DOW JONES NEWSWIRES
JDS Uniphase Corp.'s (JDSU) fiscal fourth-quarter loss - its
sixth in a row - widened on lower sales, and the company predicted
fiscal first-quarter revenue in line with analysts' estimate.
Chief Executive Tom Waechter said the fiber-optic equipment
maker is beginning its new fiscal year "with a stronger balance
sheet, an improved business model and a stronger product portfolio,
well positioned for growth when the economy rebounds."
JDS, like other makers of broadband products, has been hurt as
telecom operators slow purchases and pull back on
information-technology spending. The company is particularly
reliant on a handful of clients, including AT&T Inc. (T) and
Verizon Communications Inc. (VZ). Last month, JDS Uniphase
completed its $40.6 million acquisition of Finisar Corp.'s (FNSR)
network tools business.
For the quarter ended June 27, JDS Uniphase reported a loss of
$59.5 million, or 28 cents a share, compared with a year-earlier
loss of $29.8 million, or 13 cents a share.
The latest results included $18.5 million in restructuring
charges. Excluding items, the loss was 1 cent a share compared with
earnings of 7 cents a year earlier.
Analysts' estimates were for a loss of 2 cents, according to a
poll by Thomson Reuters.
Revenue dropped 29% to $276.1 million. In April, JDS Uniphase
predicted revenue of $265 million to $285 million, below analysts'
estimate at that time.
Gross margin rose to 37.2% from 36%.
Communications test and measurement profit and revenue decreased
41% and 21%, respectively.
The optical communications segment, which is involved in telecom
and cable television, swung to an operating loss and revenue
dropped 46%.
The smaller advanced optical technologies group, which makes
decorative light products, thin film coatings and document
authentication products, saw profit grow 10% while revenue slid
4%.
JDS Uniphase expects fiscal first-quarter revenue of $283
million to $300 million. Analysts expect $287.2 million.
JDS Uniphase shares were at $5.77, down 0.4%, in after-hours
trading. The stock has almost tripled in value from a 14-year low
in November but is still down by 50% from a year ago.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com