JDS Uniphase Canada Ltd JDUCF

Merrill Lynch analyst Tom Astle

[nambu]

Just a question for the longs: if Merrill Lynch puts a new break even revenue target guestimate at around June 2004, pro-forma losses aside, and given the frightening cash burn rate - can JDU last long enough to even get to that great date? I have trouble seeing how this is hopeful news, let alone possible if there is no revenue to support JDU in operations and inevitable acquisitions we have seen necessary to sustain itself. Does this mean the only way to get to just break-even rate is to continue cutting? A few thousand job cuts more still does not add up unless sales increase exponentially - so what are your guesses on a date for break-even? It's too easy to guess next week's new low, let's try for real soothsaying here (no cheating and hoping for white knight buyouts or bankruptcy restructure prior to say June 2004 How long are the longs?