JDS Uniphase announces 2004 fourth quarter and fiscal year-end results

Fiber Optics Weekly Update, August 6, 2004

JDS Uniphase Corporation reported results for the fourth quarter and for the year ended June 30, 2004.

Net revenues for the fourth quarter were $174.5 million, and net loss was $24.3 million, or $(0.02) per diluted share. This compares to revenues of $161.4 million and a net loss of $7.3 million, or $(0.01) per share, reported in the third quarter of fiscal 2004, and to revenues of $160.6 million and a net loss of $61.6 million, or $(0.04) per share, for the fourth quarter ended June 30, 2003.

On a non-GAAP basis, net loss in the fourth quarter was $14.5 million, or $(0.01) per share, as compared to a non-GAAP net loss of $6.7 million, or approximately break-even on a per-share basis, in the third quarter of fiscal 2004, and to a non-GAAP net loss of $22.3 million, or $(0.02) per share, in the fourth quarter of fiscal 2003.

On a non-GAAP EBITDA basis (non-GAAP earnings before interest, taxes, depreciation, and amortization), the Company lost $6.8 million for the quarter ended June 30, 2004, down from a loss of $9.7 million for the quarter ended March 31, 2004, and a loss of $24.7 million for the quarter ended June 30, 2003.

"We continue to see solid indicators of market recovery across our business segments, reflected in our third consecutive quarter of revenue growth, and our strongest bookings performance since early 2001," said Kevin Kennedy, Chief Executive Officer of JDS Uniphase. "As we enter fiscal 2005, we remain committed to driving customer-focused operational improvements throughout the company, and to achieving profitability."

For the fiscal year, net revenues were $635.9 million, compared to net revenues of $675.9 million reported for the fiscal year ended June 30, 2003. Net loss was $118.1 million, or $(0.08) per share, which compares to a net loss of $933.8 million, or $(0.66) per share for the fiscal year ended June 30, 2003.