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JDSU's Q1 '07 results show improvement

07 Nov 2006

Revenues steady; GAAP net loss reduced; non-GAAP income rises; Commercial Laser and Optical Communication sectors show improvements.

JDSU has reported results for its fiscal 2007 first quarter ended September 30, 2006. The company executed a 1-for-8 reverse stock split on October 16, 2006, so all earnings per share calculations were presented on a split-adjusted basis.

Net revenue for Q1 2007 was $318.1 million and GAAP net loss was $(17.4) million. This compares to net revenue of $318.2 million and GAAP net loss of $(45.8)  million, reported for Q4 2006, and to net revenue of $258.3 million and a GAAP net loss of $(67.0) million, for Q1 2006.

On a non-GAAP basis, revenue for the first quarter was $318.2 million and net income was $6.8 million. This compares to non-GAAP net revenue of $318.6 million and a non-GAAP net loss of $(2.1)  million, for Q4 2006, and to non-GAAP net revenue of $259.2 million and a non-GAAP net loss of $(15.4)  million, for Q1 2006.

On a non-GAAP EBITDA basis, the company earned $9.6 million for the quarter ended September 30, 2006, which compares to $5.5 million for Q4 2006, and to a loss of $(4.3)  million for the Q1 2006.

"The achievement of positive earnings per share on a non-GAAP basis for the first time in more than five years marks another significant milestone on the company's journey to sustained profitability" said Kevin Kennedy, JDSU's CEO.

Financial overview for Q1 2007

• Optical Communications net revenue grew 3.8% from the previous quarter, and 37.3% from the same quarter a year ago. Net revenue of $138.0 million represented 43% of total net revenue.

• Communications Test and Measurement net revenue of $116.8 million was down 7.5% from last quarter and represented 37% of total net revenue.

• Advanced Optical Technologies net revenue of $39.3 million was up 7.1% from last quarter, and down 10.9% from the same quarter a year ago. This segment represented 12% of total net revenue.

• The Commercial Lasers business reported revenue of $24.1 million, up 6.6% sequentially and 25.5% from the same quarter a year ago, representing 8% of total net revenue.

• Americas' customers represented 56.9% of net revenue. European and Asia-Pacific customers represented 25.6% and 17.5% of net revenue, respectively.

• GAAP gross margin was 30.8% of net revenue, and non-GAAP gross margin was 34.7% of net revenue.

• GAAP operating expenses were $134.7 million, or 42.4% of net revenue. Non-GAAP operating expenses were $117.3 million, or 36.9% of net revenue.

• The Company held $1,216.0 million in cash, cash equivalents, short-term investments and restricted cash at the end of the first quarter.

Business Outlook

For Q2 2007, ending December 31, 2006, JDSU says it is expecting net revenue of $332 to $352 million.

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