Yesterday, after market close, JDS Uniphase Corp. (JDSU) declared its second quarter fiscal 2010 financial results. Quarterly net revenue was $342.9 million, down 3% year-over-year. Increase in revenue for both Communications Test & Measurement and Advanced Optical Technologies segment was more than offset by a reduction in revenue for the Communications & Commercial Optical Products segment. However, second quarter revenue of $342.9 million was better than the Zacks Consensus Estimate of $334 million.

On a GAAP basis, quarterly net loss was $19.5 million or 9 cents per share compared to a net loss of $722.9 million (including a goodwill impairment charge of $691.9 million) or $3.36 per share in the year-ago quarter. Excluding the special items, second quarter adjusted EPS was an income of 7 cents, better than the Zacks Consensus Estimate of 6 cents. Gross margin, in the reported quarter was 40.3% compared to just 38.2% in the year-ago quarter. In the same quarter, operating expenses were $151.2 million compared to $856.1 million (including goodwill impairment) in the prior-year quarter.

At the end of the second quarter of fiscal 2010, JDS Uniphase had $686.5 million of cash & marketable securities and $258.6 million of outstanding debt on its balance sheet compared to $700.3 million of cash & marketable securities and $251.1 million of outstanding debt on its balance sheet. JDS Uniphase generated $27.1 million of positive free cash (cash flow from operations less capital expenditures) in the reported quarter.

Revenue Segments

In the second quarter of fiscal 2010, Communications Test and Measurement segment accounted for $176.9 million of revenue, up 2.3% year-over-year. Communications and Commercial Optical Products segment accounted for $112.3 million of revenue, down 12.2% year-over-year. Within this segment, Optical Communications revenue was $95.6 million, down 13% from the prior-year quarter and Commercial Lasers business revenue was $16.7 million, down 9% from the prior-year quarter. Advanced Optical Technologies segment generated rest of the $54.6 million revenue, up 2.8% year-over-year.

Geographic Segments

In the second quarter f fiscal 2010, the Americas segment accounted for 50% of total revenue, the European segment accounted for 28%, and the rest 22% was generated from the Asia-Pacific region.

Future Financial Outlook

For the third quarter of fiscal 2010, management is expecting the company’s revenue to be within the range of $325 million – $350 million.

In the after market trade in NASDAQ, stock price of JDS Uniphase was up 27 cents (3.2%) to $8.64.

Zacks Investment Research

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