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Yesterday, after market close, JDS Uniphase Corp. ( JDSU - Analyst Report ) declared solid financial results for the first quarter of fiscal 2012. The company, which manufactures broadband and optical networking components for the telecom industry, generated solid top-line and bottom-line growth. As a result, in the after market trade on NASDAQ, stock price of JDS Uniphase was up by 53 cents (4.62%) to $12.01.
Optical Networking component sector is highly competitive. The company competes fiercely with several players, such as Finisar Corp. ( FNSR - Snapshot Report ) , Oplink Communications Inc. ( OPLK - Snapshot Report ) , Opnext Inc. ( ) , and Oclaro Inc. ( OCLR - Snapshot Report ) , to name a few. Despite competition, JDS Uniphase’s differentiated products gained market traction.
Quarterly net revenue was $420.8 million, up 3.8% year over year, surpassing the Zacks Consensus Estimate of $415 million. On a GAAP basis, quarterly net loss was $5.8 million or 3 cents per share compared with a net income of $0.1 million or a break-even per share in the year-ago quarter. However, quarterly adjusted (excluding special items) EPS was 13 cents.
Gross margin in the reported quarter was 43.4% compared with 42.8% in the year-ago quarter. In the first quarter, operating expenses were $179.4 million, up 4% from the prior-year quarter. However, quarterly operating income was $3.2 million compared with $0.8 million in the prior-year quarter. EBITDA in the previous quarter was $46.1 million compared with $44.4 million in the prior-year quarter.
At the end of the first quarter of fiscal 2012, JDS Uniphase had $688.3 million of cash & marketable securities and $290.7 million of outstanding debt on its balance sheet compared with $695.7 million of cash & marketable securities and $285.8 million of outstanding debt on its balance sheet at the end of fiscal 2011. At the end of the reported quarter, debt-to-capitalization ratio was 0.21 compared with 0.21 at the end of fiscal 2011. JDS Uniphase generated $22.9 million of cash from operations in the first quarter.
In the first quarter of fiscal 2012, Communications Test and Measurement segment accounted for $185.2 million of revenue, up 1.3% year over year. Communications and Commercial Optical Products segment generated $180.3 million, up 7.3% year over year. Within this segment, Optical Communications revenue was $150.1 million, up 5% from the prior-year quarter and Commercial Lasers business revenue was $30.2 million, up 20.8% from the prior-year quarter. Advanced Optical Technologies segment generated the remaining $55.6 million revenue, down 8.1% year over year.
In the first quarter of fiscal 2012, the Americas segment accounted for 50% of total revenue, the EMEA segment was 24%, and the rest 26% was generated from the Asia-Pacific region.
Future Financial Outlook
For the second quarter of fiscal 2012, management expects the company’s non-GAAP revenue to be within the range of $375 million - $405 million. The company will suffer approximately $35 million - $45 million in revenue due to devastating flood in Thailand.
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