JDS Uniphase sales down 63%

25 July 2002 -- JDS Uniphase's sales to end-June were USD1.1bn for the fiscal year (down 66%) and USD222m for its Q4 (down 15% on Q3 and 63% on a year ago).

25 July 2002 -- For JDS Uniphase Corp, the largest fiber-optics components maker, its sales to end-June were USD1.1bn for the fiscal year (down 66%) and USD222m for its Q4 (down 15% on Q3 and 63% on a year ago), including about USD21m (10%) from fees paid to cancel contracts; 15% of sales were to Lucent (10% without cancellation charges). Excluding most one-time items, net loss was USD140.1m (down from USD527.9m a year ago).

JDS will cut an undetermined number of jobs and further reduce other costs. It has already cut staffing from 29,000 to 9,000 since early 2001.

Next quarter JDS expects USD10-20m of cancellation charges and sales of USD200-210m. It needs to realise USD260-270m to return to profitability.

JDS has USD1.4bn in cash and other liquid assets.

* Chief Financial Officer Anthony Muller will retire by March, when he will be 60.

Also, JDS has appointed Syrus Madavi president and chief operating officer. Madavi was chairman, president and CEO of analogue and mixed-signal IC maker Burr-Brown until it was acquired by Texas Instruments in 2000. He replaces Greg Dougherty, who began a leave of absence this spring.

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