Milpitas, California, February 5, 2008 – JDSU today reported results for its second quarter ended December 29, 2007.
Net revenue for the second quarter of fiscal 2008 was $399.2 million and the net income was $21.2 million, or $0.09 per share. This compares to net revenue of $356.7 million and a net loss of $(6.9) million or $(0.03) per share in the first quarter of fiscal 2008.
On a non-GAAP basis, net revenue for the second fiscal 2008 quarter was $399.2 million and net income was $50.2 million, or $0.22 per share. This compares to non-GAAP net revenue of $357.2 million and net income of $18.0 million, or $0.08 per share in the first quarter of fiscal 2008.
On an adjusted EBITDA basis (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) the Company reported $61.8 million for the second quarter of fiscal 2008, which compares to $23.7 million for the first quarter of 2008.
“In Q2 we saw across the board financial metric improvement as we achieved our near-term operating model goals. Also, for the fourth consecutive quarter the company was free cash flow positive,” said Kevin Kennedy, JDSU’s Chief Executive Officer. “Looking forward, JDSU remains focused on innovation and continuous improvement of our business model.”
Financial Overview – Fiscal 2008 Second Quarter Ended December 29, 2007
• Second quarter non-GAAP revenue of $399.2 million grew 11.8% compared with the previous quarter and grew 9.0% from the second quarter of fiscal 2007.
• Company gross margins of 46.3% compared with 41.3% in fiscal Q1 2008 and 40.6% in fiscal Q2 2007.
• Communications Test and Measurement non-GAAP revenue of $197.5 million increased 14.0% from the fiscal 2008 first quarter’s level of $173.3 million, and represented 49% of total fiscal Q2 non-GAAP net revenue.
• Second quarter Optical Communications non-GAAP net revenue of $129.7 million grew 11.8% from the previous quarter’s non-GAAP net revenue of $116.0 million. Revenue from this segment represented 33% of total fiscal Q2 non-GAAP net revenue.
• Advanced Optical Technologies segment net revenue was $49.8 million, or 12% of total fiscal Q2 non-GAAP net revenue. Relative to fiscal 2008 first quarter revenue, AOT grew 3.8%.
• Our Commercial Lasers business reported net revenue of $22.2 million, up 11.6% from the previous quarter. This business represented 6% of total fiscal Q2 non-GAAP net revenue.
• Americas’ customers represented 53% of total non-GAAP net revenue. European and Asia-Pacific customers represented 28% and 19% of total non-GAAP net revenue, respectively.
• The Company held $1,102.8 million in cash, cash equivalents, short-term investments and restricted cash at the end of the second quarter. The Company was free cash flow positive for the fourth consecutive quarter, generating more than $40 million in free cash flow in the quarter.