DOW JONES NEWSWIRES
JDS Uniphase Corp.'s (JDSU) fiscal fourth-quarter loss - its sixth in a row - widened on lower sales, and the company predicted fiscal first-quarter revenue in line with analysts' estimate.
Chief Executive Tom Waechter said the fiber-optic equipment maker is beginning its new fiscal year "with a stronger balance sheet, an improved business model and a stronger product portfolio, well positioned for growth when the economy rebounds."
JDS, like other makers of broadband products, has been hurt as telecom operators slow purchases and pull back on information-technology spending. The company is particularly reliant on a handful of clients, including AT&T Inc. (T) and Verizon Communications Inc. (VZ). Last month, JDS Uniphase completed its $40.6 million acquisition of Finisar Corp.'s (FNSR) network tools business.
For the quarter ended June 27, JDS Uniphase reported a loss of $59.5 million, or 28 cents a share, compared with a year-earlier loss of $29.8 million, or 13 cents a share.
The latest results included $18.5 million in restructuring charges. Excluding items, the loss was 1 cent a share compared with earnings of 7 cents a year earlier.
Analysts' estimates were for a loss of 2 cents, according to a poll by Thomson Reuters.
Revenue dropped 29% to $276.1 million. In April, JDS Uniphase predicted revenue of $265 million to $285 million, below analysts' estimate at that time.
Gross margin rose to 37.2% from 36%.
Communications test and measurement profit and revenue decreased 41% and 21%, respectively.
The optical communications segment, which is involved in telecom and cable television, swung to an operating loss and revenue dropped 46%.
The smaller advanced optical technologies group, which makes decorative light products, thin film coatings and document authentication products, saw profit grow 10% while revenue slid 4%.
JDS Uniphase expects fiscal first-quarter revenue of $283 million to $300 million. Analysts expect $287.2 million.
JDS Uniphase shares were at $5.77, down 0.4%, in after-hours trading. The stock has almost tripled in value from a 14-year low in November but is still down by 50% from a year ago.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com