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JDSU News Release
JDSU ANNOUNCES FISCAL 2010 FOURTH QUARTER AND YEAR END RESULTS
Milpitas, California, August 25, 2010 JDSU (NASDAQ: JDSU; and TSX: JDU) today reported results for its fourth fiscal quarter and year ended July 3, 2010.
Net revenue for the fourth fiscal quarter was $390.9 million and the net income was $1.5 million, or $0.01 per share. This compares to net revenue of $332.3 million and a net loss of $(11.9) million or $(0.05) per share for the prior quarter, and net revenue of $273.2 million and a net loss of $(63.6) million or $(0.29) per share for the fourth fiscal quarter of 2009.
For the full fiscal year 2010, net revenue of $1,363.9 million increased 6% from $1,283.3 million for fiscal 2009. The net loss for the year of $(61.8) million, or $(0.28) per share, decreased from a net loss of $(909.5) million, or $(4.22) per share, for fiscal 2009.
On a non-GAAP basis, net revenue for the fourth quarter was $398.1 million and net income for the quarter was $33.1 million, or $0.15 per share. This compares to non-GAAP net revenue of $332.9 million and net income of $23.2 million, or $0.10 per share for the prior quarter, and $274.1 million and net loss of $(1.5) million, or $(0.01) per share, for the fourth fiscal quarter of 2009. On a full year basis, fiscal 2010 non-GAAP revenue was $1,373.4 million and net income for the year was $91.9 million, or $0.41 per share. This compares to non-GAAP net revenue of $1,284.6 million and net income of $42.6 million, or $0.20 per share, for the fiscal year 2009.
Fiscal 2010 was a year of accelerating revenue growth and portfolio expansion for JDSU, said Tom Waechter, JDSUs President and Chief Executive Officer. We completed two important acquisitions and introduced a number of innovative products that resulted in higher market penetration. At the same time, we continued to execute against our stated strategic priorities, resulting in a more profitable operating model and sustained cash flow. We enter fiscal 2011 with order momentum and an industry-leading product portfolio.
Financial Overview Fourth Fiscal Quarter Ended July 3, 2010
All numbers in this section are non-GAAP unless stated otherwise.
Net revenue of $398.1 million, which includes $15.7 million from the acquisition of the Network Solutions Division from Agilent Technologies, Inc., increased 20% compared to the prior quarter and increased 45% compared to the fourth quarter of fiscal 2009.
Gross margin was 45.5% compared to 44.1% in the prior quarter and 42.2% in fourth quarter of fiscal 2009.
Operating margin was 9.3% compared to 6.6% in the prior quarter and (1.2%) in fourth quarter of fiscal 2009.
Communications Test and Measurement revenue of $186.2 million increased 28% compared to the prior quarter and increased 40% compared to the fourth quarter of fiscal 2009. Revenue from this segment represented 47% of total net revenue.
Communications and Commercial Optical Products revenue of $157.3 million increased 22% compared to the prior quarter and increased 74% compared to the fourth quarter of fiscal 2009. Revenue from this segment represented 39% of total net revenue.
The following information was filed by Viavi Solutions Inc. (VIAV) on Wednesday, August 25, 2010 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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