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JDSU Announces Fiscal 2007 Second Quarter Results
Revenue, Gross Margin and Net Income at Five Year Highs
Milpitas, California, January 31, 2007 ? JDSU today reported results for its fiscal 2007 second quarter ended December 31, 2006.
Net revenue for the second quarter was $366.3 million and GAAP net income was $23.2 million, or $0.10 per diluted share. This compares to net revenue of $318.1 million and GAAP net loss of $(17.4) million, or $(0.08) per share, reported for the first quarter of fiscal 2007, and to net revenue of $312.9 million and a GAAP net loss of $(42.1) million, or $(0.20) per share, for the second quarter of fiscal 2006.
On a non-GAAP basis, revenue for the second quarter was $366.4 million and non-GAAP net income was $30.0 million, or $0.13 per diluted share. This compares to non-GAAP net revenue of $318.2 million and a non-GAAP net income of $6.8 million, or $0.03 per share, for the first quarter of fiscal 2007, and to non-GAAP net revenue of $315.0 million and a non-GAAP net loss of $(3.5) million, or $(0.02) per share, for the second quarter of fiscal 2006.
On a non-GAAP EBITDA basis (non-GAAP Earnings Before Interest, Taxes, Depreciation and Amortization), the Company earned $33.9 million for the quarter ended December 31, 2006, which compares to $9.6 million for the first quarter of fiscal 2007, and to $8.1 million for the second quarter of fiscal 2006.
?During the second quarter, JDSU delivered the strongest revenue, gross margin, and net income results in more than five years,? said Kevin Kennedy, JDSU?s Chief Executive Officer. ?Positive earnings per share results show marked improvement from previous quarters, highlighting the impact of our strategy to diversify our business and return to profitability, while continuing to deliver highly innovative products to market.?
Financial Overview ? Fiscal 2007 Second Quarter Ended December 31, 2006
Communications Test and Measurement net revenue of $168.2 million was up 44% from last quarter, and up 15% from the same quarter a year ago. This segment represented 46% of total revenue. Optical Communications net revenue of $132.7 million was down 4% from last quarter, and up 21% from the same quarter a year ago, representing 36% of total net revenue. Advanced Optical Technologies net revenue of $40.4 million was up 3% from last quarter, and down 2% from the same quarter a year ago. This segment represented 11% of total net revenue. Reported under the heading of ?All Other,? the Commercial Lasers business reported revenue of $25.1 million, up 4% sequentially and up 39% from the same quarter a year ago, representing 7% of total net revenue. Americas? customers represented 57% of net revenue. European and Asia-Pacific customers represented 27% and 16% of net revenue, respectively. GAAP gross margin was 37.4% of net revenue, and non-GAAP gross margin was 40.6% of net revenue. GAAP operating expenses were $152.6 million, or 41.7% of net revenue. Non-GAAP operating expenses were $129.4 million, or 35.3% of net revenue. The Company held $1,227.7 million in cash, cash equivalents, short-term investments and restricted cash at the end of the second quarter. Business Outlook
Coming off a seasonally strong second quarter, the Company expects net revenue for the third quarter of fiscal 2007, ending March 31, 2007, to be in the range of $333 to $353 million.
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