SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 28, 1998--Uniphase
Corporation (NASDAQ:UNPH) today reported record net sales of $54.2
million for the first quarter of fiscal 1999, a 41% increase from the
$38.5 million reported in the same period of fiscal 1998.
Sales for the quarter were 11% above the $48.9 million in sales
for the quarter ended June 30, 1998. Sales for the quarter reflected
growth in all of the Company's major product lines except Ultrapointe
where sales declined significantly because of the semiconductor
equipment industry downturn. Results for the quarter include sales of
Uniphase Netherlands and Uniphase Fiber Components, which were
acquired on June 9, 1998 and November 26, 1997, respectively in
transactions accounted for as purchases.
The Company reported net income for the quarter of $9.7 million
or $0.24 per share on 41.3 million weighted shares outstanding, an
increase of 57% over the $6.2 million or $0.17 per share on 37.0
million weighted shares earned in the prior year's first quarter.
Uniphase reported a net loss of $96.4 million or $2.70 per share in
the fourth quarter of fiscal 1998, which included the write-off of
in-process R&D and other charges primarily associated with the
acquisition of Uniphase Netherlands from Philips N.V. Net income per
share for the prior period has been restated to reflect a 100% stock
dividend paid November 12, 1997.
"We are pleased with the progress in constructing new
semiconductor fabrication plants in Eindhoven and Zurich which are
both on schedule to be in operation during our third fiscal quarter,"
noted Kevin Kalkhoven, Chairman and CEO. "In particular, be believe
that anticipated 980-nm pump laser market requirements will result in
our planned capacity for this product being filled next year. We are
planning additional capacity increases for 980-nm products and we will
be working hard to minimize the impact in the second quarter of the
transitions to our new plants."
Uniphase Corporation is an optoelectronics company that designs,
develops, manufactures and markets fiber optic telecommunications
components and modules, laser subsystems and laser-based semiconductor
wafer defect examination and analysis equipment. The Company's
telecommunications products include semiconductor lasers, high-speed
external modulators, transmitters, fiber Bragg gratings and optical
modules for fiber optic networks in the telecommunications and cable
television industries. The Company's laser division produces laser
subsystems for a broad range of OEM applications which include
biotechnology, industrial process control and measurement, graphics
and printing, and semiconductor equipment. The Company's Ultrapointe
systems are advanced laser-based systems for semiconductor wafer
defect examination and analysis.
Uniphase employs approximately 1,000 people worldwide and is
headquartered in San Jose, Calif. Its stock is traded on the Nasdaq
National Market under the symbol UNPH. The Uniphase website address is
www.uniphase.com.
The statements contained in this press release that are not
purely historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward looking statements
include, but are not limited to, statements regarding Uniphase's
expectations, anticipations, hopes, beliefs, intentions or strategies
regarding the future, and Mr. Kalkhoven's statements regarding market
requirements and the possible benefits to Uniphase and timing of the
Company's capacity additions. Actual results could differ materially
from those projected in any forward-looking statements as a result of
a number of factors, including those detailed in the "Risk Factors" as
set forth from time to time in the Uniphase Reports on Form 10-K, 10-Q
and Annual Reports to Stockholders. The forward-looking statements are
made as of the date hereof and Uniphase assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ materially from those projected in the
forward-looking statements.
*T
UNIPHASE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three months ended
September 30,
1998 1997
Net sales $54,196 $38,473
Cost of sales 27,375 19,954
------- -------
Gross profit 26,821 18,519
Operating expenses
Research and development 5,382 2,886
Royalty and license 428 485
Selling, general, and administrative 7,521 6,293
------- -------
Total operating expenses 13,331 9,664
------- -------
Income from operations 13,490 8,855
Interest and other income, net 895 762
------- -------
Income before income taxes 14,385 9,617
Income tax expense 4,675 3,414
------- -------
Net income $ 9,710 $ 6,203
======= =======
Net income per share $ 0.25 $ 0.18
======= =======
Net income per share -- diluted basis $ 0.24 $ 0.17
======= =======
Number of weighted avg. shares outstanding 38,382 34,368
Number of weighted avg. shares and equivalents 41,294 37,020
UNIPHASE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, June 30,
1998 1998
Current assets: (unaudited)
Cash, cash equivalents
and short-term investments $ 105,656 $ 94,632
Accounts receivable, less
allowances for doubtful accounts 38,516 40,413
Inventories 22,988 20,809
Prepaid expenses and other
current assets 8,030 9,171
--------- ---------
Total current assets 175,190 165,025
Property, plant, and equipment, net 64,378 56,533
Intangibles and other assets 51,136 47,785
--------- ---------
TOTAL ASSETS $ 290,704 $ 269,343
========= =========
Current liabilities:
Note payable $ 1,916 $ --
Accounts payable 15,191 14,856
Accrued payroll and related expenses 6,782 7,793
Income taxes payable 4,550 7,697
Other accrued expenses 11,960 15,430
--------- ---------
Total current liabilities 40,399 45,776
Accrued pension and other
non-current liabilities 6,505 5,666
Stockholders' equity:
Common stock 39 38
Additional paid-in capital 318,142 307,409
Accumulated deficit and
other stockholders' equity (74,381) (89,546)
--------- ---------
Total stockholders' equity 243,800 217,901
--------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 290,704 $ 269,343
========= =========
*T
CONTACT: Uniphase Corporation
Kevin N. Kalkhoven, 408/434-1800
Anthony R. Muller, 408/570-2065 |
