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JDS Uniphase posts loss
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January 24, 2002: 5:47 p.m. ET
Fiber-optic components maker's 2Q results hurt by restructuring charge.
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NEW YORK (CNN/Money) - JDS Uniphase Corp. reported a second-quarter loss Thursday, as its results were dragged down by a continuing slump in the telecommunications sector and hefty restructuring charges.
At the same time, the company said it was no longer sure that March would mark the bottom of a precipitous decline in sales.
After the U.S. markets closed, JDS, which makes fiber-optics components for the telecom industry, reported a loss in its fiscal second quarter, which ended on Dec. 29, of $255 million, excluding several one-time items, or 19 cents a share, compared with earnings a year ago of $208 million, or 21 cents a share.
Excluding certain additional restructuring charges, the San Jose, Calif.-based company lost 2 cents a share.
Including all charges, JDS lost $2.1 billion, or $1.60 a share, in the quarter, compared with a loss of $895 million, or 93 cents a share, a year ago.
Second-quarter sales plunged to $286 million from $925 million a year ago, and the company said it expects sales in its fiscal third quarter, which ends in March, to be about 10-to-15 percent below the second quarter, which was in line with its previous forecast.
However, the company backed away from its prior assertion that the March quarter would mark the bottom of a sharp downturn in sales.
In a statement, JDS said that recent changes to its sales forecasts "have caused the company to be uncertain that the March quarter will represent the low point in sales for the current downturn, although it continues to believe that recovery from the low point is expected initially to be modest."
JDS Uniphase and other telecom and technology companies have suffered from a prolonged slump in spending on new equipment, the hangover from a glut of spending in the late 1990s and early 2000.
Shares of JDS Uniphase (JDSU: Research, Estimates) rose 3 cents Thursday to close at $7.89, well off their 52-week high of $64.25. 
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