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Thursday, November 02, 2006

JDS Uniphase Actually Trading Up After Earnings

JDS Uniphase (JDSUD) is actually trading up 5% at $15.00 in after-hours trading, despite some soft numbers and despite the sequential revenues not continuing higher. The street is focusing on guidance, and it is very likely that there is some short covering going on as well.

Net revenue for the first quarter was $318.1 million and GAAP net loss was $(17.4) million, or $(0.08) per share. The street was looking for $321+ million, but they aren't hitting the stock. This compares to net revenue of $318.2 million and GAAP net loss of $(45.8) million, or $(0.22) per share, reported for the fourth quarter of fiscal 2006, and to net revenue of $258.3 million and a GAAP net loss of $(67.0) million, or $(0.34) per share, for the first quarter of fiscal 2006.

On a non-GAAP basis, net income was $6.8 million, or $0.03 per share. On a non-GAAP EBITDA basis (non-GAAP Earnings Before Interest, Taxes, Depreciation and Amortization), the Company earned $9.6 million for the quarter. This is the first real non-GAAP earnings report that was positive in 5 years according to the company, although it has posted a slight positive income 2 quarters ago according to the income statement.

It also issued the following outlook: For the second quarter of fiscal 2007, ending December 31, 2006, the Company expects net revenue of $332 to $352 million. Street expectations are $342 million.

Jon C. Ogg
November 2, 2006
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