JDSU Announces Fiscal 2013 Second Quarter Results

JDSU Announces Fiscal 2013 Second Quarter Results 
MILPITAS, CA -- (Marketwire) -- 01/30/13 --  JDSU (NASDAQ: JDSU)
(TSX: JDU) 


 
--  GAAP and Non-GAAP Revenue of $429.4 million
--  GAAP Gross margin of 44.0%; Non-GAAP Gross margin of 48.0%
--  GAAP EPS of $0.02; Non-GAAP EPS of $0.18

  
JDSU (NASDAQ: JDSU) (TSX: JDU) today reported results for its second
fiscal quarter ended December 29, 2012. 
GAAP net revenue was $429.4 million with net income of $4.1 million,
or $0.02 per share. Prior quarter net revenue was $420.9 million,
with a net loss of $(11.6) million, or $(0.05) per share. Net revenue
for the fiscal 2012 second quarter was $409.3 million, with a net
income of $(10.2) million, or $(0.04) per share. 
Non-GAAP net revenue was $429.4 million, with a net income of $42.3
million, or $0.18 per share. Prior quarter non-GAAP net revenue was
$420.9 million, with net income of $35.0 million, or $0.15 per share.
Non-GAAP net revenue for the fiscal 2012 second quarter was $409.6
million, with net income of $36.3 million, or $0.16 per share. 
"JDSU delivered a strong fiscal Q2, with revenue at the top of our
guidance range and operating margins exceeding expectations across
all three business segments," said Tom Waechter, President and CEO of
JDSU.  
"We are pleased with the progress we've made in aligning our product
portfolio with customer spending priorities, resulting in a high
percentage of revenue from new products and a positive impact on
financial results. We are well-positioned for growth opportunities in
2013." 
Financial Overview - Second Fiscal Quarter Ended December 29, 2012 


 
                                                                            
                                            GAAP Results                    
                        --------------------------------------------------- 
                            Q2         Q1         Q2      Percentage Change 
                         FY 2013    FY 2013    FY 2012     Q-T-Q     Y-T-Y  
                        ---------  ---------  ---------  --------  -------- 
Revenue                 $   428.3  $   420.9  $   409.3       1.8%      4.6%
Gross margin                 44.0%      41.0%      42.6%      3.0       1.4 
Operating margin              3.4%       0.0%       0.2%      3.4       3.2 
                                                                            

 
                                                                            
                                          Non-GAAP Results                  
                        --------------------------------------------------- 
                            Q2         Q1         Q2      Percentage Change 
                         FY 2013    FY 2013    FY 2012     Q-T-Q     Y-T-Y  
                        ---------  ---------  ---------  --------  -------- 
Revenue                 $   428.3  $   420.9  $   409.6       1.8%      4.6%
Adj. Gross margin            48.0%      45.8%      47.1%      2.2       0.9 
Adj. Operating margin        11.3%       9.2%       9.8%      2.1       1.5 
                                                                            
                                                                            
                                      Non-GAAP Results by Segment           
                            ----------------------------------------------- 
                                                               Percentage   
                               Q2     % of      Q1      Q2       Change     
                            FY 2013 Revenue  FY 2013 FY 2012  Q-T-Q   Y-T-Y 
                            ------- -------  ------- ------- ------  ------ 
Communications Test and                                                     
 Measurement                $ 195.4      46% $ 169.5 $ 196.2   15.3%  (0.4)%
Communications and                                                          
 Commercial Optical                                                         
 Products:                                                                  
  Optical Communications      155.6            163.0   138.1   (4.5)   12.7 
  Lasers                       30.2             31.9    25.1   (5.3)   20.3 
                            -------          ------- -------                
Communications and                                                          
 Commercial Optical                                                         
 Products                     185.8      43    194.9   163.2   (4.7)   13.8 
Optical Security and                                                        
 Performance Products          48.2      12     56.5    50.2  (14.7)   (4.0)
                            ------- -------  ------- ------- ------  ------ 
Total                       $ 429.4     101% $ 420.9 $ 409.6    2.0%    4.8%
                            ------- -------  ------- ------- ------  ------ 
                                                                            

 
--  Americas, EMEA and Asia-Pacific represented 49.9%, 23.8% and 26.3%,
    respectively, of total net revenue for the quarter.
--  The Company held $740.2 million in cash and investments and generated
    $59.4 million of cash from operations for the quarter ended December
    29, 2012.
--  The Company has adjusted its current and historical Consolidated
    Statements of Operations and segment financials to reflect the October
    2012 sale of its holographic security business. This business'
    adjusted results are reflected as discontinued operations for the
    periods reported.

  
Business Outlook 
For the third quarter of fiscal 2013, ending March 30, 2013, the
Company expects non-GAAP net revenue to be $405 to $425 million.  
Conference Call 
The Company will discuss these results and other related matters at
2:00 p.m. Pacific Time on January 30, 2013 in a live webcast, which
will also be archived for replay on the Company's website at
www.jdsu.com/investors. The Company will post supporting slides
outlining the Company's latest financial results concurrently with
this earnings press release. They will be posted on
www.jdsu.com/investors under the "Financial Information" section.
This press release is being furnished as a Current Report on Form 8-K
with the Securities and Exchange Commission, and will be available at
www.sec.gov. 
About JDSU 
JDSU (NASDAQ: JDSU) (TSX: JDU) innovates and collaborates with
customers to build and operate the highest-performing and
highest-value networks in the world. Our diverse technology portfolio
also fights counterfeiting and enables high-powered commercial lasers
for a range of applications. Learn more about JDSU at www.jdsu.com
and follow us on JDSU Perspectives, Twitter, Facebook and YouTube. 
Forward-Looking Statements 
This press release contains, and the discussions in our subsequent
conference call will contain, forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These statements include: (i)
any anticipation or guidance as to future financial performance,
including future revenue, gross margin, operating expense, operating
margin, cash flow and other financial metrics, and the impact and
duration of certain market conditions; and (ii) the Company's beliefs
regarding the purpose, usefulness and efficacy of non-GAAP results
and the measures and items the Company includes in the same, as well
as any benefits to investors the Company believes its non-GAAP
measures provide. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected. In particular, the Company's ability to predict
future financial performance continues to be difficult due to, among
other things: (a) continuing general limited visibility across many
of our product lines, as well as the migration to vendor managed
inventory programs; (b) quarter-over-quarter product mix
fluctuations, which can materially impact profitability measures due
to the broad gross margin range across our portfolio; (c)
consolidation of our customer base, which, in the shorter term limits
demand visibility, and in the longer term, could reduce our business
potential; (d) continued decline of average selling prices across our
businesses; (e) notable seasonality and a significant level of
in-quarter book-and-ship business; (f) various product and
manufacturing transfers, site consolidations and product
discontinuances in which we are currently engaged, that have caused
and may cause short term disruptions; (g) the ability of our
suppliers and contract manufacturers to meet production and delivery
requirements to our forecasted demand; and (h) inherent uncertainty
related to global markets conditions and the effect of such
conditions on demand for our products. 
For more information on these and other risks affecting the Company's
business, please refer to the "Risk Factors" section included in Part
I, Item 1A of our Current Report on Form 8-K dated December 14, 2012
filed with the Securities and Exchange Commission. The
forward-looking statements contained in this news release are made as
of the date hereof and the Company assumes no obligation to update
such statements. 
The following financial tables are presented in accordance with GAAP,
unless otherwise specified.  


 
                                                                            
                         - SELECTED FINANCIAL DATA -                        
                                                                            
                          JDS UNIPHASE CORPORATION                          
                    CONSOLIDATED STATEMENTS OF OPERATIONS                   
                    (in millions, except per share data)                    
                                 (unaudited)                                
                                                                            
                                                                            
                               Three Months Ended       Six Months Ended    
                             ----------------------  ---------------------- 
                              December    December    December    December  
                                 29,         31,         29,         31,    
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
Net revenue                  $    429.4  $    409.3  $    850.3  $    825.1 
Cost of sales                     225.8       219.4       457.0       439.3 
Amortization of acquired                                                    
 technologies                      14.6        15.4        31.7        29.7 
                             ----------  ----------  ----------  ---------- 
Gross profit                      189.0       174.5       361.6       356.1 
                             ----------  ----------  ----------  ---------- 
Operating expenses:                                                         
  Research and development         63.5        58.9       125.1       118.2 
  Selling, general and                              
                        
   administrative                 105.4       105.3       210.1       215.6 
  Amortization of other                                                     
   intangibles                      2.2         5.4         5.7        10.5 
  Restructuring and related                                                 
   charges                          3.0         4.0         5.7         5.5 
                             ----------  ----------  ----------  ---------- 
Total operating expenses          174.1       173.6       346.6       349.8 
                             ----------  ----------  ----------  ---------- 
Income from continuing                                                      
 operations                        14.9         0.9        15.0         6.3 
Interest and other income                                                   
 (expense), net                    (2.4)        1.0        (2.8)        2.0 
Interest expense                   (5.1)       (6.6)      (11.2)      (13.2)
                             ----------  ----------  ----------  ---------- 
Income (loss) from                                                          
 continuing operations                                                      
 before income taxes                7.4        (4.7)        1.0        (4.9)
Provision for income taxes          4.1         3.0         7.5         6.4 
                             ----------  ----------  ----------  ---------- 
Income (loss) from                                                          
 continuing operations, net                                                 
 of tax                             3.3        (7.7)       (6.5)      (11.3)
Income (loss) from                                                          
 discontinued operations,                                                   
 net of tax                         0.8        (2.5)       (1.0)       (4.7)
                             ----------  ----------  ----------  ---------- 
Net income (loss)            $      4.1  $    (10.2) $     (7.5) $    (16.0)
                             ==========  ==========  ==========  ========== 
                                                                            
Basic net income (loss) per                                                 
 share from:                                                                
  Continuing operations      $     0.02  $    (0.03) $    (0.03) $    (0.05)
  Discontinued operations             -       (0.01)          -       (0.02)
                             ----------  ----------  ----------  ---------- 
  Net income (loss)          $     0.02  $    (0.04) $    (0.03) $    (0.07)
                             ==========  ==========  ==========  ========== 
Diluted net income (loss)                                                   
 per share from:                                                            
  Continuing operations      $     0.02  $    (0.03) $    (0.03) $    (0.05)
  Discontinued operations             -       (0.01)          -       (0.02)
                             ----------  ----------  ----------  ---------- 
  Net income (loss)          $     0.02  $    (0.04) $    (0.03) $    (0.07)
                             ==========  ==========  ==========  ========== 
                                                                            
Shares used in per share                                                    
 calculation:                                                               
  Basic                           234.4       229.4       233.6       228.9 
  Diluted                         237.1       229.4       233.6       228.9 
                                                                            
                                                                            
                          JDS UNIPHASE CORPORATION                          
                    CONDENSED CONSOLIDATED BALANCE SHEETS                   
                          (in millions, unaudited)                          
                                                                            
                                                                            
                                                  December 29,    June 30,  
                                                      2012          2012    
                                                  ------------  ------------
ASSETS                                                                      
Current assets:                                                     
        
  Cash and cash equivalents                       $      306.1  $      401.1
  Short-term investments                                 403.8         320.5
  Restricted cash                                         30.9          31.1
  Accounts receivable, net                               279.1         305.8
  Inventories, net                                       179.8         174.5
  Prepayments and other current assets                    78.4          77.2
                                                  ------------  ------------
    Total current assets                               1,278.1       1,310.2
                                                  ------------  ------------
Property, plant and equipment, net                       250.3         252.9
Goodwill                                                  75.3          68.7
Intangible assets, net                                   139.9         178.8
Long-term investments                                        -             -
Other non-current assets                                  63.9          58.9
                                                  ------------  ------------
    Total assets                                  $    1,807.5  $    1,869.5
                                                  ============  ============
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
Current liabilities:                                                        
  Accounts payable                                $      116.1  $      117.6
  Accrued payroll and related expenses                    79.8          68.6
  Income taxes payable                                    25.0          20.7
  Deferred revenue                                        82.8          81.2
  Accrued expenses                                        37.9          35.3
  Short-term debt                                        205.6         292.8
  Other current liabilities                               33.4          37.9
                                                  ------------  ------------
    Total current liabilities                            580.6         654.1
                                                  ------------  ------------
Other non-current liabilities                            163.8         176.6
    Total stockholders' equity                         1,063.1       1,038.8
                                                  ------------  ------------
      Total liabilities and stockholders' equity  $    1,807.5  $    1,869.5
                                                  ============  ============
                                                                            
                                                                            
                          JDS UNIPHASE CORPORATION                          
                       REPORTABLE SEGMENT INFORMATION                       
                          (in millions, unaudited)                          
                                                                            
Information on reportable segments is as follows (in millions):             
                                                                            
                               Three Months Ended       Six Months Ended    
                             ----------------------  ---------------------- 
                              December    December    December    December  
                                 29,         31,         29,         31,    
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
                                                                            
Net revenue:                                                                
  Communications Test and                                                   
   Measurement               $    195.4  $    196.2  $    364.9  $    381.4 
  Communications and                                                        
   Commercial Optical                                                       
   Products                       185.8       163.2       380.7       343.5 
  Optical Security and                                                      
   Performance Products            48.2        50.2       104.7       100.8 
  Deferred revenue related                                                  
   to purchase accounting                                                   
   adjustment                         -        (0.3)          -        (0.6)
                             ----------  ----------  ----------  ---------- 
      Net revenue            $    429.4  $    409.3  $    850.3  $    825.1 
                             ==========  ==========  ==========  ========== 
                                                                            
Operating income (loss):                                                    
  Communications Test and                                                   
   Measurement               $     35.3  $     28.0  $     52.1  $     52.1 
  Communications and                                                        
   Commercial Optical                                                       
   Products                        21.2        16.6        45.0        42.2 
  Optical Security and                                                      
   Performance Products            16.2        16.8        37.4        34.5 
  Corporate                       (23.7)      (21.4)      (46.8)      (42.4)
                             ----------  ----------  ----------  ---------- 
      Total segment                                                         
       operating income            49.0        40.0        87.7        86.4 
  Unallocated amounts:                                                      
    Stock-based compensation      (13.6)      (12.3)      (26.2)      (23.8)
    Acquisition-related                                                     
     charges and                                                            
     amortization of                                                        
     intangibles                  (17.3)      (21.1)      (38.7)      (40.8)
    Loss on disposal of                                                     
     long-lived assets             (0.1)       (0.2)       (1.4)       (0.7)
    Restructuring and                                                       
     related charges               (3.0)       (4.0)       (5.7)       (5.5)
    Realignment and other                                                   
     charges                       (0.1)       (1.5)       (0.7)       (9.3)
    Interest and other                                                      
     income (expense), net         (2.4)        1.0        (2.8)        2.0 
    Interest expense               (5.1)       (6.6)      (11.2)      (13.2)
                             ----------  ----------  -------
---  ---------- 
  Income (loss) from                                                        
   continuing operations                                                    
   before income taxes       $      7.4  $     (4.7) $      1.0  $     (4.9)
                             ----------  ----------  ----------  ---------- 

 
Use of Non-GAAP (Adjusted) Financial Measures 
The Company provides non-GAAP net revenue, non-GAAP net income
(loss), non-GAAP net income (loss) per share, EBITDA and adjusted
EBITDA financial measures as supplemental information regarding the
Company's operational performance. The Company uses the measures
disclosed in this release to evaluate the Company's historical and
prospective financial performance, as well as its performance
relative to its competitors. Specifically, management uses these
items to further its own understanding of the Company's core
operating performance, which the Company believes represents its
performance in the ordinary, ongoing and customary course of its
operations. Accordingly, management excludes from core operating
performance items such as those relating to amortization of
acquisition-related intangibles, stock-based compensation,
restructuring and certain investing expenses and non-cash activ
ities
that management believes are not reflective of such ordinary, ongoing
and customary course activities. 
The Company believes providing this additional information to its
investors allows investors to see Company results through the eyes of
management. The Company further believes that providing this
information allows Company investors to both better understand the
Company's financial performance and, importantly, to evaluate the
efficacy of the methodology and information used by management to
evaluate and measure such performance. 
The non-GAAP adjustments described in this release have historically
been excluded by the Company from its non-GAAP financial measures.
The non-GAAP adjustments, and the basis for excluding them, are
outlined below. 
Revenue from acquisition-related deferred revenue: The Company
excludes the fair value adjustment to acquisition-related deferred
revenue when calculating non-GAAP revenue. The Company believes
non-GAAP revenue provides useful information for investors as they
review for underlying trends in the business and facilitates the
investors' comparisons of the Company's revenue performance to prior
and future periods and to the Company's peers. 
Cost of sales, costs of research and development and costs of
selling, general and administrative: The Company GAAP presentation of
gross margin and operating expenses may include (i) additional
depreciation from c
hanges in estimated useful life and the write-down
of certain property and equipment that has been identified for
disposal but remained in use until the date of disposal, (ii)
workforce related charges such as severance, retention bonuses and
employee relocation costs related to formal restructuring plan, (iii)
costs for facilities not required for ongoing operations, and costs
related to the relocation of certain equipment from these facilities
and/or contract manufacturer facilities, (iv) stock-based
compensation, and (v) other non-recurring charges comprising mainly
of, one-time acquisition, integration, litigation and other costs and
contingencies unrelated to current and future operations. The Company
excludes these items in calculating non-GAAP gross margin, non-GAAP
operating income, non-GAAP net income (loss), non-GAAP net income
(loss) per share, EBITDA and adjusted EBITDA. The Company believes
excluding these items enables investors to evaluate more clearly and
consistently the Company's core operational performance. 
Amortization of intangibles from acquisitions: The Company includes
amortization expense related to intangibles from acquisitions in its
GAAP presentation of cost of sales and operating expense. The Company
excludes these significant non-cash items in calculating non-GAAP
gross margin, non-GAAP operating income, non-GAAP net income (loss),
non-GAAP net income (loss) per share, EB
ITDA and adjusted EBITDA
because it believes doing so provides investors a clearer and more
consistent view of the Company's core operating performance in terms
of cost of sales and operating expenses. 
Other income (loss), net and non-cash interest expense: The Company
incurred a loss in connection with repurchasing certain of its 1%
Senior Convertible Notes which was recorded in interest and other
(income), net in compliance with the authoritative guidance. The
Company also incurred non-cash interest expense accounted for under
the authoritative guidance on convertible debt instruments, which
requires the Company to separately account for the liability (debt)
and equity (conversion option) components of such instruments. The
Company eliminates these items in calculating non-GAAP net income
(loss), non-GAAP net income (loss) per share, EBITDA and adjusted
EBITDA, because it believes that in so doing, it can provide
investors a clearer and more consistent view of the Company's core
operating performance. 
Gain or loss on sale of available for-sale investments: The Company
has sold investments or adjusted the value of investments from time
to time based on market conditions, and includes the impact of these
activities in its GAAP presentation of net income (loss) and net
income (loss) per share. The Company's core business does not include
making financial investments in third parties, and such investments
do not constitute a material portion of the Company's assets.
Moreover, the amount and timing of gains and losses and adjustments
to the value of investments are unpredictable. Consequently, the
Company excludes these items in calculating non-GAAP net income
(loss), non-GAAP net income (loss) per share, EBITDA and adjusted
EBITDA because it believes gains or losses on these sales and
adjustments to the value of investments are not related to the
Company's ongoing core business and operating performance. 
Discontinued operations: The Company has adjusted its current and
historical Consolidated Statements of Operations and segment
financials to reflect the October 2012 sale of its holographic
security business. This business' adjusted results are reflected as
discontinued operations for the periods reported in the Company's
GAAP consolidated statement of operations. The Company excluded the
results of discontinued operations in calculating non-GAAP net income
(loss), non-GAAP net income (loss) per share, EBITDA and adjusted
EBITDA for all periods reported. The Company believes excluding these
items enables investors to evaluate more clearly and consistently the
Company's core operational performance. 
Interest, taxes, depreciation, amortization and other adjustments:
The Company's EBITDA calculation excludes interest, taxes,
depreciation and amortization, and other items that are not part of
its core operating performance described above. Management believes
adjusted EBITDA is a good indicator of the Company's core operational
cash flow. 
Non-GAAP financial measures are not in accordance with, or an
alternative for, generally accepted accounting principles in the
United States. The GAAP measure most directly comparable to non-GAAP
net income (loss) is net income (loss). The GAAP measure most
directly comparable to non-GAAP net income (loss) per share is net
income (loss) per share. The Company believes these GAAP measures
alone are not indicative of its core operating expenses and
performance. 
The following tables reconcile GAAP measures to non-GAAP measures: 


 
                                                                            
                          JDS UNIPHASE CORPORATION                          
            RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES            
                    (in millions, except per share data)                    
                                 (unaudited)                                
                                                                            
                                               Three Months Ended           
                                     -------------------------------------  
                                        December 29,       December 31,     
                                            2012               2011         
                                     ------------------ ------------------  
                                        Net                Net              
                                      income    Diluted  income    Diluted  
                                      (loss)      EPS    (loss)      EPS    
                                     --------  -------- --------  --------  
GAAP measures                        $    4.1  $   0.02 $  (10.2) $  (0.04) 
  Items reconciling GAAP net income                                         
   (loss) & EPS to Non-GAAP net                                             
   income & EPS:                                                            
                                                                            
  Related to net revenues:                                                  
    Deferral of revenues related to                                         
     purchase accounting                    -         -      0.3         -  
                                                                            
  Related to cost of sales:                                                 
    Stock-based compensation                                                
     expenses                             2.1      0.01      1.5      0.01  
    Other non-recurring charges           0.5         -      1.2      0.01  
    Amortization of acquired                                                
     developed technologies              14.6      0.06     15.4      0.07  
                                     --------  -------- --------  --------  
  Total related to gross profit          17.2      0.07     18.4      0.09  
                                     --------  -------- --------  --------  
                                                                            
  Related to operating expenses:                                            
    Research and development:                                               
      Stock-based compensation                                              
       expenses                           3.4      0.01      3.1      0.01  
      Other non-recurring charges           -         -        -         -  
    Selling, general and                                                    
     administrative:                                                        
      Stock-based compensation                                              
       expenses                           8.1      0.03      7.7      0.03  
      Other non-recurring charges         0.1         -      0.3         -  
    Amortization of intangibles           2.2      0.01      5.4      0.02  
    Loss on disposal of long-lived                                          
     assets                               0.1         -      0.2         -  
    Restructuring and related                                               
     charges                              3.0      0.01      4.0      0.02  
                                     --------  -------- --------  --------  
  Total related to operating                                                
   expenses                              16.9      0.06     20.7      0.08  
                                     --------  -------- --------  --------  
                                                                            
  Interest and other income                                                 
   (expense), net                         1.3      0.01        -         -  
  Non-cash interest expense               3.6      0.02      5.0      0.02  
  (Gain) on sale of investments             -         -     (0.1)        -  
  Discontinued operations                (0.8)        -      2.5      0.01  
                                     --------  -------- --------  --------  
  Total related to net income & EPS      38.2      0.16     46.5      0.20  
                                     --------  -------- --------  --------  
Non-GAAP measures                    $   42.3  $   0.18 $   36.3  $   0.16  
                                     ========  ======== ========  ========  
                                                                            
 
                                                                            
                          JDS UNIPHASE CORPORATION                          
            RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES            
                    (in millions, except per share data)           
         
                                (unaudited)                                 
                                                                            
                                                Six Months Ended            
                                    --------------------------------------- 
                                       December 29,         December 31,    
                                           2012                 2011        
                                    ------------------  ------------------- 
                                       Net                 Net              
                                     income    Diluted   income    Diluted  
                                     (loss)      EPS     (loss)      EPS    
                                    --------  --------  --------  --------- 
GAAP measures                       $   (7.5) $  (0.03) $  (16.0) $   (0.07)
  Items reconciling GAAP net income                                         
   (loss) & EPS to Non-GAAP net                                             
   income & EPS:                                                            
                                                                            
  Related to net revenues:                                                  
    Deferral of revenues related to                                         
     purchase accounting                   -         -       0.6          - 
                                                                            
  Related to cost of sales:                                                 
    Stock-based compensation                                                
     expenses                            4.3      0.02       3.3       0.01 
    Other non-recurring charges          1.3      0.01       1.2       0.01 
    Amortization of acquired                                                
     developed technologies             31.7      0.13      29.7       0.13 
                                    --------  --------  --------  --------- 
  Total related to gross profit         37.3      0.16      34.8       0.15 
                                    --------  --------  --------  --------- 
                                                                            
  Related to operating expenses:                                            
    Research and development:                                               
      Stock-based compensation                                              
       expenses                          6.3      0.03       5.7       0.02 
      Other non-recurring charges          -         -         -          - 
    Selling, general and                                                    
     administrative:                                                        
      Stock-based compensation                                              
       expenses                         15.6      0.07      14.8       0.07 
      Other non-recurring charges        0.7         -       8.1       0.04 
    Amortization of intangibles          5.7      0.02      10.5       0.05 
    Loss on disposal of long-lived                                          
     assets                              1.4      0.01       0.7          - 
    Restructuring and related                                               
     charges                             5.7      0.02       5.5       0.02 
                                    --------  --------  --------  --------- 
  Total related to operating                                                
   expenses                             35.4      0.15      45.3       0.20 
                                    --------  --------  --------  --------- 
                                                                            
  Interest and other income                                                 
   (expense), net                        3.4      0.01         -          - 
  Non-cash interest expense              7.8      0.04       9.9       0.04 
  (Gain) on sale of investments         (0.1)        -      (1.2)     (0.01)
  Discontinued operations                1.0         -       4.7       0.02 
                                    -------
-  --------  --------  --------- 
  Total related to net income & EPS     84.8      0.36      93.5       0.40 
                                    --------  --------  --------  --------- 
Non-GAAP measures                   $   77.3  $   0.33  $   77.5  $    0.33 
                                    ========  ========  ========  ========= 
                                                                            
Note: Certain totals may not  
add due to rounding           
                              
                                                                            
                          JDS UNIPHASE CORPORATION                          
         RECONCILIATION OF GAAP NET REVENUE TO NON-GAAP NET REVENUE         
                          (in millions, unaudited)                          
                                                                            
                                   Three Months Ended     Six Months Ended  
                                 --------------------- ---------------------
                                  December   December   December   December 
                                     29,        31,        29,        31,   
                                    2012       2011       2012       2011   
                                 ---------- ---------- ---------- ----------
GAAP net revenue                 $    429.4 $    409.3 $    850.3 $    825.1
  Deferral of revenues related                                              
   to purchase accounting                                                   
   adjustment                             -        0.3          -        0.6
                                 ---------- ---------- ---------- ----------
Non-GAAP net revenue             $    429.4 $    409.6 $    850.3 $    825.7
                                 ========== ========== ========== ==========
                                                                            
                                                                            
                          JDS UNIPHASE CORPORATION                          
        RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA         
                          (in millions, unaudited)                          
                                                                            
                               Three Months Ended       Six Months Ended    
                             ----------------------  ---------------------- 
                              December    December    December    December  
                                 29,         31,         29,         31,    
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
GAAP net income (loss) from                                                 
 continuing operations       $      3.3  $     (7.7) $     (6.5) $    (11.3)
  Interest and other income                                                 
   (expense), net                   2.4        (1.0)        2.8        (2.0)
  Interest expense                  5.1         6.6        11.2        13.2 
  Provision for income taxes        4.1         3.0         7.5         6.4 
  Depreciation                     16.9        17.1        33.8        34.2 
  Amortization                     16.8        20.8        37.4        40.2 
                             ----------  ----------  ----------  ---------- 
EBITDA                             48.6        38.8        86.2        80.7 
                             ----------  ----------  ----------  ---------- 
  Costs related to                                                          
   restructuring and related                                                
   charges                          3.0         4.0         5.7         5.5 
  Costs related to stock                                                    
   based compensation                                                       
   expense                         13.6        12.3        26.2        23.8 
  Purchase accounting                                                       
   adjustment                       0.5         0.3         1.3         0.6 
  Costs related to other                                                    
   non-recurring activities         0.1         1.5         0.7         9.3 
  Loss on disposal of long-                                                 
   lived assets                     0.1         0.2         1.4         0.7 
                             ----------  ----------  ----------  ---------- 
Adjusted EBITDA              $     65.9  $     57.1  $    121.5  $    120.6 
                             ==========  ==========  ==========  ========== 
                                                                            
Note: Certain totals may not add due to rounding                            

  
Contact Information 
Investors: 
Cherryl Valenzuela
408-546-4521
cherryl.valenzuela@jdsu.com 
Press:
Jim Monroe
240-404-1922
jim.monroe@jdsu.com