JDS Uniphase Corp. (JDSU, Financial) filed Quarterly Report for the period ended 2010-10-02.
Jds Uniphase Corp. has a market cap of $2.61 billion; its shares were traded at around $11.77 with a P/E ratio of 31.8 and P/S ratio of 1.8. JDSU is in the portfolios of Paul Tudor Jones of The Tudor Group, Steven Cohen of SAC Capital Advisors, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
Gross profit in the first quarter of fiscal 2011 increased $56.2 million, 48%, to $173.3 million from $117.1 million in the same quarter a year ago. The increase in gross profit is primarily due to: improved profitability from the outsourcing of our Commercial Lasers product manufacturing as well as the increase in volume of Circuit Packs, Commercial Diode Lasers, and tunable product lines in our Communications and Commercial Optical Products; and the acquisition of the Network Solutions Division business (NSD) as well as improved gross margins resulting from the introduction of our ONT 100G product line in our Communications Test and Measurement segment. Gross profit increased slightly in the Advanced Optical Technologies group due to higher volumes in our Flex and Custom Optics businesses. Gross profit excluding amortization expense of acquired developed technologies in the first quarter of fiscal 2011 increased $58.0 million or 45%, to $187.4 million from $129.4 million in the first quarter of fiscal 2010.
During the first quarter of fiscal 2011, the Company recorded $0.3 million in restructuring and related charges. The charges are a continuation of the previously announced restructuring plans and are primarily of the following: (i) $0.2 million for severance and benefits primarily in the Communications Test and Measurement segment and relates to the continued implementation of the EMEA early retirement program; (ii) $0.8 million for manufacturing transfer costs primarily in the Communications and Commercial Optical Products segment and Communications Test and Measurement segment which were the result of production site closures in the US, the transfer of certain production processes into existing sites in US, and the reduction in force of the Companys manufacturing support organization across all sites; and (iii) $0.7 million benefit primarily to adjust the accrual for previously restructured leases in the Communications Test and Measurement segment which were the result of the Companys continued efforts to reduce and/or consolidate manufacturing locations. No new employees were notified for termination during the three months ended October 2, 2010. During the three months ended October 2, 2010, fifteen employees were terminated from previously announced restructured plans. Payments related to lease costs are expected to be paid by second quarter of fiscal 2012.
During the fourth quarter of fiscal 2009, the Company recorded $18.5 million in restructuring and related charges. The charges are primarily of the following: (i) $10.4 million for severance and benefits primarily in the Communications Test and Measurement segment; (ii) $4.7 million for manufacturing transfer cost primarily in the Communications and Commercial Optical Products segment; and (iii) $3.4 million to adjust accruals on previously restructured leases primarily for the Communications and Commercial Optical Products segment. Two hundred and fifty seven employees were notified for termination, 104 in manufacturing, 58 in research and development and 95 in selling, general and administrative functions. Of these notified employees, 139 were located in North America, 30 were located in Asia, and 88 were located in Europe. As of October 2, 2010, 195 of these employees have been terminated. Payments related to severance and benefits are expected to be paid by the third quarter of fiscal 2016.
During the first quarter of fiscal 2009, the Company recorded $2.6 million in restructuring and related charges. The charges are primarily of the following: (i) $2.0 million for severance and benefits primarily in the Communications and Commercial Optical Products segment, which were the result of the closure of Lasers manufacturing in San Jose, California related to transfer and consolidation into a contract manufacturer in Asia, and the closure of a site in Louisville, Colorado for further consolidation; (ii) $0.2 million for manufacturing transfer cost primarily in the Communications and Commercial Optical Products segment; and (iii) $0.4 million to adjust accruals on previously restructured leases primarily for the Communications and Commercial Optical Products segment. Two hundred and three employees were notified for termination, 181 in manufacturing, 19 in research and development and three in selling, general and administrative functions. Of these notified employees, 200 were located in North America, two were located in Asia, and one was located in Europe. As of October 2, 2010, 181 of these employees have been terminated. Payments related to severance and benefits are expected to be paid by the third quarter of fiscal 2011.
During the fourth quarter of fiscal 2008, the Company recorded $3.7 million in restructuring and related charges. The charges are primarily of the following: (i) $3.4 million for severance and benefits primarily in the Communications Test and Measurement segment; and (iii) $0.3 million on leases primarily for the Communications and Commercial Optical Products segment. Thirty two employees were notified for termination, seven in manufacturing, fourteen in research and development and eleven in selling, general and administrative functions. Of these notified employees, nineteen were located in North America, one was located in Asia, and twelve were located in Europe. ARead the The complete Report
Jds Uniphase Corp. has a market cap of $2.61 billion; its shares were traded at around $11.77 with a P/E ratio of 31.8 and P/S ratio of 1.8. JDSU is in the portfolios of Paul Tudor Jones of The Tudor Group, Steven Cohen of SAC Capital Advisors, Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC.
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Statements contained in this Quarterly Report on Form 10-Q which are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement may contain words such as anticipates that, believes, can impact, continue to, estimates, expects to, intends, may, plans, potential, projects, to be, will be, will continue to be, continuing, ongoing, or the negative thereof or other comparable terminology regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements include statements regarding: our expectations related to the impact of recent accounting pronouncements on our consolidated financial statements; our expectation related to lease expenses through fiscal 2018; our belief that the Companys current process for writing down inventory appropriately balances the risk in the marketplace with a fair representation of the realizable value of the Companys inventory; our expectation that the zero coupon convertible notes will be retired within one year; our plan to continue to take advantage of opportunities to further reduce costs through targeted, customer-driven restructuring events; our expectation that payments related to severance and benefits will be paid off in fiscal 2011; our expectation to recognize $19.7 million of unrecognized stock-based compensation cost related to stock options over an estimated amortization period of 2.1 years; our expectation to amortize $0.5 million of unrecognized stock-based compensation cost related to our ESPP in the third quarter of fiscal 2011; our expectation to amortize $47.2 million of unrecognized stock-based compensation cost related to Full Value Awards over an estimated amortization period of 2.3 years; our expectation that the Company will have to contribute approximately $0.3 million to defined benefit plans in fiscal 2011; our expectation to incur cash outlays of approximately $5.0 million related to our defined benefit pension plan in fiscal 2011; our belief that the ultimate outcome of the Texas tax audit will not have a material adverse effect on our financial position, cash flows or overall trends in results in operations; our expectation that the Companys potential tax liability related to a Texas franchise tax audit will be from zero to $34.2 million, plus interest and penalties; our expectation that the Company will continue to encounter a number of industry and market structural risks and uncertainties that will limit our business climate and market visibility; our expectation that the current trend of consolidation in the communications industry will continue; our expectation that risks related to manufacturing transitions of our North American assembly manufacturing program will continue and are expected to diminish over the next several quarters; our expectation that the introduction of new product programs and introductions will continue to incur higher start-up costs and increased yield and product quality risk among other issues; our belief that investment in research and development (R&D) is critical to attaining our strategic objectives; our continued efforts to reduce total operating spending; our intention to continue to address our selling, general and administrative (SG&A) expenses and reduce these expenses as and when opportunities arise; our expectations regarding future SG&A expenses; our expectation that none of the non-core SG&A expenses will have a material adverse impact on our financial condition; restructuring estimates related to sublease income or lease settlements; our assumptions related to pension and postretirement benefits; our belief that our assumptions related to discount rate movements in connection with calculating benefit costs is conservative; our estimates related to post-acquisition investment in research and development and the projected completion date of post-acquisition research and development; our belief that our existing cash balances and investments will be sufficient to meet our liquidity and capital spending requirements at least through the next 12 months; and our expectation that gains and losses on derivatives will be offset by re-measurement gains and losses on the foreign currency dominated assets and liabilities.Gross profit in the first quarter of fiscal 2011 increased $56.2 million, 48%, to $173.3 million from $117.1 million in the same quarter a year ago. The increase in gross profit is primarily due to: improved profitability from the outsourcing of our Commercial Lasers product manufacturing as well as the increase in volume of Circuit Packs, Commercial Diode Lasers, and tunable product lines in our Communications and Commercial Optical Products; and the acquisition of the Network Solutions Division business (NSD) as well as improved gross margins resulting from the introduction of our ONT 100G product line in our Communications Test and Measurement segment. Gross profit increased slightly in the Advanced Optical Technologies group due to higher volumes in our Flex and Custom Optics businesses. Gross profit excluding amortization expense of acquired developed technologies in the first quarter of fiscal 2011 increased $58.0 million or 45%, to $187.4 million from $129.4 million in the first quarter of fiscal 2010.
During the first quarter of fiscal 2011, the Company recorded $0.3 million in restructuring and related charges. The charges are a continuation of the previously announced restructuring plans and are primarily of the following: (i) $0.2 million for severance and benefits primarily in the Communications Test and Measurement segment and relates to the continued implementation of the EMEA early retirement program; (ii) $0.8 million for manufacturing transfer costs primarily in the Communications and Commercial Optical Products segment and Communications Test and Measurement segment which were the result of production site closures in the US, the transfer of certain production processes into existing sites in US, and the reduction in force of the Companys manufacturing support organization across all sites; and (iii) $0.7 million benefit primarily to adjust the accrual for previously restructured leases in the Communications Test and Measurement segment which were the result of the Companys continued efforts to reduce and/or consolidate manufacturing locations. No new employees were notified for termination during the three months ended October 2, 2010. During the three months ended October 2, 2010, fifteen employees were terminated from previously announced restructured plans. Payments related to lease costs are expected to be paid by second quarter of fiscal 2012.
During the fourth quarter of fiscal 2009, the Company recorded $18.5 million in restructuring and related charges. The charges are primarily of the following: (i) $10.4 million for severance and benefits primarily in the Communications Test and Measurement segment; (ii) $4.7 million for manufacturing transfer cost primarily in the Communications and Commercial Optical Products segment; and (iii) $3.4 million to adjust accruals on previously restructured leases primarily for the Communications and Commercial Optical Products segment. Two hundred and fifty seven employees were notified for termination, 104 in manufacturing, 58 in research and development and 95 in selling, general and administrative functions. Of these notified employees, 139 were located in North America, 30 were located in Asia, and 88 were located in Europe. As of October 2, 2010, 195 of these employees have been terminated. Payments related to severance and benefits are expected to be paid by the third quarter of fiscal 2016.
During the first quarter of fiscal 2009, the Company recorded $2.6 million in restructuring and related charges. The charges are primarily of the following: (i) $2.0 million for severance and benefits primarily in the Communications and Commercial Optical Products segment, which were the result of the closure of Lasers manufacturing in San Jose, California related to transfer and consolidation into a contract manufacturer in Asia, and the closure of a site in Louisville, Colorado for further consolidation; (ii) $0.2 million for manufacturing transfer cost primarily in the Communications and Commercial Optical Products segment; and (iii) $0.4 million to adjust accruals on previously restructured leases primarily for the Communications and Commercial Optical Products segment. Two hundred and three employees were notified for termination, 181 in manufacturing, 19 in research and development and three in selling, general and administrative functions. Of these notified employees, 200 were located in North America, two were located in Asia, and one was located in Europe. As of October 2, 2010, 181 of these employees have been terminated. Payments related to severance and benefits are expected to be paid by the third quarter of fiscal 2011.
During the fourth quarter of fiscal 2008, the Company recorded $3.7 million in restructuring and related charges. The charges are primarily of the following: (i) $3.4 million for severance and benefits primarily in the Communications Test and Measurement segment; and (iii) $0.3 million on leases primarily for the Communications and Commercial Optical Products segment. Thirty two employees were notified for termination, seven in manufacturing, fourteen in research and development and eleven in selling, general and administrative functions. Of these notified employees, nineteen were located in North America, one was located in Asia, and twelve were located in Europe. ARead the The complete Report
