Fiscal 2007 Revenue Grows 16% MILPITAS, Calif., Aug. 22
/PRNewswire-FirstCall/ -- JDSU today reported results for its
fourth quarter and year ended June 30, 2007. Net revenue for the
fourth quarter was $350.7 million and the net loss was $17.9
million, or $(0.08) per share. This compares to net revenue of
$361.7 million and a net loss of $14.2 million or $(0.07) per share
in the third quarter of 2007. For fiscal year 2007, net revenue of
$1,396.8 million grew 16% from $1,204.3 million in fiscal 2006. The
net loss for the year of $26.3 million, or $(0.12) per share,
improved from a net loss of $151.2 million, or $(0.73) per share,
in fiscal year 2006. On a non-GAAP basis, net revenue for the
fourth quarter was $350.8 million and the net income was $15.0
million, or $0.07 per share. This compares to non-GAAP net revenue
of $361.8 million and net income of $12.3 million, or $0.06 per
share in the third quarter. For the fiscal year 2007, non-GAAP net
revenue was $1,397.2 million, a 16% increase from the prior year's
$1,208.3 million. Non-GAAP net income for the year was $64.1
million, or $0.29 per share, which compares to a non-GAAP loss of
$23.8 million, or $(0.12) per share for the prior year. On an
adjusted EBITDA basis (adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization) the Company reported $11.7 million
for the fourth quarter, which compares to $17.7 million for the
prior quarter. For the total year, adjusted EBITDA was $72.9
million which compares to $17.2 million for fiscal 2006. "In 2007,
JDSU achieved 16% growth in revenue with contributions from all of
our reported businesses. For the first time in more than five
years, JDSU was non-GAAP EPS positive for all four quarters of the
year. Further, free cash flow was more than $25 million for the
fourth quarter," said Kevin Kennedy, JDSU's Chief Executive
Officer. "Moving into 2008 we will continue to focus on execution
across the company, gross margins, and advancing our business
model." Financial Overview -- Fiscal 2007 Fourth Quarter Ended June
30, 2007 -- On an annual basis, the revenue in each operating
business segment grew year-over-year. The annual growth in optical
communications was 9%, communications test and measurement grew
25%, advanced optical technologies grew 4% and commercial lasers
and other grew 19% over the prior fiscal year. -- Fourth-quarter
optical communications non-GAAP net revenue of $112.7 million
declined 12% from the previous quarter's non-GAAP net revenue of
$128.7 million. Revenue from this segment represented 32% of total
non-GAAP net revenue. Revenue for the quarter was impacted by lower
demand as a result of customer initiatives, which included product
platform transitions, changes in supply chain, lean manufacturing,
and demand pauses related to consolidation activity. Revenue from
Picolight, acquired during the quarter is included in this segment
total. -- Communications Test and Measurement non-GAAP revenue of
$171.3 million was up 5% from the third quarter level of $162.9
million, and represented 49% of total non-GAAP net revenue. Revenue
from Innocor, acquired during the quarter, is included in this
segment total. -- Net revenue from the Advanced Optical
Technologies segment was $44.7 million, or 13% of total non-GAAP
net revenue. Third-quarter revenue from AOT was $45.6 million. --
Our Commercial Lasers business reported non-GAAP revenue of $22.1
million, down 10% from the previous quarter. This business
represented 6% of total 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 $1,142.7
million in cash, cash equivalents, short-term investments and
restricted cash at the end of the fourth quarter. The Company was
free cash flow positive for the second consecutive quarter,
generating more than $25 million in free cash flow in the quarter.
Business Outlook For the first quarter of fiscal 2008, ending
September 29, 2007, the Company expects non-GAAP net revenue to be
in the range of $345 to $360 million. Conference Call The Company
will discuss these results and other related matters at 2:00 p.m.
Pacific Time on August 22, 2007 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 (Nasdaq: JDSU; and TSX: JDU) enables broadband and
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. JDSU is also a leading provider of innovative
optical solutions for medial/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, and the discussions in our subsequent
conference call will contain, 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 future financial
performance, including future revenue, gross margin, operating
expense, operating margin, EBITDA, cash flow and other financial
metrics; 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. In particular, the Company's ability to predict future
financial performance continues to be difficult due to, among other
things: (a) continuing general limited visibility across many of
our product lines; (b) the ongoing potential for significant
quarter-over-quarter product mix fluctuations, which can materially
impact profitability measures due to the broad gross margin range
across our portfolio; (c) continuing consolidation activities
affecting our customer base, which, in the shorter term limits
demand visibility, and, in the longer term, could reduce our
business potential; (d) average selling prices continue to decline
across our traditional Optical Communications and our Advanced
Optical Technologies and Commercial Lasers businesses; (e) we and
many of our Optical Communications suppliers continue to experience
execution and delivery challenges which limit our revenue and
impair our profitability; (f) our Communications Test and
Measurement business is notable for seasonality and a significant
level of in- quarter book-and-ship business, further limiting our
forecasting abilities; (g) we are currently engaged in various
product and manufacturing transfers, site consolidations and
product discontinuances, which has caused and may continue to cause
execution disruptions, customer satisfaction issues and quality and
delivery problems; and (h) Optical Communications customer supply
chain and inventory rationalization initiatives are further
limiting our demand visibility. 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, 2007 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: Michelle
Levine, 408-546-4421 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, July 1, June 30, July 1, 2007 2006
2007 2006 Net revenue $350.7 $318.2 $1,396.8 $1,204.3 Cost of sales
228.3 212.6 884.6 827.4 Amortization of acquired developed
technologies 10.5 9.9 40.2 36.4 Gross profit 111.9 95.7 472.0 340.5
Operating expenses: Research and development 42.2 39.8 168.4 155.5
Selling, general and administrative 95.3 83.4 368.4 325.3
Amortization of other intangibles 6.9 6.7 26.8 24.4 Acquired
in-process research and development 5.1 0.3 5.1 20.3 Reduction of
goodwill - 22.4 - 22.4 Reduction of intangibles and loss on
long-lived assets 0.9 1.2 7.8 5.6 Restructuring charges 4.1 6.5
14.7 35.0 Total operating expenses 154.5 160.3 591.2 588.5 Loss
from operations (42.6) (64.6) (119.2) (248.0) Interest and other
income 21.5 10.6 73.0 27.0 Interest expense (2.0) (1.5) (7.1) (3.8)
Gain on sale of investments 0.6 0.4 29.0 73.2 Loss before income
taxes (22.5) (55.1) (24.3) (151.6) Provision (benefit) for income
taxes (4.6) (9.3) 2.0 (0.4) Net loss $(17.9) $(45.8) $(26.3)
$(151.2) Net loss per share Basic $(0.08) $(0.22) $(0.12) $(0.73)
Diluted $(0.08) $(0.22) $(0.12) $(0.73) Shares used in per share
calculation Basic 213.7 210.6 211.7 206.2 Diluted 213.7 210.6 211.7
206.2 JDS UNIPHASE CORPORATION CONDENSED CONSOLIDATED BALANCE
SHEETS (in millions, unaudited) June 30, July 1, 2007 2006 ASSETS
Current assets: Cash and cash equivalents $362.9 $364.9 Short-term
investments 769.9 857.3 Restricted cash 9.9 16.4 Accounts
receivable, net 264.2 232.3 Inventories, net 204.3 202.2 Refundable
income taxes 4.7 23.9 Other current assets 44.8 108.0 Total current
assets 1,660.7 1,805.0 Property, plant and equipment, net 210.5
201.2 Deferred income taxes 11.0 2.3 Goodwill 710.0 656.7 Other
intangibles, net 411.5 362.0 Long-term investments 3.1 10.8 Other
non-current assets 22.5 27.1 Total assets $3,029.3 $3,065.1
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $111.5 $126.6 Accrued payroll and related expenses 62.0
60.6 Income taxes payable 42.3 81.2 Deferred income taxes 2.6 -
Restructuring accrual 6.9 19.8 Warranty accrual 10.3 11.5 Other
current liabilities 112.3 122.7 Total current liabilities 347.9
422.4 Long-term debt 808.0 900.0 Other non-current liabilities
137.9 159.1 Stockholders' equity 1,735.5 1,583.6 Total liabilities
and stockholders' equity $3,029.3 $3,065.1 JDS UNIPHASE CORPORATION
REPORTABLE SEGMENT INFORMATION (in millions, unaudited) Three
Months Ended Twelve Months Ended June 30, July 1, June 30, July 1,
2007 2006 2007 2006 Net revenue: Optical Communications $112.7
$133.0 $512.1 $470.5 Communications Test & Measurement 171.3
126.3 619.2 494.5 Advanced Optical Technologies 44.7 36.7 170.0
162.8 All Other, Commerical Lasers 22.1 22.6 95.9 80.5 Deferred
revenue related to purchase accounting adjustment (0.1) (0.4) (0.4)
(4.0) Net revenue $350.7 $318.2 $1,396.8 $1,204.3 Operating income
(loss): Optical Communications $(9.2) $(1.9) $(8.4) $(26.6)
Communications Test and Measurement 26.2 9.3 90.9 70.7 Advanced
Optical Technologies 13.1 8.8 52.6 36.2 All Other, Commerical
Lasers (0.2) 0.7 4.2 (0.0) Corporate (34.2) (27.6) (127.8) (120.5)
Total segment operating income (loss) (4.3) (10.7) 11.5 (40.2)
Unallocated amounts: Stock based compensation (6.9) (4.3) (29.7)
(15.0) Acquisition-related charges and amortization of intangibles
(30.2) (17.6) (80.7) (124.0) Reduction of other long-lived assets
(0.9) (23.6) (7.8) (28.0) Restructuring charges (4.1) (6.5) (14.7)
(35.0) Other realignment charges 3.8 (1.9) 2.2 (5.8) Interest and
other income 21.5 10.6 73.0 27.0 Interest expense (2.0) (1.5) (7.1)
(3.8) Gain on sale of investments 0.6 0.4 29.0 73.2 Loss before
income taxes $(22.5) $(55.1) $(24.3) $(151.6) Use of Non-GAAP
(Adjusted) Financial Measures The Company provides non-GAAP
revenue, non-GAAP net income (loss), non- GAAP net income (loss)
per share, EBITDA and adjusted 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 net income (loss),
non-GAAP net income (loss) per share, EBITDA and adjusted 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. 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 income (loss), non-GAAP
net income (loss) per share, EBITDA and adjusted 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. The Company
excludes these items, for the purposes of calculating non-GAAP net
income (loss), non-GAAP net income (loss) per share, EBITDA and
adjusted 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 income (loss), non-GAAP net income (loss)
per share, EBITDA and adjusted 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 cost of goods sold and
operating expense, related to the various acquisitions it has made.
Management excludes these items, for the purposes of calculating
non- GAAP net income (loss), non-GAAP net income (loss) per share,
EBITDA and adjusted 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 cost of goods sold and 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 net income (loss), non-GAAP net income (loss) per share,
EBITDA and adjusted 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 adjusted EBITDA
excludes items as a result of interest, taxes, depreciation and
amortization. Management believes adjusted 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 net income
(loss), non-GAAP net income (loss) per share, EBITDA and adjusted
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 net income (loss) is net income
(loss). The GAAP measure most directly comparable to non-GAAP net
income (loss) per share is net income (loss) per share. The GAAP
measure most directly comparable to adjusted EBITDA is income
(loss) from operations. The Company believes that these GAAP
measures alone are not indicative of its core operating expenses
and performance. The following tables reconcile the non-GAAP
revenue, net income (loss), net income (loss) per share and
adjusted EBITDA financial measures to GAAP: JDS UNIPHASE
CORPORATION NON-GAAP INFORMATION AND RECONCILIATION TO COMPARABLE
GAAP FINANCIAL MEASURES (in millions, except per share data)
(unaudited) Three Months Ended June 30, July 1, 2007 2006 Net
income Basic Net income Basic (loss) EPS (loss) EPS GAAP measures
$(17.9) $(0.08) $(45.8) $(0.22) Items reconciling GAAP net income
(loss) & EPS to Non-GAAP net income (loss) & EPS: Related
to net revenues: Deferral of revenues related to acquisition
activities 0.1 - 0.4 - Related to cost of sales:
Acquisition-related expenses 7.6 0.04 1.1 0.01 Stock-based
compensation expenses 1.0 - 1.0 - Amortization of acquired
developed technologies 10.5 0.05 9.9 0.05 Total related to gross
profit 19.2 0.09 12.4 0.06 Related to operating expenses: Research
and development: Stock-based compensation expenses 1.7 0.01 1.0 -
Other non-recurring charges - - 0.6 0.01 Selling, general and
administrative: Stock-based compensation expenses 4.2 0.02 2.3 0.01
Other non-recurring charges (3.8) (0.02) 0.5 - Amortization of
intangibles 6.9 0.03 6.7 0.03 Acquired in-process research and
development 5.1 0.02 0.3 - Reduction of goodwill - - 22.4 0.11
Reduction of intangibles & other long-lived assets 0.9 - 1.2
0.01 Restructuring charges 4.1 0.02 6.5 0.03 Total related to
operating expenses 19.1 0.08 41.5 0.20 Interest and other income
(4.8) (0.02) 0.5 - (Gain) loss on sale of investments (0.6) - (0.4)
- Income tax expenses - - (10.3) (0.05) Total related to net income
(loss) & EPS 32.9 0.15 43.7 0.21 Non-GAAP measures $15.0 $0.07
$(2.1) $(0.01) Twelve Months Ended June 30, July 1, 2007 2006 Net
income Basic Net income Basic (loss) EPS (loss) EPS GAAP measures
$(26.3) $(0.12) $(151.2) $(0.73) Items reconciling GAAP net income
(loss) & EPS to Non-GAAP net income (loss) & EPS: Related
to net revenues: Deferral of revenues related to acquisition
activities 0.4 - 4.0 0.02 Related to cost of sales:
Acquisition-related expenses 9.8 0.04 38.6 0.18 Stock-based
compensation expenses 4.1 0.02 3.3 0.01 Amortization of acquired
developed technologies 40.2 0.19 36.4 0.17 Total related to gross
profit 54.5 0.25 82.3 0.38 Related to operating expenses: Research
and development: Stock-based compensation expenses 7.4 0.03 3.7
0.02 Other non-recurring charges 0.5 - 1.9 0.01 Selling, general
and administrative: Stock-based compensation expenses 18.2 0.09 7.9
0.04 Other non-recurring charges (4.3) (0.02) 4.3 0.02 Amortization
of intangibles 26.8 0.13 24.4 0.11 Acquired in-process research and
development 5.1 0.02 20.3 0.10 Reduction of goodwill - - 22.4 0.11
Reduction of intangibles & other long-lived assets 7.8 0.04 5.6
0.03 Restructuring charges 14.7 0.07 35.0 0.17 Total related to
operating expenses 76.2 0.36 125.5 0.61 Interest and other income
(11.3) (0.05) 2.1 0.01 (Gain) loss on sale of investments (29.0)
(0.14) (73.2) (0.35) Income tax expenses - - (9.3) (0.04) Total
related to net income (loss) & EPS 90.4 0.42 127.4 0.61
Non-GAAP measures $64.1 $0.30 $(23.8) $(0.12) JDS UNIPHASE
CORPORATION NON-GAAP INFORMATION AND RECONCILIATION TO COMPARABLE
GAAP FINANCIAL MEASURES (in millions, except per share data)
(unaudited) Three Months Ended Twelve Months Ended June 30, July 1,
June 30, July 1, 2007 2006 2007 2006 GAAP net revenue $350.7 $318.2
$1,396.8 $1,204.3 Deferral of revenues related to acquisition
activities 0.1 0.4 0.4 4.0 Non-GAAP net revenue $350.8 $318.6
$1,397.2 $1,208.3 JDS UNIPHASE CORPORATION RECONCILIATION OF GAAP
NET LOSS TO EBITDA (in millions) Three Months Ended Twelve Months
Ended June 30, July 1, June 30, July 1, 2007 2006 2007 2006 GAAP
net loss $(17.9) $(45.8) $(26.3) $(151.2) Interest and other income
(21.5) (10.6) (73.0) (27.0) Interest expense 2.0 1.5 7.1 3.8 Gain
on sale of investments (0.6) (0.4) (29.0) (73.2) Provision
(benefit) for income taxes (4.6) (9.3) 2.0 (0.4) Depreciation 16.0
16.2 61.4 57.4 Amortization 17.4 16.6 67.0 60.8 EBITDA (9.2) (31.8)
9.2 (129.8) Costs related to restructuring events 4.1 6.5 14.7 35.0
Costs related to stock based compensation expense 6.9 4.3 29.7 14.9
Costs related to acquisition activities 7.7 1.5 10.2 42.6 Costs
related to other non- recurring activities (3.8) 1.1 (3.8) 6.2
Reduction in intangibles and other long lived assets 0.9 1.2 7.8
5.6 Reduction of goodwill - 22.4 - 22.4 Acquired in-process
research and development 5.1 0.3 5.1 20.3 Adjusted EBITDA $11.7
$5.5 $72.9 $17.2
http://www.newscom.com/cgi-bin/prnh/20050913/SFTU125LOGO
http://photoarchive.ap.org/ DATASOURCE: JDSU CONTACT: Investors,
Michelle Levine, +1-408-546-4421, , or Media, Kathleen Greene,
+1-408-546-5852, , both of JDSU Web site: http://www.jdsu.com/
Copyright