<font color=green> JDS Uniphase Announces First Quarter Results
Sales Increase 23% from Fourth Quarter
NEPEAN, Ontario and SAN JOSE, Calif., Oct. 26 /PRNewswire/ -- JDS Uniphase Corporation (Nasdaq: JDSU - news; Toronto: JDU - news) today reported sales for its first quarter ended September 30, 2000 of $786 million and pro forma net income of $177 million or $0.18 per diluted share.
Sales for the quarter were 23% above pro forma combined sales of $641 million for the quarter ended June 30, 2000 and 171% above pro forma combined sales of $290 million for the quarter ended September 30, 1999. Pro forma combined sales for the prior year periods include the separately reported results of E-TEK Dynamics, Inc., which was acquired on June 30, 2000, in a transaction accounted for as a purchase. Including merger-related charges, purchased intangibles amortization, payroll taxes on stock option exercises, and income related to investments accounted for under the equity method of accounting, the Company reported a loss of $1.0 billion or $1.07 per share for the quarter.
On a pro forma basis, excluding merger-related charges, purchased intangibles amortization, payroll taxes on stock option exercises, and income related to investments accounted for under the equity method of accounting, JDS Uniphase reported net income of $177 million or $0.18 per share for the quarter, an increase of 29% over the $137 million or $0.14 per share earned in the quarter ended June 30, 2000. Pro forma net income for the quarter ended June 30, 2000 includes the separately reported results of E-TEK Dynamics, Inc. The impact of the pro forma adjustments listed above is summarized in the Company's pro forma financial tables that follow in this release.
The following table summarizes the Company's pro forma results for the quarter:
Three months ended
(in millions, except per share amounts) September 30,
2000 1999
Net sales $786 $290
Gross profit $401 $147
Income from operations $255 $92
Income before income taxes $268 $98
Net income $177 $65
Net income per diluted share $0.18 $0.08
Diluted weighted average
shares outstanding 1,011 866
Pro forma results for the quarter ended September 30, 2000 exclude the $48.6 million effect on gross profit of the purchase accounting increase in the value of E-TEK inventory at June 30, 2000; $8.9 million of acquired in-process research and development charges; $1,153.5 million of purchased intangibles amortization; $34.9 million of payroll taxes on stock option exercises; and $4.9 million of income related to investments accounted for under the equity method of accounting. September 30, 1999 pro forma results include the separately reported results of E-TEK Dynamics Inc., which was acquired on June 30, 2000 in a transaction accounted for as a purchase. Pro forma results for the quarter ended September 30, 1999 exclude the $11.4 million effect on gross profit of the purchase accounting increase in the value of JDS FITEL inventory at June 30, 1999; $172.9 million of purchased intangibles amortization; and $2.3 million of payroll taxes on stock option exercises....
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