JDSU announces improved performance in 2006

31 Aug 2006

Optical communications sector upturn and JDSU's new test and measurement division drive significant Q4 and full year growth in turnover and reduce losses.

JDSU, Milpitas, Ca, US, this week reported improved results for both fourth quarter and full year, which ended on June 30.

Revenue for the quarter of $318.2 million was an 86% improvement year-on-year, due primarily to 25% growth in the optical communications business but as well as the addition of the company's Communications Test & Measurement segment in August 2005. For the whole fiscal year 2006, net revenue of $1,204.3 million grew 69% from $712.2 million in 2005.

The fourth quarter loss of $45.8 million compares to a loss of $145.7 million in Q4 2005, and to net income of $3.7 million Q3 2006. For the fiscal year 2006, a net loss of $151.2 million improved from a loss of $261.3 million in 2005.

JDSU delivered its third consecutive quarter of positive [non-GAAP] gross earnings. Q4 2006 earnings of $5.5 million compares to a loss of $19.0 million in Q4 2005, and to earnings of $7.9 million in Q3 2006. For 2006, gross earnings of $17.2 million compares to a loss of $70.5 million in 2005.

On a non-GAAP basis, the Q4 2006 net loss of $2.1 million compares to a net loss of $20.5 million in the year-ago quarter, and to a net loss of $2.8 million in the prior quarter. For fiscal year 2006, non-GAAP net loss of $23.8 million improved from the net loss of $86.9 million in 2005.

"Year-on-year revenue growth and improved profitability highlight JDSU's progress towards a profitable and sustainable business model," said Kevin Kennedy, JDSU's CEO. "We remain committed to further improvement throughout fiscal 2007, while continuing our investment and innovation in the optics and broadband markets."

Business outlook

For the first quarter of fiscal 2007, ending September 30, 2006, the company expects revenue of $312 to $328 million.

About JDSU

JDSU develops optical solutions for medical and environmental instrumentation, semiconductor processing, display, and aerospace and defense. The company also develops communications test and measurement solutions and optical products for telecommunications.