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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (54104)	7/26/2002 12:30:11 AM
From: Dealer	Respond to of 65232

JDS Uniphase Posts 4th Quarter Loss By MATTHEW FORDAHL, AP Technology Writer JDS Uniphase Posts Fourth-Quarter Loss, Struggles With Weak Demand for Network Equipment SAN JOSE, Calif. (AP) -- JDS Uniphase Corp. posted a larger-than-expected fourth-quarter loss on Thursday as it continues to struggle with weak demand for optical networking equipment. The company, which has been hit hard by the telecommunications meltdown, also announced plans to lay off an unspecified number of employees and close some facilities in coming months. Last year, the company posted what was then the largest annual loss ever in U.S. corporate history -- more than $56 billion. Much of that was the result of goodwill writedowns related to past acquisitions. It has repeatedly laid off employees and shuttered facilities. Since 2000, it has reduced its work force from 29,000 to just over 9,000 and closed 18 of its 41 plants. "While the decisions were painful, they were more straightforward than the decisions we face now," said chief financial officer Anthony Muller. "It meant closing redundant factories. Now we are contemplating multiple scenarios for doing very fundamental restructuring." For the three months ended June 30, the company lost $997 million, or 73 cents per share, compared with a loss of $12.4 billion, or $6.47 per share, in the same period last year. Excluding special items, the company lost $140 million, or 10 cents a share. That compares with a loss of $528 million, or 40 cents a share, in its fourth-quarter last year. Fourth-quarter revenues were $222 million, down 63 percent from the $601 million reported in the same period last year. Analysts were expecting a loss of 3 cents per share on sales of $212.4 million, according to a survey by Thomson First Call. The company noted that analysts' estimates do not include restructuring costs. For the fiscal year, JDSU reported a loss of $8.7 billion, or $6.47 per share, compared with a loss of $56.1 billion, or $51.40 per share, in fiscal 2001. Revenue was $1.1 billion, compared $3.2 billion last year. "The market downturn has taken a heavy toll," said Jozef Straus, chief executive of JDS Uniphase. In other news, JDSU announced Muller, 59, has advised the company of his intention to retire by March 2003. A replacement is being sought. JDSU also announced the appointment of Syrus Madavi to the position of president and chief operating officer. He replaces Greg Dougherty, who left the company to take care of a seriously ill family member. Madavi is a former senior vice president at Texas Instruments Inc. and has most recently been serving as executive chairman of ON Semiconductors. Dougherty, who joined the company after its merger with SDL Inc., earned $121.4 million last year including a signing bonus, making him one of the nation's highest-paid corporate executives last year. Shares of JDSU lost nearly 16 percent, or 48 cents, to $2.53, in Thursday trading on the Nasdaq Stock Market. They lost another 20 cents in the extended session.