- GAAP Revenue of $412.8 million; Non-GAAP Revenue of $413.1 million
- GAAP Gross margin of 42.4%; Non-GAAP Gross margin of 46.8%
- GAAP EPS of $(0.04); Non-GAAP EPS of $0.15
On a GAAP basis, net revenue for the second fiscal quarter of 2012 was $412.8 million and net loss was $(10.2) million, or $(0.04) per share. This compares to net revenue of $420.8 million and net loss of $(5.8) million, or $(0.03) per share for the prior quarter, and net revenue of $473.5 million and net income of $23.6 million, or $0.10 per share for the second fiscal quarter of 2011.
On a non-GAAP basis, net revenue for the second fiscal quarter of 2012 was $413.1 million and net income was $35.8 million or $0.15 per share. This compares to non-GAAP net revenue of $421.1 million and net income of $40.9 million, or $0.18 per share for the prior quarter, and non-GAAP net revenue of $477.2 million and net income of $67.0 million or $0.29 per share for the second fiscal quarter of 2011.
“Our fiscal second quarter financial results surpassed our expectations. The outstanding efforts of our team and our manufacturing partner in Thailand coupled with our continued focus on expense control resulted in revenue and operating income that exceeded our guidance. Our balance sheet remains strong and we generated over $45 million of cash from operations during the quarter,” said Tom Waechter, JDSU’s President and Chief Executive Officer. “Looking ahead, we are pleased with the improving demand for our products, as evidenced by a book to bill of greater than one in each of our business segments, although we expect macro-economic conditions to cause margin pressure in the near-term.”
Financial Overview – Second Fiscal Quarter Ended December 31, 2011
All numbers in this section are non-GAAP unless stated otherwise.
- Net revenue of $413.1 million decreased 1.9% compared to the prior quarter and decreased 13.4% compared to the second quarter of fiscal 2011.
- Gross margin was 46.8% compared to 47.3% in the prior quarter and 48.8% in the second quarter of fiscal 2011.
- Operating margin was 9.6% compared to 10.9% in the prior quarter and 15.3% in the second quarter of fiscal 2011.
- Communications Test and Measurement revenue of $196.2 million increased by 5.9% compared to the prior quarter and decreased 15.2% compared to the second quarter of fiscal 2011. Revenue from this segment represented 47.5% of total net revenue.
- Communications and Commercial Optical Products revenue of $163.2 million decreased 9.5% compared to the prior quarter and decreased 14.6% compared to the second quarter of fiscal 2011. Revenue from this segment represented 39.5% of total net revenue.
- Optical Communications revenue of $138.1 million decreased 8.0% compared to the prior quarter and decreased 18.0% compared to the second quarter of fiscal 2011.
- Commercial Lasers revenue of $25.1 million decreased 16.9% compared to the prior quarter and increased 10.6% compared to the second quarter of fiscal 2011.
- Advanced Optical Technologies revenue of $53.7 million decreased 3.4% compared to the prior quarter and decreased 1.8% compared to the second quarter of fiscal 2011. Revenue from this segment represented 13.0% of total net revenue.
- Americas’ customers represented 51% of total net revenue for the quarter. EMEA and Asia-Pacific customers represented 24% and 25%, respectively, of total net revenue.
- The Company held $755.6 million in total cash and investments and generated $45.7 million of cash from operations for the quarter ended December 31, 2011.
For the third quarter of fiscal 2012, ending March 31, 2012, the Company expects non-GAAP net revenue to be in the range of $410 to $425 million.
About JDSU
JDSU (NASDAQ: JDSU; and TSX: JDU) innovates and markets diverse technologies that enhance the way people experience the world every day. We enable fast, high-quality communications, secure financial transactions, reliable consumer electronics, green energy, differentiated brands, and a host of other solutions. We provide these solutions through three business segments: Communications Test and Measurement, Communications and Commercial Optical Products, and Advanced Optical Technologies. More information is available at www.jdsu.com.
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