http://media.marketwire.com/attachments/201210/51867_JDSU.jpghttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=1012866&ProfileId=051205&sourceType=1MILPITAS, CA -- (Marketwired) -- 05/01/13 -- JDSU (NASDAQ: JDSU) (TSX: JDU)
- GAAP and Non-GAAP Revenue of $405.3 million
- GAAP Gross margin of 38.3%; Non-GAAP Gross margin of 45.9%
- GAAP EPS of $(0.12); Non-GAAP EPS of $0.10
JDSU (NASDAQ: JDSU) (TSX: JDU) today reported results for its third fiscal quarter ended March 30, 2013.
GAAP net revenue was $405.3 million, with net loss of $(28.0) million, or $(0.12) per share. Prior quarter net revenue was $429.4 million, with net income of $4.1 million, or $0.02 per share. Net revenue for fiscal 2012 third quarter was $403.3 million, with net loss of $(17.4) million, or $(0.08) per share.
Non-GAAP net revenue was $405.3 million with net income of $24.1 million, or $0.10 per share. Prior quarter non-GAAP net revenue was $429.4 million, with net income of $42.3 million, or $0.18 per share. Non-GAAP net revenue for fiscal 2012 third quarter was $403.3 million, with net income of $24.6 million, or $0.10 per share.
"The March quarter experienced delayed carrier capex budget releases resulting in lower revenue than expected in our Communications Test and Measurement and Optical Communications businesses," said Tom Waechter, President and CEO of JDSU. "Despite the revenue challenges, the JDSU team delivered solid results in most areas of the business. Our innovation engine and product portfolio align well with our customers' strategic priorities, enabled by healthy cash generation and our strong balance sheet."
Financial Overview - Third Fiscal Quarter Ended March 30, 2013
GAAP Results
-------------------------------------------------
Q3 Q2 Q3 Percentage Change
FY 2013 FY 2013 FY 2012 Q-T-Q Y-T-Y
-------- -------- -------- -------- --------
Revenue $ 405.3 $ 429.4 $ 403.3 (5.6)% 0.5%
Gross margin 38.3% 44.0% 41.6% (5.7) (3.3)
Operating margin (5.3)% 3.5% (1.6)% (8.8) (3.7)
Non-GAAP Results
-------------------------------------------------
Q3 Q2 Q3 Percentage Change
FY 2013 FY 2013 FY 2012 Q-T-Q Y-T-Y
-------- -------- -------- -------- --------
Revenue $ 405.3 $ 429.4 $ 403.3 (5.6)% 0.5%
Adj. Gross margin 45.9% 48.0% 45.6% (2.1) 0.3
Adj. Operating margin 6.8% 11.4% 7.2% (4.6) (0.4)
Non-GAAP Results by Segment
-----------------------------------------------
Percentage
Q3 % of Q2 Q3 Change
FY 2013 Revenue FY 2013 FY 2012 Q-T-Q Y-T-Y
------- ------- ------- ------- ------ -----
Communications Test and
Measurement $ 174.2 43% $ 195.4 $ 177.8 (10.8)% (2.0)%
Communications and
Commercial Optical
Products:
Optical Communications 152.9 155.6 143.2 (1.7) 6.8
Lasers 26.3 30.2 29.9 (12.9) (12.0)
------- ------- -------
Communications and
Commercial Optical
Products 179.2 44 185.8 173.1 (3.6) 3.5
Optical Security and
Performance Products 51.9 13 48.2 52.4 7.7 (1.0)
------- ------- ------- ------- ------ -----
Total $ 405.3 100% $ 429.4 $ 403.3 (5.6)% 0.5%
------- ------- ------- ------- ------ -----
- Americas, EMEA and Asia-Pacific customers represented 47.9%, 23.5% and 28.6%, respectively, of total net revenue for the quarter.
- The Company held $638.8 million in total cash and investments and generated $28.2 million of cash from operations for the quarter ended March 30, 2013.
- The Company has adjusted its current and historical Consolidated Statements of Operations and segment financials to reflect the October 2012 sale of its holographic security business. This business' adjusted results are reflected as discontinued operations for the periods reported.
- The Company's results for its third fiscal quarter ended March 30, 2013 include the following related to its March 2013 acquisition of Arieso, Ltd.: revenue of $0.4 million, gross loss of $0.2 million and operating expenses of $1.4 million.
- During the third fiscal quarter ended March 30, 2013, the Company approved a strategic plan to exit its low-speed wireline product line, incurring a $2.2 million charge for accelerated amortization of related intangibles ($1.8 million is included in amortization of acquired technologies and $0.4 million is included in amortization of other intangibles). In addition to the accelerated amortization charge, the Company incurred $11.3 million of inventory related charges included in cost of sales primarily related to the write-off of inventory no longer being sold due to the low-speed wireline product line exit. Both of these charges are excluded from the Company's non-GAAP operating results.
Business Outlook
For the fourth quarter of fiscal 2013, ending June 29, 2013, the Company expects non-GAAP net revenue to be $420 to $440 million.
Conference Call
The Company will discuss these results and other related matters at 2:00 p.m. Pacific Time on May 1, 2013 in a live webcast, which will also be archived for replay on the Company's website at www.jdsu.com/investors. The Company will post supporting slides outlining the Company's latest financial results concurrently with this earnings press release. They will be posted on www.jdsu.com/investors under the "Financial Information" section. 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 www.sec.gov.
About JDSU
JDSU innovates and collaborates with customers to build and operate the highest-performing and highest-value networks in the world. Our diverse technology portfolio also fights counterfeiting and enables high-powered commercial lasers for a range of applications. Learn more about JDSU at www.jdsu.com and follow us on JDSU Perspectives, Twitter, Facebook and YouTube.
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, cash flow and other financial metrics, and the impact and duration of certain market conditions; 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, as well as the migration to vendor managed inventory programs; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin range across our portfolio; (c) consolidation of our customer base, which, in the shorter term limits demand visibility, and in the longer term, could reduce our business potential; (d) continued decline of average selling prices across our businesses; (e) notable seasonality and a significant level of in-quarter book-and-ship business, particularly in Communications Test and Measurement business; (f) various product and manufacturing transfers, site consolidations and product discontinuances in which we are currently engaged, that have caused and may cause short term disruptions; (g) the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; and (h) inherent uncertainty related to global markets and the effect of such markets on demand for our products.
For more information on these and other risks affecting the Company's business, please refer to the "Risk Factors" section included in Part I, Item 1A of our Current Report on Form 8-K dated December 14, 2012 filed with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no obligation to update such statements.
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
-SELECTED FINANCIAL DATA -
JDS UNIPHASE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
-------------------- --------------------
March 30, March 31, March 30, March 31,
2013 2012 2013 2012
--------- --------- --------- ---------
Net revenue $ 405.3 $ 403.3 $ 1,255.6 $ 1,228.4
Cost of sales 233.0 221.4 690.0 660.7
Amortization of acquired
technologies 17.0 14.1 48.7 43.8
--------- --------- --------- ---------
Gross profit 155.3 167.8 516.9 523.9
--------- --------- --------- ---------
Operating expenses:
Research and development 65.8 62.0 190.9 180.2
Selling, general and
administrative 107.3 104.5 317.4 320.1
Amortization of other
intangibles 3.1 5.7 8.8 16.2
Restructuring and related
charges 0.4 2.0 6.1 7.5
--------- --------- --------- ---------
Total operating expenses 176.6 174.2 523.2 524.0
--------- --------- --------- ---------
Loss from continuing operations (21.3) (6.4) (6.3) (0.1)
Interest and other income
(expense), net (0.9) 0.2 (3.7) 2.2
Interest expense (4.2) (6.9) (15.4) (20.1)
--------- --------- --------- ---------
Loss from continuing operations
before income taxes (26.4) (13.1) (25.4) (18.0)
Provision for income taxes 1.6 3.1 9.1 9.5
--------- --------- --------- ---------
Loss from continuing operations,
net of tax (28.0) (16.2) (34.5) (27.5)
Loss from discontinued
operations, net of tax - (1.2) (1.0) (5.9)
--------- --------- --------- ---------
Net loss $ (28.0) $ (17.4) $ (35.5) $ (33.4)
========= ========= ========= =========
Basic and diluted net loss per
share from:
Continuing operations $ (0.12) $ (0.07) $ (0.15) $ (0.12)
Discontinued operations - (0.01) - (0.03)
--------- --------- --------- ---------
Net loss $ (0.12) $ (0.08) $ (0.15) $ (0.15)
========= ========= ========= =========
Shares used in per share
calculation:
Basic 235.9 230.6 234.4 229.5
Diluted 235.9 230.6 234.4 229.5
JDS UNIPHASE CORPORATION
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
March 30, June 30,
2013 2012
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 257.7 $ 401.1
Short-term investments 350.4 320.5
Restricted cash 30.7 31.1
Accounts receivable, net 295.2 305.8
Inventories, net 153.6 174.5
Prepayments and other current assets 83.4 77.2
------------- -------------
Total current assets 1,171.0 1,310.2
------------- -------------
Property, plant and equipment, net 249.1 252.9
Goodwill 114.8 68.7
Intangible assets, net 168.0 178.8
Other non-current assets 59.2 58.9
------------- -------------
Total assets $ 1,762.1 $ 1,869.5
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 122.1 $ 117.6
Accrued payroll and related expenses 59.0 68.6
Income taxes payable 20.3 20.7
Deferred revenue 69.6 81.2
Accrued expenses 38.4 35.3
Short-term debt 159.6 292.8
Other current liabilities 32.2 37.9
------------- -------------
Total current liabilities 501.2 654.1
------------- -------------
Other non-current liabilities 205.8 176.6
Total stockholders' equity 1,055.1 1,038.8
------------- -------------
Total liabilities and stockholders' equity $ 1,762.1 $ 1,869.5
------------- -------------
JDS UNIPHASE CORPORATION
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
Three Months Ended Nine Months Ended
-------------------- --------------------
March 30, March 31, March 30, March 31,
2013 2012 2013 2012
--------- --------- --------- ---------
Net revenue:
Communications Test and
Measurement $ 174.2 $ 177.8 $ 539.1 $ 559.2
Communications and Commercial
Optical Products 179.2 173.1 559.9 516.6
Optical Security and
Performance Products 51.9 52.4 156.6 153.2
Deferred revenue related to
purchase accounting
adjustment - - - (0.6)
--------- --------- --------- ---------
Net revenue $ 405.3 $ 403.3 $ 1,255.6 $ 1,228.4
========= ========= ========= =========
Operating income (loss):
Communications Test and
Measurement $ 13.0 $ 20.1 $ 65.1 $ 72.2
Communications and Commercial
Optical Products 19.2 14.1 64.2 56.3
Optical Security and
Performance Products 18.6 18.5 56.0 53.0
Corporate (23.2) (23.5) (70.0) (65.9)
--------- --------- --------- ---------
Total segment operating
income 27.6 29.2 115.3 115.6
Unallocated amounts:
Stock-based compensation (15.3) (13.3) (41.5) (37.1)
Acquisition-related charges
and amortization of
intangibles (20.1) (19.8) (58.8) (60.6)
Loss on disposal of long-
lived assets (0.2) (0.2) (1.6) (0.9)
Restructuring and related
charges (0.4) (2.0) (6.1) (7.5)
Other non-recurring charges (12.9) (0.3) (13.6) (9.6)
Interest and other income
(expense), net (0.9) 0.2 (3.7) 2.2
Interest expense (4.2) (6.9) (15.4) (20.1)
--------- --------- --------- ---------
Loss from continuing
operations before income
taxes $ (26.4) $ (13.1) $ (25.4) $ (18.0)
--------- --------- --------- ---------
Use of Non-GAAP (Adjusted) Financial Measures
The Company provides non-GAAP net 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 uses the measures disclosed in this release to evaluate 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, which the Company believes represents its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to amortization of acquisition-related intangibles, stock-based compensation, restructuring and certain investing expenses and non-cash activities that management believes are not reflective of such ordinary, ongoing and customary course activities.
The Company believes providing this additional information to its investors 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 financial measures. The non-GAAP adjustments, and the basis for excluding them, are outlined below.
Revenue from acquisition-related deferred revenue: the Company excludes the fair value adjustment to acquisition-related deferred revenue when calculating non-GAAP revenue. The Company believes non-GAAP revenue provides useful information for investors, enabling them to review for underlying trends in the business and compare the Company's revenue performance to prior and future periods and to the Company's peers.
Sales, research and development and selling, general and administrative costs: the Company's GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, equipment and intangibles that have been identified for disposal but remained in use until the date of disposal, (ii) workforce related charges such as severance, retention bonuses and employee relocation costs related to formal restructuring plans, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) other non-recurring charges comprising mainly of one-time acquisition, integration, litigation and other costs and contingencies unrelated to current and future operations, and (vi) product-line exit costs such as the write-off of inventory no longer being sold. The Company excludes these items in calculating non-GAAP gross margin, non-GAAP operating income, non-GAAP net income (loss), non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA. The Company believes excluding these items enables investors to evaluate more clearly and consistently the Company's core operational performance.
Amortization of intangibles from acquisitions: the Company includes amortization expense related to intangibles from acquisitions in its GAAP presentation of cost of sales and operating expense. The Company excludes these significant non-cash items in calculating non-GAAP gross margin, non-GAAP operating income, non-GAAP net income (loss), non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA because it believes doing so provides investors a clearer and more consistent view of the Company's core operating performance in terms of cost of sales and operating expenses.
Other income (loss), net and non-cash interest expense: the Company incurred a loss in connection with repurchasing certain of its 1% Senior Convertible Notes which was recorded in interest and other (income), net in compliance with authoritative guidance. The Company also incurred non-cash interest expense accounted for under authoritative guidance on convertible debt instruments, which requires the Company to separately account for the liability (debt) and equity (conversion option) components of such instruments. The Company eliminates these items in calculating non-GAAP net income (loss), non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA, because it believes that in so doing, it can provide investors a clearer and more consistent view of the Company's core operating performance.
Gain or loss on sale of available for-sale investments: the Company has sold investments or adjusted the value of investments from time to time based on market conditions, and includes the impact of these activities in its 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 excludes these items in calculating non-GAAP net income (loss), non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA because it believes gains or losses on these sales and adjustments to the value of investments are not related to the Company's ongoing core business and operating performance.
Discontinued operations: the Company has adjusted its current and historical Consolidated Statements of Operations and segment financials to reflect the October 2012 sale of its holographic security business. This business' adjusted results are reflected as discontinued operations for the periods reported in the Company's GAAP consolidated statement of operations. The Company has excluded the results of discontinued operations in calculating non-GAAP net income (loss), non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA for all periods reported. The Company believes excluding these items enables investors to evaluate more clearly and consistently the Company's core operational performance.
Interest, taxes, depreciation, amortization and other adjustments: the Company's EBITDA calculation excludes interest, taxes, depreciation and amortization, and other items that are not part of its core operating performance described above. The Company's adjusted EBITDA excludes items in addition to the items excluded from the EBITDA calculation such as stock-based compensation and restructuring and related charges that are not part of its core operating performance described above. Management believes adjusted EBITDA is a good indicator of the Company's core operational cash flow.
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 Company believes these GAAP measures alone are not indicative of its core operating expenses and performance.
The following tables reconcile GAAP measures to non-GAAP measures:
JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in millions, except per share data)
(unaudited)
Three Months Ended
------------------------------------------
March 30, March 31,
2013 2012
-------------------- --------------------
Net Net
income Diluted income Diluted
(loss) EPS (loss) EPS
--------- --------- --------- ---------
GAAP measures $ (28.0) $ (0.12) $ (17.4) $ (0.08)
Items reconciling GAAP net
income (loss) & EPS to Non-
GAAP net income & EPS:
Related to net revenues:
Deferral of revenues related
to purchase accounting - - - -
Related to cost of sales:
Stock-based compensation
expenses 2.4 0.01 2.2 0.01
Other non-recurring charges
(1) 11.3 0.05 - -
Amortization of acquired
developed technologies (1) 17.0 0.07 14.1 0.06
--------- --------- --------- ---------
Total related to gross profit 30.7 0.13 16.3 0.07
--------- --------- --------- ---------
Related to operating expenses:
Research and development:
Stock-based compensation
expenses 3.7 0.02 3.1 0.01
Selling, general and
administrative:
Stock-based compensation
expenses 9.2 0.04 8.0 0.04
Other non-recurring
charges 1.6 0.01 0.3 -
Amortization of intangibles
(1) 3.1 0.01 5.7 0.02
Loss on disposal of long-
lived assets 0.2 - 0.2 -
Restructuring and related
charges 0.4 - 2.0 0.01
--------- --------- --------- ---------
Total related to operating
expenses 18.2 0.08 19.3 0.08
--------- --------- --------- ---------
Interest and other income
(expense), net 0.7 - 0.3 -
Non-cash interest expense 2.8 0.01 5.0 0.02
Gain on sale of investments (0.3) - (0.1) -
Discontinued operations - - 1.2 0.01
--------- --------- --------- ---------
Total related to net income &
EPS 52.1 0.22 42.0 0.18
--------- --------- --------- ---------
Non-GAAP measures $ 24.1 $ 0.10 $ 24.6 $ 0.10
========= ========= ========= =========
Shares used in per share
calculation for Non-GAAP EPS 240.5 235.2
Nine Months Ended
------------------------------------------
March 30, March 31,
2013 2012
-------------------- --------------------
Net Net
income Diluted income Diluted
(loss) EPS (loss) EPS
--------- --------- --------- ---------
GAAP measures $ (35.5) $ (0.15) $ (33.4) $ (0.15)
Items reconciling GAAP net
income (loss) & EPS to Non-
GAAP net income & EPS:
Related to net revenues:
Deferral of revenues related
to purchase accounting - - 0.6 -
Related to cost of sales:
Stock-based compensation
expenses 6.7 0.03 5.5 0.02
Other non-recurring charges
(1) 12.6 0.05 1.2 0.01
Amortization of acquired
developed technologies (1) 48.7 0.21 43.8 0.19
--------- --------- --------- ---------
Total related to gross profit 68.0 0.29 51.1 0.22
--------- --------- --------- ---------
Related to operating expenses:
Research and development:
Stock-based compensation
expenses 10.0 0.04 8.8 0.04
Selling, general and
administrative:
Stock-based compensation
expenses 24.8 0.10 22.8 0.11
Other non-recurring
charges 2.3 0.01 8.4 0.04
Amortization of intangibles
(1) 8.8 0.04 16.2 0.07
Loss on disposal of long-
lived assets 1.6 0.01 0.9 -
Restructuring and related
charges 6.1 0.03 7.5 0.03
--------- --------- --------- ---------
Total related to operating
expenses 53.6 0.23 64.6 0.29
--------- --------- --------- ---------
Interest and other income
(expense), net 4.1 0.02 0.3 -
Non-cash interest expense 10.6 0.04 14.9 0.06
Gain on sale of investments (0.4) - (1.3) (0.01)
Discontinued operations 1.0 - 5.9 0.03
--------- --------- --------- ---------
Total related to net income &
EPS 136.9 0.58 135.5 0.59
--------- --------- --------- ---------
Non-GAAP measures $ 101.4 $ 0.43 $ 102.1 $ 0.44
========= ========= ========= =========
Shares used in per share
calculation for Non-GAAP EPS 238.2 233.8
Note: Certain totals may not add due to rounding
(1) During the three months ended September 29, 2012, the Company approved a
plan to terminate the concentrated photovoltaic ("CPV") product line. As
a result, during the respective period, the Company incurred a $2.6
million charge for accelerated amortization of related intangibles which
is included in amortization of acquired technologies.
During the three months ended March 30, 2013, the Company approved a
strategic plan to exit its low-speed wireline product line, incurring a
$2.2 million charge for accelerated amortization of related intangibles
($1.8 million is included in amortization of acquired technologies and
$0.4 million is included in amortization of other intangibles). In
addition to the accelerated amortization charge, the Company incurred
$11.3 million of inventory related charges included in cost of sales
primarily related to the write-off of inventory no longer being sold due
to the low-speed wireline product line exit.
JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP NET REVENUE TO NON-GAAP NET REVENUE
(in millions, unaudited)
Three Months Ended Nine Months Ended
-------------------- --------------------
March 30, March 31, March 30, March 31,
2013 2012 2013 2012
--------- --------- --------- ---------
GAAP net revenue $ 405.3 $ 403.3 $ 1,255.6 $ 1,228.4
Deferral of revenues related
to purchase accounting
adjustment - - - 0.6
--------- --------- --------- ---------
Non-GAAP net revenue $ 405.3 $ 403.3 $ 1,255.6 $ 1,229.0
========= ========= ========= =========
JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA
(in millions, unaudited)
Three Months Ended Nine Months Ended
-------------------- --------------------
March 30, March 31, March 30, March 31,
2013 2012 2013 2012
--------- --------- --------- ---------
GAAP net loss from continuing
operations $ (28.0) $ (16.2) $ (34.5) $ (27.5)
Interest and other income
(expense), net 0.9 (0.2) 3.7 (2.2)
Interest expense 4.2 6.9 15.4 20.1
Provision for income taxes 1.6 3.1 9.1 9.5
Depreciation 17.0 17.6 50.8 51.8
Amortization 20.1 19.8 57.5 60.0
--------- --------- --------- ---------
EBITDA 15.8 31.0 102.0 111.7
--------- --------- --------- ---------
Costs related to restructuring
and related charges 0.4 2.0 6.1 7.5
Costs related to stock based
compensation expense 15.3 13.3 41.5 37.1
Purchase accounting adjustment - - 1.3 0.6
Costs related to other non-
recurring activities 12.9 0.3 13.6 9.6
Loss on disposal of long-lived
assets 0.2 0.2 1.6 0.9
--------- --------- --------- ---------
Adjusted EBITDA $ 44.6 $ 46.8 $ 166.1 $ 167.4
========= ========= ========= =========
Note: Certain totals may not add due to rounding
Contact Information
Investors:
Cherryl Valenzuela
408-546-4521
cherryl.valenzuela@jdsu.com
Press:
Jim Monroe
240-404-1922
jim.monroe@jdsu.com