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To: Paul A who wrote (8575)	4/24/2001 9:03:09 AM
From: Paul Kern	Read Replies (1) \| Respond to of 19633

Top Financial News 04/24 08:41 JDS Uniphase to Cut 5,000 Jobs, or 20% of Workforce (Update3) By David Russell San Jose, California, April 24 (Bloomberg) -- JDS Uniphase Corp. will cut 5,000 jobs, or 20 percent of its workforce, as the maker of parts used in fiber-optic equipment restructures to reduce costs. JDS also cut its revenue estimate for the fiscal fourth quarter ending June 30 to about $700 million. That's less than the $925.4 million average estimate of analysts polled by First Call/Thomson Financial. The shares fell as much as 11 percent to $21.55 in early Nasdaq Stock Market trading after falling $4.35, or 15 percent, yesterday to $24.18. Orders to JDS have weakened as fiber-optic equipment makers reduce inventories because of a slowdown in spending by telecommunications companies. That led JDS last month to cut its earnings forecasts for the fiscal second half. In February, JDS said it would fire 3,000 people, or 10 percent of its workforce. JDS will transfer the manufacture of more products to China to take advantage of lower costs and expertise. The restructuring includes closing several operations and vacating 25 buildings, the San Jose, California-based company said in statement. The expense-cutting measures will cost $375 million to $425 million and are expected to result in more than $250 million in annual savings. JDS said it will take fourth-quarter charges for employee severance pay, product-line consolidation and the closing of operations. JDS's fiscal third-quarter loss widened to $1.29 billion, or $1.13 a share, from $240.9 million, or 32 cents, a year earlier. Sales for the period ended March 31 more than doubled to $920.1 million from $394.6 million, JDS said. Excluding merger-related charges, amortization of goodwill, stock-based compensation and other expenses, the company earned $160 million, or 14 cents a share. On that basis, earnings matched the average estimate of analysts in a First Call survey. The number of outstanding shares rose 53 percent to 1.14 billion from 747.6 million in the year-earlier period.