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Technology Stocks : JDS Uniphase (JDSU) -- Ignore unavailable to you. Want to Upgrade?

To: cfoe who wrote (1522)	10/29/1999 6:27:00 AM
From: Glenn McDougall	Read Replies (1) \| Respond to of 24042

JDS jumps in first quarter profits By KEVIN BELL, Ottawa Sun Surging JDS Uniphase Corp. shifted into hyper-drive yesterday with triple-digit increases in net income and revenues. JDS, which makes fibre-optic equipment for the communications industry, blew away analysts' forecasts as it posted a 121% increase in first-quarter earnings compared to the same period last year. Net income was $51 million, or 29cents a share, compared to $23 million, or 14cents a share, in the first quarter last year. A consensus of analysts' estimates by First Call Corp. pegged earnings at 25cents a share. Sales for the quarter increased by 104% from $113 million last year to $230 million. Revenues were also 20% higher than sales of $192 million in the previous quarter. "We are delighted with the results," said CEO Kevin Kalkhoven. "There's no hiccup in the merger and everything has been rolling along remarkably well." JDS Uniphase was formed earlier this year through the merger of Nepean-based JDS Fitel and Uniphase Corp. of San Jose, Calif. Kalkhoven said the merger is going better than he hoped, which is reflected in strong response from customers. The company expects to grow 15% each quarter, for a growth rate of about 80% over the next year, he said. "It's a reflection of the strong demand for our products and it's a reflection that everybody is working their butts off." JDS's stock price has been laying down rubber over the past week as investors anticipated strong results. Yesterday, the share price gained $10.10, or 4.7%, to close on the Toronto Stock Exchange at $224.60. Results were released after stock markets closed.