For its fiscal fourth-quarter 2013 (ended 19 June), optical networking and associated semiconductor technology firm JDSU of Milpitas, CA, USA has reported net revenue of $421.3m, up on $405.3m last quarter but down on $434m a year ago. Revenue for full-year fiscal 2013 was $1676.9m, up 0.9% on fiscal 2012's $1662.4m.
On a non-GAAP basis, net income of $30.4m ($0.13 per share), up on $24.1m ($0.10 per share) last quarter and $35.4m ($0.15 per share) a year ago. During the quarter, JDSU generated over $57m of cash from operations and exited the quarter with net cash of $516m.
For its full-year fiscal 2013, JDSU's net income was $131.8m ($0.55 per share), down on fiscal 2012's $137.5m ($0.59 per share).
"Bookings were strong across all three segments, particularly in CommTest and CCOP, resulting in an overall book-to-bill above 1," says president & CEO Tom Waechter. "We saw improved demand in a number of areas such as gesture and datacom, which partially offset lower than expected customer demand for optical components in the telecom space. We look ahead to fiscal 2014 with a strategically differentiated and market-leading product portfolio, improved operating leverage and a solid balance sheet."
"During the quarter, we navigated through market challenges and performed to plan in Communications Test and Measurement and OS&P. We grew revenue significantly in newer markets, such as gesture recognition and cloud data comm products. Softer demand for telecom products led to less than our expected sequential growth in CCOP. In Q4, we generated $57.1m of cash from operations, bringing the total for fiscal 2013 to $187.8m. This is nearly $70m more than the $119.1m generated in fiscal 2012 on comparable revenue.
"At the same time, our continuing investments in innovation led to a record 65% of combined CommTest and Optical Communications revenue derived from products less than two years old. Fiscal Q4 was the ninth consecutive quarter of new product revenue over our target of 50%. In Optical Communications, our focus on growing our business in Datacom and cloud is paying dividends. In addition to receiving our largest customer booking in this space this quarter, we have shipped samples of our industry-leading CFP2 100G product and expect to begin production in our second fiscal quarter."
Rex Jackson, CFO and Executive VP, added, "JDSU's consolidated fourth quarter revenue of $421.3m was sequentially up 3.9% from March, at the low end of our guidance due to less-than-expected telecom revenue from CCOP, as Tom noted earlier. Year-over-year, revenue was down 2.9%. The Americas accounted for $204.5m or 48% of total revenue, while EMEA has contributed $86.8m or 21%, and Asia-Pacific approximately $130m or 31%. Asia-Pacific results benefited from gesture recognition, while EMEA slipped due to sequentially lower demand for CommTest and OSP products in the quarter.
"Considering our CCOP division, which consists of our Optical Communications and lasers businesses. In Q4, CCOP delivered revenue of $182.3m, a sequential improvement but below the expected range due primarily to lower-than-expected telecom revenue and a 1.5% decline from the year ago period. Q4 gross margin was 30.9% compared to 31.8% in the prior quarter and 27.8% in the prior year. Likewise, operating margin of 10% was down from 10.7% sequentially but up from 8.5% year-on-year due to operational improvements and the shift to new products. Book-to-bill for Optical Communications and lasers was above 1."
Looking ahead, for its fiscal first-quarter 2014 (ending 28 September 2013), JDSU said it expects revenue of $410-430m.
