Financial focus

29 Apr 2004

A selection of the latest financial results from firms in the photonics sector including JDS Uniphase, Corning and FLIR.

•  JDS Uniphase, the supplier of subsystems for optical networks, has reported a revenue of $161 million and a net loss of $7.3 million for the quarter ended 31 March 2004. The latest results indicate that the firm is returning to financial health following a major restructuring program. The figures compare with a net loss of $58.5 million for the previous quarter and $136.8 million for the same period last year.

•  It seems that it's business as normal at Zygo. The optical metrology specialist has recorded flat sales of $28.4 million for the third quarter of fiscal 2004, a reduction of $0.6 million year-on-year. Net earnings for the latest quarter totalled $1 million, compared with $0.8 million for the third quarter of fiscal 2003.

•  Jenoptik Group, the German supplier of optics, lasers and cleanroom equipment, has reported a 25% rise in revenue for fiscal 2003 to reach EURO 1.98 billion but a considerable drop in net income. For the first time in the last decade the Group reported a net loss (EURO 25.8 million). This compares with a net income of EURO 40.3 million for fiscal 2002. The firm says that weakness of semiconductor market and the SARS epidemic in Asia were largely to blame. The Group’s photonics division was profitable and reported an operating income of EURO 26.6 million on sales of EURO 282.1 million.

•  Thanks to strong demand for the glass panels used in LCDs, Corning has exceeded its revenue guidance for the first quarter of 2004. The firm’s sales reached $844 million, compared with a guidance range of $770 to $830 million. Net income for the period was $55 million, in contrast to a loss of $29 million for the previous quarter.

•  FLIR Systems, the US infrared camera maker, says that its revenue and net earnings for the first quarter of 2004 grew by 57% and 39% respectively over the same period in 2003. For the three months ended 31 March 2004, revenue totalled $108.9 million while net earnings reached $12.7 million. “Our financial performance in the last quarter was the result of strong growth in virtually all of our product lines and all of our markets,” said Earl Lewis, FLIR’s CEO.

•  VISX , the provider of laser vision correction equipment, has seen its earnings and revenue continue to grow year-on-year for the first quarter of 2004. Compared with the same period of 2003, revenue for the first quarter grew 27% to reach $43.8 million while net income increased 115% to reach $11.8 million. “This is the third consecutive quarter that we have seen this healthy growth with year-on-year quarterly increases of 20% this quarter, and 16% and 17% in Q4 and Q3 of 2003 respectively,” said Liz Davila, the CEO of VISX.