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

To: Lee who wrote (5698)	1/31/2000 8:35:00 AM
From: Augustus Gloop	Respond to of 24042

JDS Uniphase: Business Wire Corrects and Replaces Second Quarter Results, BW0521, CA-JDS-UNIPHASE, released Jan. 26 1/31/00 7:28:41 AM NEPEAN, ONTARIO and SAN JOSE, CALIFORNIA--(Canadian Corp News, January 28, 2000)--JDS Uniphase Announces Second Quarter Results JDS Uniphase Corporation (Nasdaq:JDSU) and (TSE:JDU) today reported sales for its second quarter ended December 31, 1999, of $282 million and pro forma net income of $66 million or $.18 per diluted share.Sales for the quarter were 119% above pro for ma combined sales of $129 million in the quarter ended December 31, 1998, and were 22% higher than net sales of $230 million in the quarter ended September 30, 1999. Pro forma sales for the prior year combine the separately reported results of JDS FITE L Inc. and Uniphase Corporation, which merged in a transaction accounted for as a purchase at the close of business on June 30, 1999.Including merger-related and purchased intangibles amortization charges, the Company reported a loss of $131 million or $.38 per share for the quarter. Results for the quarter include the post-acquisition results of Epitaxx and Sifam which were acquired on November 15, 1999, and December 16, 1999, respectively, in transactions accounted for as purchases.On a pro f orma basis, excluding merger-related charges and the amortization of purchased intangible assets, JDS Uniphase reported net income of $66 million or $0.18 per share for the quarter, an increase of 145% over the $27 million or $0.08 per share pro forma combined income for the quarter ended December 31, 1998. The impact of excluded acquisition, divestiture and amortization costs is summarized in the Company?s pro forma financial tables that follow in this release.The following table summarizes pro f orma results for the quarters ended December 31, 1999 and 1998. Three months ended December 31, (in millions, except per share amounts) 1999 1998 ------------------------ Net sales $ 281.7 $ 128.7 Gross profit(a) 142.6 64.5 Income from operations 87.3 38.7 Income before income taxes 98.0 41.0 Net income(a) $ 65.7 $ 26.8 Net income per diluted share $ 0.18 $ 0.08 Diluted weighted avg. shares outstanding 374.3 336.7 (a) Pro forma results for the quarter ended December 31, 1999, exclude the purchase accounting impact on gross profit and in process R&D recorded in connection with the acquisitions of Epitaxx and Sifam and the amortization of purchased intangibles. Pro forma results for the quarter ended December 31, 1998, exclude the amortization of purchased intangibles, UBP merger costs, the loss on disposal of Ultrapointe and reclassification of certain JDS FITEL costs to cost of sales to conform treatment. These pro forma results also reflect the impact of the pro forma adjustments on income tax expense. The Company also announced it will change its fiscal calendar effective July 1, 2000. Fiscal periods thereafter will end on the Saturday nearest the calendar month end, and the change will not result in any differences in fiscal 2001 financial results ascompared to the Company?s current fiscal calendar.