Thursday, communications equipments maker JDS Uniphase Corp. (JDSU) reported a wider loss for the first quarter, reflecting a sharp decline in revenues. However, non-GAAP earnings per share fell from last year, but came in above analysts' expectations. The company provided revenue guidance for the second quarter. In the after hours, the company's shares added more than 6% to its trading session gains.
The Milpitas, California-based company reported a GAAP net loss of $31.9 million or $0.15 per share, wider than $21.3 million or $0.10 per share in the prior-year quarter.
Non-GAAP net income declined to $9.0 million or $0.04 per share from $23.9 million or $0.11 per share for the year-ago quarter. The adjustments include amortization of acquired developed technologies of $12.2 million or $0.06 per share and stock-based compensation expenses of $7.7 million or $0.04 per share.
Quarterly net revenue decreased to $297.8 million from $377.2 million for the year-ago period. On a non-GAAP basis, including revenues of $7.5 million from the acquisition of the storage network tools business, net revenue for the first quarter was $298.6 million, down 21% from $377.3 million for the same period last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share, on revenues of $291.76 million, for the quarter. Analysts' estimates typically exclude special items.
Non-GAAP gross margin improved to 44% from 43% a year-ago and non-GAAP operating margin was 3%, lower than 6% for the same period last year.
EBITDA declined sharply to $6.0 million from $19.7 million for the year-ago period and adjusted EBITDA was $25.6 million, down from $37.5 a year earlier.
For the sequentially preceding fourth quarter of fiscal year 2009, the company reported a wider GAAP net loss of $59.5 million or $0.28 per share, compared to $29.8 million or $0.13 per share for the year-ago. Non-GAAP net loss for the fourth quarter was $2.3 million or $0.01 per share, compared to non-GAAP net income of $15.5 million or $0.07 per share in the prior year quarter.
GAAP revenue for the fourth quarter fell 29% to $276.1 million from $390.3 million in the same quarter last year. Non-GAAP revenue for the quarter slipped to $277.0 million from $390.6 million a year ago.
For the quarter under review, total operating expenses came down to $144.6 million from $164.8 million for the same quarter last year, helped by a decline in selling, general and administrative expenses to $92.2 million from $110.6 million a year-ago.
On a segmental basis, the revenues for the company's major revenue segments were lower than a year-ago, while communications test and measurement segment revenues came down to $143.4 million from $161.8 million last year, and communications and commercial optical products revenues slipped significantly to $101.1 million from $162.o million.
However, revenues for the company's smallest segment, advanced optical technologies, rose moderately to $54.1 million from $53.5 million for the same period last year.
Amongst others in the industry, Santa Clara, California-based Agilent Technologies Inc. (A) is scheduled to report its fourth quarter performance on November 13. On average, eight analysts expect Agilent to report earnings per share of $0.24 on revenues of $1.11 billion for the fourth quarter.
Looking forward, JDS Uniphase issued guidance for the second quarter of fiscal 2010, expecting non-GAAP net revenue to be in the range of $320 to $345 million, while analysts expect revenues of $306.14 million.
Thursday, JDSU closed at $6.07, up $0.29 or 5.02%, on a volume of 4.79 million shares on Nasdaq. In after hours, after reporting better than expected results the stock gained further and was last traded at $6.48, up $0.41 or $6.75%.
In the past 52 weeks, the stock trended in a broad range of $2.01 - $8.38, with a three-month average volume of 3.68 million shares.
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