million, with net income of $57.0 million.
GAAP net revenue in Q4 was $448.6 million, with net loss of $25.4 million. Prior quarter net revenue was $418.0 million, with net loss of $1.5 million. Last year's Q4 revenue was $421.3 million, with net income of $92.5 million. Fiscal 2013 GAAP results include a Q4 $111.6 million tax benefit related to a release of deferred tax valuation allowances in foreign jurisdictions.
Non-GAAP net revenue for Q4 2014 was $448.6 million, with non-GAAP net income of $34.2 million. Prior quarter non-GAAP net revenue was $418.0 million, with non-GAAP net income of $23.4 million. Non-GAAP net revenue for fiscal 2013 fourth quarter was $421.3 million, with non-GAAP net income of $30.4 million.
Tom Waechter added: "Looking ahead to fiscal 2015, we believe there are strong market drivers across our three business segments, and that we are well positioned with differentiated products and solutions to support our customers as they transition to Software Defined Networks (SDN), Network Function Virtualization (NFV) and more dependency on cloud infrastructure. We continue to lead in our core network and anti-counterfeiting markets and I am pleased with the momentum we are building in our commercial lasers business on the strength of our highly differentiated fiber laser product line."
Americas, Asia-Pacific and EMEA customers represented 48.3 percent, 29.3 percent and 22.4 percent, respectively, of total net revenue for the fiscal fourth quarter. Americas, Asia-Pacific and EMEA customers represented 47.4 percent 29.0 percent and 23.6 percent, respectively, of total net revenue for fiscal 2014.
The Company held $881.3 million in total cash and investments and generated $50.2 million and $176.6 million of cash from operations for the fiscal quarter and year ended June 28, 2014, respectively.
For the fiscal first quarter of 2015 ending September 27, 2014, the company expects non-GAAP net revenue to be $405 to $425 million.
