Financial focus

03 Nov 2004

The latest financial results from companies including JDS Uniphase, Zygo, Corning and more.

•  Corning's third quarter sales of $1.006 billion represent a 4% increase over the previous quarter's figure of $971 million. According to the firm, the increase was due to continued growth of its displays segment (which reported sales up 6% to $295 million compared with the previous quarter) and stronger than expected sales in its telecommunication business.

However, Corning also incurred a quarterly net loss of $2.491 billion, which included $1.794 billion in restructuring and impairment charges and a $937 million increase in income tax expense. "Out third-quarter results reflect Corning's highest level of sales since the fourth quarter of 2001," said the firm's CEO. "We are disappointed with the magnitude of the noncash accounting charges we took in the quarter, but we are pleased with our sequential revenue improvement."

•  JDS Uniphase has seen its revenue increase 11% sequentially over its first fiscal quarter of 2005. Net revenue for the quarter was $194.5 million while net loss was $36 million. This compares to a net revenue of $174.5 million and a net loss of $21.7 million in the previous quarter. These figures show a sequential revenue growth for the fourth consecutive quarter.

•  Bookham Technology has posted a first quarter revenue of $43.6 million, an increase of 12.3% compared with $38.8 million recorded in the previous quarter. Despite this rise in revenue, the company?s quarterly net loss grew to $37.1 million from $35.9 million in the previous three month period. The company posted an operating cash burn for the quarter down 19% sequentially to $24.3 million. As of October 2 2004, Bookham held $83.4 million in cash, cash equivalents, short-term investments and long-term restricted cash.

•  Zygo has recorded earnings of $1.3 million for its first fiscal quarter of 2005 compared with a loss of $0.8 million in the year prior period. Net sales for the quarter increased 14% to $27.6 million and orders were up 41% to $34.1 million compared with quarter one of fiscal 2004. Zygo says that of orders received, 32% came from its semiconductor segment with the remaining 68% coming from its industrial segment. "This reflects strong demand in our industrial segment which offset the impact of the capital spending slowdown that is prevalent across the semiconductor industry," said the firm.

•  FLIR Systems has announced a third quarter revenue of $110.8 million, up 58% on the $70.2 million for the same quarter in 2003. This equates to quarterly net earnings of $16.8 million compared to $10.9 million year-on-year. The firm says it experienced a high demand for its imaging products, particularly for airborne applications, throughout the quarter.