MILPITAS, Calif., Aug. 30 /PRNewswire-FirstCall/ -- JDSU (Nasdaq:
JDSU; TSX: JDU) today reported results for its fourth quarter and
year ended June 30, 2006. GAAP net revenue for the fourth quarter
of $318.2 million grew 86% year- over-year, due primarily to 25%
growth in the Optical Communications business and the addition of
the Communications Test and Measurement segment in August last
year. For fiscal year 2006, GAAP net revenue of $1,204.3 million
grew 69% from $712.2 million in fiscal 2005. Fourth quarter GAAP
net loss of $(45.8) million compares to a GAAP net loss of $(145.7)
million in the year-ago quarter, and to GAAP net income of $3.7
million in the third quarter. For fiscal year 2006, GAAP net loss
of $(151.2) improved from a loss of $(261.3) million reported for
fiscal 2005. On a per share basis, GAAP net loss for the fourth
quarter narrowed from $(0.10) a year ago, to $(0.03), and compares
to approximately breakeven in the third quarter. Fiscal 2006 GAAP
net loss per share of $(0.09) compares to a GAAP net loss per share
of $(0.18) in fiscal 2005. JDSU delivered its third consecutive
quarter of positive non-GAAP earnings before interest, taxes,
depreciation and amortization, or EBITDA. For the fourth quarter,
non-GAAP EBITDA of $5.5 million compares to a loss of $(19.0)
million in the year-ago quarter, and to earnings of $7.9 million in
the prior quarter. For fiscal 2006, non-GAAP EBITDA of $17.2
million compares to fiscal 2005's loss of $(70.5) million. On a
non-GAAP basis, net loss of $(2.1) million compares to a net loss
of $(20.5) million in the year-ago quarter, and to a net loss of
$(2.8) million in the prior quarter. For fiscal year 2006, non-GAAP
net loss of $(23.8) million improved from the net loss of $(86.9)
million reported for fiscal 2005. On a per share basis, fourth
quarter non-GAAP net income of $(0.00) improved from a net loss of
$(0.01) per share a year ago, and compares to a non-GAAP net loss
of $(0.00) in the prior quarter. For fiscal 2006, non-GAAP net loss
per share of $(0.01) improved from fiscal 2005's non-GAAP net loss
per share of $(0.06). "Year-over-year revenue growth and improved
profitability metrics highlight JDSU's advancement towards a
profitable and sustainable business model," said Kevin Kennedy,
JDSU's Chief Executive Officer. "We remain committed to further
execution of our improvement programs throughout fiscal 2007, while
at the same time continuing our investment and innovation in the
broadband and optics markets." Financial Overview - Fiscal 2006
Fourth Quarter Ended June 30, 2006 * On a non-GAAP basis, revenue
for the fourth quarter, which includes $0.4 million of revenue
associated with acquisition accounting, was $318.6 million. *
Optical Communications net revenue grew 4% from the previous
quarter, and 25% from the same quarter a year ago. Net revenue of
$133.0 million represented 42% of total non-GAAP net revenue. *
Communications Test and Measurement revenue of $126.3 million was
slightly down from last quarter, and represented 39% of total non-
GAAP net revenue. This included a partial quarter contribution
amounting to approximately 1% of segment revenue associated with
the acquisition of Test-Um which closed in May. * Net revenue from
our newly consolidated Advanced Optical Technologies segment was
$36.7 million, or 12% of total non-GAAP net revenue. Reflecting the
series of product phase outs in the segment, revenue was down 10%
from the previous quarter, and down 24% from the same quarter a
year ago. * Reported under the heading of 'All Other', our
Commercial Lasers business reported revenue of $22.6 million, up
10% from the previous quarter, and up 38% from the year-ago
quarter. This business represented 7% of total non-GAAP net
revenue. * Americas' customers represented 61% of total non-GAAP
net revenue. European and Asia-Pacific customers represented 22%
and 17% of total non-GAAP net revenue, respectively. * GAAP gross
margin was 30% of net revenue, and non-GAAP gross margin was 34% of
net revenue. * GAAP operating expenses were $160.3 million, or 50%
of GAAP net revenue. Non-GAAP operating expenses were $118.8
million, or 37% of non-GAAP net revenue. * The Company held
$1,238.6 million in cash, cash equivalents, short- term investments
and restricted cash at the end of the fourth quarter. During the
fourth quarter, cash, cash equivalents, short- term investments and
restricted cash increased by $391.3 million, which includes
proceeds of $415.9 million from our recent convertible note
offering. Business Outlook For the first quarter of fiscal 2007,
ending September 30, 2006, the Company expects revenue of $312 to
$328 million. Conference Call The Company will discuss these
results and other related matters at 2:00 p.m. Pacific Time on
August 30, 2006 in a live webcast, which will also be archived for
replay on the Company's website at http://www.jdsu.com/investors.
This press release is being furnished as a Current Report on Form
8-K with the Securities and Exchange Commission, and will be
available at http://www.sec.gov/. About JDSU JDSU is committed to
enabling broadband & optical innovation in the communications,
commercial and consumer markets. JDSU is a leading provider of
communications test and measurement solutions and optical products
for telecommunications service providers, cable operators, and
network equipment manufacturers. Furthermore, JDSU is a leading
provider of innovative optical solutions for medical/environmental
instrumentation, semiconductor processing, display, brand
authentication, aerospace and defense, and decorative applications.
More information is available at http://www.jdsu.com/.
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These statements include: (i) any anticipation or
guidance as to the amount of future revenue or the likelihood,
timing or amount of expected profitability improvements; and (ii)
the Company's beliefs regarding the purpose, usefulness and
efficacy of non-GAAP results and the measures and items the Company
includes in the same, as well as any benefits to investors the
Company believes its non-GAAP measures provide. These
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
projected, including, without limitation, the following: (i) the
Company's ability to predict future financial performance continues
to be difficult, as among other things, visibility remains limited,
we are experiencing significant quarter over quarter fluctuations
in product mix, average selling prices continue to decline across
our product portfolio, our customer base is consolidating, we
continue to experience execution challenges which limit our revenue
and impair our profitability, we are currently engaged in various
product and manufacturing transfers, site consolidations and
product discontinuances, and we are experiencing some near-term
compliance challenges related to new European environmental
requirements, such as RoHS; (ii) the Company's cost improvement
efforts may not be successful in achieving their expected benefits
(including, among other things, cost structure, gross margin and
other profitability improvements), due to, among other things,
shifts in product mix, selling price pressures, costs and delays
related to product transfers to lower cost manufacturing locations
and associated facility closures, costs and delays associated with
facility and asset divestitures, and execution concerns; and (iii)
ongoing efforts to design and introduce products that meet
customers' future needs and to manufacture such products at
competitive costs, and with acceptable quality, volumes and
profitability, may not be successful. For more information on these
and other risks affecting the Company's business, please refer to
the "Risk Factors" section included in the Company's Quarterly
Report on Form 10-Q for the quarter ended March 31, 2006 filed with
the Securities and Exchange Commission, as well as in other filings
on Forms 10-Q and 10-K. The forward-looking statements contained in
this news release are made as of the date hereof and the Company
does not assume any obligation to update the reasons why actual
results could differ materially from those projected in the
forward-looking statements. Contact Information Investors: Jacquie
Ross, 408-546-4445 or The following financial tables are presented
in accordance with GAAP, unless otherwise specified. JDS UNIPHASE
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in
millions, except per share data) (unaudited) Three Months Ended
Twelve Months Ended June 30, June 30, June 30, June 30, 2006 2005
2006 2005 Net revenue $318.2 $170.9 $1,204.3 $712.2 Cost of sales
212.6 142.8 827.4 586.6 Amortization of acquired developed
technology 9.9 3.7 36.4 13.4 Gross profit 95.7 24.4 340.5 112.2
Operating expenses: Research and development 39.8 22.3 155.5 93.7
Selling, general and administrative 83.4 38.6 325.3 157.3
Amortization expense 6.7 1.8 24.4 6.4 In-process R&D 0.3 1.1
20.3 1.1 Reduction of goodwill 22.4 53.7 22.4 53.7 Reduction in
intangibles and long- lived assets 1.2 24.7 5.6 31.6 Restructuring
charges 6.5 7.6 35.0 18.2 Total operating expenses 160.3 149.8
588.5 362.0 Loss from operations (64.6) (125.4) (248.0) (249.8)
Interest and other income, net 10.4 (22.1) 27.7 (8.9) Gain on sale
of investments 0.4 15.7 73.2 20.0 Loss on equity investments --
(3.2) (0.3) (6.7) Reduction in fair value of investments (1.3)
(0.8) (4.2) (9.2) Loss before income taxes (benefit) (55.1) (135.8)
(151.6) (254.6) Income tax expense (benefit) (9.3) 9.9 (0.4) 6.7
Net loss $(45.8) $(145.7) $(151.2) $(261.3) Loss per share - basic
and diluted $(0.03) $(0.10) $(0.09) $(0.18) Shares used in
per-share calculation - basic and diluted 1,684.9 1,448.2 1,649.9
1,445.4 JDS UNIPHASE CORPORATION CONDENSED CONSOLIDATED BALANCE
SHEETS (in millions, unaudited) June 30, June 30, 2006 2005 ASSETS
Current assets: Cash and cash equivalents $364.9 $506.7 Short-term
investments 857.3 793.3 Restricted Cash 16.4 4.5 Accounts
receivable, net 232.3 102.3 Inventories, net 202.2 97.4 Net taxes
23.9 7.7 Other current assets 108.0 79.8 Total current assets
1,805.0 1,591.7 Property, plant and equipment, net 201.2 162.1
Deferred income taxes 2.3 4.0 Goodwill 656.7 190.2 Other
intangibles, net 362.0 94.9 Long-term investments 10.8 29.2 Other
assets 27.0 17.8 Total assets $3,065.0 $2,089.9 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $126.6
$75.1 Accrued payroll and related expenses 60.6 30.5 Income taxes
payable 81.2 27.9 Deferred income taxes -- 4.3 Restructuring
accrual 19.8 23.0 Warranty accrual 11.5 7.3 Other current
liabilities 122.6 72.7 Total current liabilities 422.3 240.8
Long-term debt 900.0 475.4 Other non-current liabilities 159.1 44.0
Total stockholders' equity 1,583.6 1,329.7 Total liabilities and
stockholders' equity $3,065.0 $2,089.9 JDS UNIPHASE CORPORATION
REPORTABLE SEGMENT INFORMATION (in millions, unaudited) Three
Months Ended Twelve Months Ended June 30, June 30, June 30, June
30, 2006 2005 2006 2005 Net revenue: Optical Communications $133.0
$106.3 $470.5 $422.2 Communications Test and Measurement 126.3 --
494.5 -- Advanced Optical Technologies 36.7 48.2 162.8 231.0 All
Other - Commercial Lasers 22.6 16.4 80.5 59.0 Deferred revenue
related to purchase accounting adjustment (0.4) -- (4.0) -- Net
revenue $318.2 $170.9 $1,204.3 $712.2 Operating income (loss):
Optical Communications Segment $(1.9) $(7.3) $(26.6) $(36.0)
Communications Test and Measurement Segment 9.3 -- 70.7 -- Advanced
Optical Technologies 8.8 6.4 36.2 28.0 All Other - Commercial
Lasers 0.7 (4.4) - (4.1) Corporate (27.6) (23.8) (120.5) (99.8)
Total segment operating income (loss) (10.7) (29.1) (40.2) (111.9)
Unallocated amounts: Stock based compensation (4.3) (0.7) (15.0)
(0.7) Acquisition-related charges and amortization of intangibles
(17.6) (7.7) (124.0) (22.0) Reduction of other long-lived assets
(23.6) (78.5) (28.0) (85.3) Restructuring charges (6.5) (7.6)
(35.0) (18.2) Other realignment charges (1.9) (1.8) (5.8) (11.7)
Interest and other, net 10.4 (22.1) 27.7 (8.9) Gain on sale of
investments 0.4 15.7 73.2 20.0 Reduction in fair value of
investments (1.3) (0.8) (4.2) (9.2) Gain (loss) on equity method
investments -- (3.2) (0.3) (6.7) Loss before income taxes $(55.1)
$(135.8) $(151.6) $(254.6) Use of Non-GAAP Financial Measures The
Company provides non-GAAP gross margin, non-GAAP operating expense,
non-GAAP net loss, non-GAAP net loss per share and non-GAAP EBITDA
financial measures as supplemental information regarding the
Company's operational performance. The Company evaluates
Company-wide segment performance using, among other things, the
measures disclosed in this release for the purposes of evaluating
the Company's historical and prospective financial performance, as
well as its performance relative to its competitors. Specifically,
management uses these items to further its own understanding of the
Company's core operating performance. The Company believes its
"core operating performance" represents the Company's performance
in the ordinary, ongoing and customary course of its operations.
Accordingly, management excludes from "core operating performance"
those items, such as those relating to restructuring, investing,
stock-based compensation expense and non-cash activities, that
management does not believe are reflective of such ordinary,
ongoing and customary course activities. The Company believes that
providing this information to its investors, in addition to the
GAAP presentation, allows investors to see Company results "through
the eyes" of management. The Company further believes that
providing this information allows Company investors to both better
understand the Company's financial performance and, importantly, to
evaluate the efficacy of the methodology and information used by
management to evaluate and measure such performance. The non-GAAP
adjustments described in this release have historically been
excluded by the Company from its non-GAAP measures. The non-GAAP
adjustments, and the basis for excluding them, are outlined below:
Restructuring Activities Cost of goods sold, costs of research and
development and costs of selling, general and administrative
related to restructuring events: The Company has incurred periodic
expenses, included in its GAAP presentation of gross margin and
operating expenses primarily due to additional depreciation from
changes in estimated useful life and the write-down of certain
property and equipment that has been identified for disposal but
remained in use until the date of disposal, workforce related
charges such as retention bonuses and employee relocation costs
related to a formal restructuring plan, building costs for
facilities not required for ongoing operations, and costs related
to the relocation of certain facilities and equipment from
buildings which the Company has disposed of or plans to dispose.
The Company excludes these items, for the purposes of calculating
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net
loss, non-GAAP net loss per share and non-GAAP EBITDA, when it
evaluates the continuing operational performance of the Company.
The Company believes that these items do not reflect expected
future gross profits or operating expenses nor does the Company
believe that they provide a meaningful evaluation of current versus
past core operational performance. Restructuring expense primarily
due to severance and lease costs: The Company has incurred
restructuring expenses, included in its GAAP presentation of
operating expense, primarily due to workforce related charges such
as payments for severance and benefits and estimated costs of
exiting and terminating facility lease commitments related to a
formal restructuring plan. The Company excludes these items, for
the purposes of calculating non-GAAP operating expense, non-GAAP
net loss, non-GAAP net loss per share and non-GAAP EBITDA, when it
evaluates the continuing operational performance of the Company.
The Company believes that these items do not reflect expected
future operating expenses nor does the Company believe that they
provide a meaningful evaluation of current versus past core
operational performance. Investment Activities Gain or loss on sale
of available for-sale investments and reduction in the fair value
of investments: The Company has sold investments or adjusted the
value of investments from time to time based on market conditions.
The Company's activities in this respect are included in the
Company's GAAP presentation of net income (loss) and net income
(loss) per share. The Company's core business does not include
making financial investments in third parties, and such investments
do not constitute a material portion of the Company's assets.
Moreover, the amount and timing of gains and losses and adjustments
to the value of investments are unpredictable. Consequently, the
Company believes that gains or losses on these sales and
adjustments to the value of investments are not related to the
ongoing core business and operating performance of the Company. The
Company excludes these items, for the purposes of calculating
non-GAAP net loss, non-GAAP net loss per share and non-GAAP EBITDA,
when it evaluates the continuing operational performance of the
Company. The Company believes the GAAP measure is not indicative of
the Company's core operating performance. Gain or loss on equity
method investments: The Company records gains or losses on its
equity investments based on our pro-rata share of gains or the net
losses of the investment. The Company's activities in this respect
are included in the Company's GAAP presentation of net income
(loss) and net income (loss) per share. The Company's core business
is not making financial investments in third parties, and such
investments do not constitute a material portion of the Company's
assets. Moreover, the timing and magnitude of gains or losses are
unpredictable, as they are inherently based on the performance of
the third party subject of a particular investment. Gains and
losses in equity investments are unpredictable, and are primarily
dependent on the financial performance of the company in which we
have our investment. The Company excludes these items, for the
purposes of calculating non-GAAP net loss, non-GAAP net loss per
share and non-GAAP EBITDA, when it evaluates the continuing
operational performance of the Company. The Company believes the
GAAP measure is not indicative of its core operating performance.
Stock-based compensation expense: Non-GAAP net income (loss) and
net income (loss) per share excludes stock-based compensation
expense under SFAS 123R for fiscal 2006, and under APB 25 for
earlier comparative periods. The Company excludes this item, for
the purposes of calculating non-GAAP net loss, non-GAAP net loss
per share and non-GAAP EBITDA, when it evaluates the continuing
operational performance of the Company. The Company believes this
GAAP measure is not indicative of its core operating performance.
Non-Cash Activities Amortization of intangibles from acquisitions:
The Company incurs amortization of intangibles, included in its
GAAP presentation of operating expense, related to the various
acquisitions it has made. Management excludes these items, for the
purposes of calculating non-GAAP operating expense, non- GAAP net
loss, non-GAAP net loss per share and non-GAAP EBITDA, when it
evaluates the continuing operational performance of the Company.
The Company believes that eliminating this expense from operating
income is useful to investors because it believes the GAAP measure,
alone, is not indicative of its core operating expenses and
performance. Reduction of goodwill and other long-lived assets: The
Company incurs costs, included in its GAAP presentation of
operating expense, related to the reduction of the carrying value
of goodwill and other long-lived assets primarily related to SFAS
142 and SFAS 144 adjustments, respectively. SFAS 142 and SFAS 144
adjustments typically occur when the financial performance of the
business utilizing the affected assets falls below certain
thresholds or certain assets are designated as held for sale.
Accordingly, SFAS 142 and SFAS 144 related asset value reductions
are non-recurring and generally unpredictable. The Company believes
that eliminating this item, for the purposes of calculating
non-GAAP operating expense, non-GAAP net loss, non- GAAP net loss
per share and non-GAAP EBITDA, is useful to investors. We believe
this non-GAAP adjustment will assist investors to compare current
versus past performance. The Company's historical adjustments to
the carrying value of certain of its assets under SFAS 142 and SFAS
144, as well as the methodology used by the Company in assessing
the same, are more particularly described in its quarterly reports
on form 10-Q and annual reports on Form 10-K. Interest, taxes, and
depreciation expense: The Company incurs depreciation expense in
its operating results. The Company's calculation of non-GAAP EBITDA
excludes items as a result of interest, taxes, depreciation and
amortization. Management believes non-GAAP EBITDA is indicative of
the Company's core operational cash flow. Acquired In-Process
Research and Development: The Company recorded charges for acquired
in-process research and development, included in its GAAP
presentation of operating expense, in connection with its
acquisitions. These amounts were expensed on the acquisition dates
as the acquired technology had not yet reached technological
feasibility and had no future alternative uses. There can be no
assurance that acquisition of businesses, products or technologies
in the future will not result in substantial charges for acquired
IPR&D. Accordingly, acquired IPR&D are non-recurring and
generally unpredictable. The Company believes that eliminating this
expense, for the purposes of calculating non-GAAP operating
expense, non-GAAP net loss, non- GAAP net loss per share and
non-GAAP EBITDA, is useful to investors. Non-GAAP financial
measures are not in accordance with, or an alternative for,
generally accepted accounting principles in the United States. The
GAAP measure most directly comparable to non-GAAP gross margin is
gross margin. The GAAP measure most directly comparable to non-GAAP
operating expense is operating expense. The GAAP measure most
directly comparable to non-GAAP net loss is net loss. The GAAP
measure most directly comparable to non-GAAP net loss per share is
net loss per share. The GAAP measure most directly comparable to
non-GAAP EBITDA is loss from operations. The Company believes that
these GAAP measures alone are not indicative of its core operating
expenses and performance. A reconciliation of each of these
non-GAAP financial measures to GAAP information is set forth below.
The following table reconciles the non-GAAP gross margin, operating
expense, net loss, net loss per share, and EBITDA financial
measures to GAAP (in millions, except per share amounts): Three
Months Ended June 30, 2006 Gross Operating Net Loss EBITDA Margin
Expense Non-GAAP $108.1 $118.8 $(2.1) $5.5 Cost of goods sold
related to restructuring events -- -- -- Cost of goods sold related
to acquisition activities (1.5) (1.5) (1.5) Cost of goods sold
related to stock based compensation expense (1.0) (1.0) (1.0) Costs
of research and development related to restructuring events 0.6
(0.6) (0.6) Costs of research and development related to stock
based compensation expense 1.0 (1.0) (1.0) Costs of selling,
general and administrative related to restructuring events 0.5
(0.5) (0.5) Costs of selling, general and administrative related to
stock based compensation expense 2.3 (2.3) (2.3) Amortization of
acquired developed technologies (9.9) (9.9) Amortization of
intangibles from acquisitions 6.7 (6.7) Reduction of goodwill 22.4
(22.4) (22.4) Reduction in Intangibles and other Long Lived Assets
1.2 (1.2) (1.2) Acquired In-process R&D 0.3 (0.3) (0.3)
Restructuring expense primarily due to severance and lease costs
6.5 (6.5) (6.5) Interest and other income 0.8 Gain or loss on sale
of available for sale investments 0.4 Gain or loss on equity method
investments Reduction in the fair value of investments (1.3) Income
tax expense 10.3 GAAP $95.7 $160.3 $(45.8) $(31.8) Non-GAAP loss
per share $(0.00) GAAP loss per share $(0.03) Shares used in
per-share calculation - basic and diluted 1684.9 Three Months Ended
June 30, 2005 Gross Operating Net Loss EBITDA Margin Expense
Non-GAAP $30.1 $59.2 $(20.5) $(19.0) Cost of goods sold related to
restructuring events (1.9) (1.9) (1.9) Cost of goods sold related
to acquisition activities Cost of goods sold related to stock based
compensation expense (0.1) (0.1) (0.1) Costs of research and
development related to restructuring events -- -- Costs of research
and development related to stock based compensation expense 0.1
(0.1) (0.1) Costs of selling, general and administrative related to
restructuring events 1.1 (1.1) (1.1) Costs of selling, general and
administrative related to stock based compensation expense 0.5
(0.5) (0.5) Amortization of acquired developed technologies (3.7)
(3.7) Amortization of intangibles from acquisitions 1.8 (1.8)
Reduction of goodwill 53.7 (53.7) (53.7) Reduction in Intangibles
and other Long Lived Assets 24.7 (24.7) (24.7) Acquired In-process
R&D 1.1 (1.1) (1.1) Restructuring expense primarily due to
severance and lease costs 7.6 (7.6) (7.6) Interest and other income
(29.8) Gain or loss on sale of available for sale investments 15.7
Gain or loss on equity method investments (3.2) Reduction in the
fair value of investments (0.8) Income tax expense (10.8) GAAP
$24.4 $149.8 $(145.7) $(109.8) Non-GAAP loss per share $(0.01) GAAP
loss per share $(0.10) Shares used in per-share calculation - basic
and diluted 1448.2 Twelve Months Ended June 30, 2006 Gross
Operating Net Loss EBITDA Margin Expense Non-GAAP $422.8 $463.0
$(23.8) $17.2 Cost of goods sold related to restructuring events --
-- -- Cost of goods sold related to acquisition activities (42.6)
(42.6) (42.6) Cost of goods sold related to stock based
compensation expense (3.3) (3.3) (3.3) Costs of research and
development related to restructuring events 1.9 (1.9) (1.9) Costs
of research and development related to stock based compensation
expense 3.7 (3.7) (3.7) Costs of selling, general and
administrative related to restructuring events 4.3 (4.3) (4.3)
Costs of selling, general and administrative related to stock based
compensation expense 7.9 (7.9) (7.9) Amortization of acquired
developed technologies (36.4) (36.4) Amortization of intangibles
from acquisitions 24.4 (24.4) Reduction of goodwill 22.4 (22.4)
(22.4) Reduction in Intangibles and other Long Lived Assets 5.6
(5.6) (5.6) Acquired In-process R&D 20.3 (20.3) (20.3)
Restructuring expense primarily due to severance and lease costs
35.0 (35.0) (35.0) Interest and other income 2.4 Gain or loss on
sale of available for sale investments 73.2 Gain or loss on equity
method investments (0.3) Reduction in the fair value of investments
(4.2) Income tax expense 9.3 GAAP $340.5 $588.5 $(151.2) $(129.8)
Non-GAAP loss per share $(0.01) GAAP loss per share $(0.09) Shares
used in per-share calculation - basic and diluted 1649.9 Twelve
Months Ended June 30, 2005 Gross Operating Net Loss EBITDA Margin
Expense Non-GAAP $131.4 $243.3 $(86.9) $(70.5) Cost of goods sold
related to restructuring events (5.7) (5.7) (5.7) Cost of goods
sold related to acquisition activities Cost of goods sold related
to stock based compensation expense (0.1) (0.1) (0.1) Costs of
research and development related to restructuring events 0.3 (0.3)
(0.3) Costs of research and development related to stock based
compensation expense 0.1 (0.1) (0.1) Costs of selling, general and
administrative related to restructuring events 6.8 (6.8) (6.8)
Costs of selling, general and administrative related to stock based
compensation expense 0.5 (0.5) (0.5) Amortization of acquired
developed technologies (13.4) (13.4) Amortization of intangibles
from acquisitions 6.4 (6.4) Reduction of goodwill 53.7 (53.7)
(53.7) Reduction in Intangibles and other Long Lived Assets 31.6
(31.6) (31.6) Acquired In-process R&D 1.1 (1.1) (1.1)
Restructuring expense primarily due to severance and lease costs
18.2 (18.2) (18.2) Interest and other income (29.8) Gain or loss on
sale of available for sale investments 20.0 Gain or loss on equity
method investments (6.7) Reduction in the fair value of investments
(9.2) Income tax expense (10.8) GAAP $112.2 $362.0 $(261.3)
$(188.6) Non-GAAP loss per share $(0.06) GAAP loss per share
$(0.18) Shares used in per-share calculation - basic and diluted
1445.4 http://www.newscom.com/cgi-bin/prnh/20050913/SFTU125LOGO
http://photoarchive.ap.org/ DATASOURCE: JDSU CONTACT: investors,
Jacquie Ross, +1-408-546-4445, or , or press, Kathleen Greene,
+1-408-546-5852, or , both of JDSU Web site: http://www.jdsu.com/
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