JDS Uniphase Corporation Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended December 28, 2013; Provides Earnings Guidance for the Third Quarter of Fiscal 2014 Ending March 29, 2014
January 31, 2014 at 02:35 am IST
Share
JDS Uniphase Corporation announced unaudited consolidated financial results for the second quarter and six months ended December 28, 2013. For the quarter, the company reported revenues of $447.6 million against $429.4 million a year ago. Income from operations was $19.8 million against $14.9 million a year ago. Income from continuing operations before taxes were $11.8 million against $7.4 million a year ago. Income from continuing operations, net of tax was $8.8 million or $0.04 per diluted share against $3.3 million or $0.02 per diluted share a year ago. Net income was $8.8 million or $0.04 per diluted share against $4.1 million or $0.02 per diluted share a year ago. Adjusted EBITDA was $67.0 million against $65.9 million a year ago. Non-GAAP net income was $45.3 million or $0.19 per diluted share against $42.3 million or $0.18 per diluted share a year ago. Excluding items, adjusted net income for the quarter was $45.3 million or $0.19 per share, compared to $42.3 million or $0.18 per share in the year-ago quarter. Both revenue and operating income exceeded its guidance for the quarter reflects a stronger-than-expected finish in NSE despite no budget flush, a solid performance by its optical security and performance products segment the results from CCOP just below the end of its guidance range. The company delivered positive operating cash flow for the quarter at $55.4 million against $29.5 million in first quarter, driven by higher sales and better margin performance. Capital expenditures for the quarter were $31.9 million, higher-than-expected, due to the $14.7 million purchase of its application facility in California, which protects its significant capital investments in this facility, reflects its long-term commitment to the site and provides operational flexibility and cost savings.
For the six months, the company reported revenues of $876.6 million against $850.3 million a year ago. Income from operations was $26.4 million against $15 million a year ago. Income from continuing operations before taxes was $12.6 million against $1 million a year ago. Income from continuing operations, net of tax was $9.1 million or $0.04 per diluted share against loss from continuing operations, net of tax of $6.5 million or $0.03 per diluted share a year ago. Net income was $4.1 million or $0.04 per diluted share against net loss of $7.5 million or $0.03 per diluted share a year ago. Adjusted EBITDA was $120.2 million against $121.5 million a year ago. Non-GAAP net income was $75.5 million or $0.32 per diluted share against $77.3 million or $0.33 per diluted share a year ago.
For the third quarter of fiscal 2014 ending March 29, 2014, the Company expects non-GAAP net revenue to be $420 to $440 million.
Viavi Solutions Inc. is a provider of network test, monitoring, and assurance solutions for communications service providers (CSPs), hyperscalers, network equipment manufacturers (NEMs), original equipment manufacturers (OEMs), government and avionics. Its segments include Network Enablement (NE), Service Enablement (SE) and Optical Security and Performance Products (OSP). The NE segment provides testing solutions that access the network to perform build-out and maintenance tasks. These solutions include instruments, software and services to design, build, activate, certify, troubleshoot, and optimize networks. SE segment provides embedded systems and enterprise performance management solutions. These solutions include instruments, microprobes, and software, which monitors, collects, and analyzes network data to reveal the actual customer experience. The OSP segment provides optical products for anti-counterfeiting, consumer and industrial, government, automotive and other markets.
JDS Uniphase Corporation Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended December 28, 2013; Provides Earnings Guidance for the Third Quarter of Fiscal 2014 Ending March 29, 2014