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JDSU posts loss in fiscal 2012

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Published on August 15, 2012; Published on August 15, 2012
OBJ Staff

JDSU (Nasdaq: JDSU) swung to a loss in fiscal 2012 on a fourth quarter that included impairment charges as well as insurance proceeds associated with a Thailand flood.

The company's GAAP revenue fell nearly seven per cent to US$1.68 billion year-over-year as it posted a net loss of $57.7 million. In fiscal 2011, JDSU reported a $71.6 million profit and $1.8 billion in revenue.

Revenue in the fourth quarter was $439.3 million and the company reported a net loss of $24.3 million, or 10 cents a share. This included a $23.7 million impairment charge of "certain long-lived assets" and $10.5 million in insurance proceeds.

Last year at the same time, its net revenue was $471.8 million and income was $9.3 million.

"JDSU's execution on its strategic priorities is leading to market share gains and financial leverage despite challenging economic conditions," stated Tom Waechter, JDSU's CEO and president.

"Our focus on innovation and operational excellence accelerated in fiscal 2012, and we look forward to advancing our target business model in fiscal 2013."

The firm is based in California, but has a large presence in Ottawa.

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