Exhibit 99.1

 

VIAVI ANNOUNCES FISCAL FOURTH QUARTER AND YEAR END 2015 RESULTS

 

Spinoff Update

 

·                  JDS Uniphase Corporation (“JDSU”), successfully completed the spinoff of its communications and commercial optical products and WaveReady businesses, now Lumentum Holdings Inc. (“Lumentum”), on August 1, 2015

·                  Concurrent with the separation JDSU changed its name to Viavi Solutions Inc. (“Viavi”)

 

Fourth Quarter

 

·                  GAAP and Non-GAAP Net Revenue of $427.7 million

·                  GAAP Gross margin of 45.5%; Non-GAAP Gross margin of 47.8%

·                  GAAP EPS of $(0.16); Non-GAAP EPS of $0.13

 

Fiscal 2015

 

·                  GAAP and Non-GAAP Net Revenue of $1,709.1 million

·                  GAAP Gross margin of 45.6%; Non-GAAP Gross margin of 48.6%

·                  GAAP EPS of $(0.37); Non-GAAP EPS of $0.53

 

Milpitas, California, August 11, 2015 — Viavi (NASDAQ: VIAV) today reported results for its fiscal fourth quarter and year ended June 27, 2015.

 

These results include the results of Lumentum, formerly Viavi’s communications and commercial optical products business segment and WaveReady product lines. Viavi completed the spinoff of Lumentum on August 1, 2015 by distributing approximately 80.1% of Lumentum’s common stock to Viavi stockholders. Viavi retained approximately 19.9%, or 11.7 million shares, of Lumentum’s common stock and intends to sell such stock no later than 3 years from the distribution. Beginning with the first quarter of fiscal 2016, Lumentum’s financial results will be separately reported by Lumentum.

 

GAAP net revenue for fiscal 2015 fourth quarter was $427.7 million, with net loss of $(37.3) million, or $(0.16) per share. Prior quarter GAAP net revenue was $410.7 million, with net loss of $(13.2) million, or $(0.06) per share. GAAP net revenue for fiscal 2014 fourth quarter was $448.6 million, with net loss of $(25.4) million, or $(0.11) per share.

 

Non-GAAP net revenue for fiscal 2015 fourth quarter was $427.7 million, with net income of $29.8 million, or $0.13 per share. Prior quarter non-GAAP net revenue was $410.7 million, with net income of $27.6 million, or $0.12 per share. Non-GAAP net revenue for fiscal 2014 fourth quarter was $448.6 million, with net income of $34.2 million, or $0.14 per share.

 

“We are pleased to have executed as planned our recently completed separation on August 1st, and to have completed our fiscal fourth quarter with revenue, operating margin and EPS all above our guidance midpoint,” said Rick Belluzzo, Viavi’s Interim President and Chief Executive Officer. “While we face some near term challenges ahead in our Network and Service Enablement businesses, our integrated NE and SE solutions platform business strategy should allow us to benefit from positive industry macro trends as carriers continue to migrate to software-driven network solutions. I am particularly pleased with both the revenue and operating margin progression that OSP has delivered in its positive outlook going into fiscal 2016.”

 

Belluzzo added, “Viavi is about agility and increased focus on our business mission as we are focused on driving steady profitability improvement throughout fiscal 2016.”

 

GAAP net revenue for fiscal 2015 was $1,709.1 million, with net loss of $(85.3) million, or $(0.37) per share. GAAP net revenue for fiscal 2014 was $1,743.2 million, with net loss of $(17.8) million, or $(0.08) per share.

 

Non-GAAP net revenue for fiscal 2015 was $1,709.1 million, with net income of $126.6 million, or $0.53 per share. Non-GAAP net revenue for fiscal 2014 was $1,743.2 million, with net income of $133.1 million, or $0.56 per share.

 

Financial Overview:

 

The tables below (in millions, except percentage data) provide comparisons of quarterly and annual results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between GAAP and non-GAAP measures is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”

 

1


The following information was filed by Viavi Solutions Inc. (VIAV) on Tuesday, August 11, 2015 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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