Exhibit 99.1

 

JDSU ANNOUNCES FISCAL 2011 FOURTH QUARTER AND YEAR END RESULTS

 

Fourth Quarter

 

·                  GAAP Revenue of $471.8 million; Non-GAAP Revenue of $472.3 million

·                  GAAP Gross margin of 43.3%; Non-GAAP Gross margin of 46.7%

·                  GAAP EPS of $0.04; Non-GAAP EPS of $0.23

 

Fiscal 2011

 

·                  GAAP Revenue of $1,804.5 million; Non-GAAP Revenue of $1,816.2 million

·                  GAAP Gross margin of 43.8%; Non-GAAP Gross margin of 47.6%

·                  GAAP EPS of $0.31; Non-GAAP EPS of $0.93

 

Milpitas, California, August 17, 2011

— JDSU (NASDAQ: JDSU; and TSX: JDU) today reported results for its fourth fiscal quarter and year ended July 2, 2011.

 

On a GAAP basis, net revenue for the fourth fiscal quarter of 2011 was $471.8 million and net income was $9.3 million, or $0.04 per share.  This compares to net revenue of $454.0 million and net income of $38.6 million, or $0.16 per share for the prior quarter, and net revenue of $390.9 million and net income of $1.5 million, or $0.01 per share for the fourth fiscal quarter of 2010.

 

For fiscal 2011, net revenue of $1,804.5 million increased 32.3% from $1,363.9 million for fiscal 2010. The net income for fiscal 2011 of $71.6 million, or $0.31 per share, compares to a net loss of $(61.8) million, or $(0.28) per share, for fiscal 2010.

 

On a non-GAAP basis, net revenue for the fourth fiscal quarter of 2011 was $472.3 million and net income was $53.9 million or $0.23 per share.  This compares to non-GAAP net revenue of $455.4 million and net income of $51.0 million, or $0.22 per share for the prior quarter, and non-GAAP net revenue of $398.1 million and net income of $33.1 million or $0.15 per share for the fourth fiscal quarter of 2010.

 

For fiscal 2011 non-GAAP net revenue of $1,816.2 million increased 32.2% from $1,373.4 million for fiscal 2010.  The non-GAAP net income for fiscal 2011 of $216.7 million, or $0.93 per share, compares to a non-GAAP net income of $91.9 million, or $0.41 per share, for fiscal 2010.

 

GAAP net income for fiscal 2011 included a tax benefit of $34.9 million related to the release of a deferred tax valuation allowance for a foreign jurisdiction.  The Company determined during the fiscal year that it is more likely than not such deferred tax assets will be realized.  This tax benefit has been excluded from non-GAAP results.

 

“JDSU delivered solid fiscal fourth quarter and full year financial results. Revenue for the year grew over 32% and operating profits more than doubled,” said Tom Waechter, JDSU’s President and Chief Executive Officer. “Currently we are seeing macro-economic challenges and inventory corrections which we believe will be short-term in nature as the end market drivers remain strong.”

 


The following information was filed by Viavi Solutions Inc. (VIAV) on Wednesday, August 17, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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