JDSU revenues up in 4Q12 but down for the year

2012-08-26 12:02:23

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PLDT completes optical undersea system between Japan and the Philippines
With the completion of the $400 million Asia Submarine-Cable Express (ASE) undersea cable system earlier this month, Philippines telecom provider PLDT says it has more than doubled its international bandwidth capacity while raising the resiliency of its overseas link. The 7200-km undersea cable network uses 40-Gbps technology that is upgradeable to 100 Gbps with a minimum design capacity of 15 Tbps.The ASE consortium members include NTTCom of Japan (see "NTT Communications discusses fiber-optic cable project"), StarHub of Singapore, and TM of Malaysia. NEC Corp and Fujitsu Ltd were leading suppliers for the project.“This is the largest-capacity international submarine cable system ever to land in the Philippines,” says Napoleon L. Nazareno, president and CEO of PLDT. “It is also the most secure. The ASE cable system significantly raises the resiliency of the country’s international communications links.”Landing at Daet, Camarines Norte, the ASE initially provides direct optical links between Japan, Philippines, Hong Kong, Malaysia, and Singapore while avoiding the earthquake-prone seas south of Taiwan. The next phase is planned to expand into other Asian countries, such as China, Vietnam and Indonesia.Daet is PLDT’s third landing station, following Nasugbu, Batangas for the Asia Pacific Cable Network 2 (APCN2) and Southeast Asia-Middle East-West Europe 3 (SMW3), and Bauang, La Union for Asia-America Gateway (AAG). 
Dell'Oro: Mobile backhaul and optical transport markets to experience growth through 2016
The Dell’Oro Group recently released two new five-year forecast reports on two segments of the telecommunication networking market, mobile backhaul and optical transport.In its mobile backhaul report, Dell’Oro Group says the mobile backhaul market, including transport and routers/switches, is expected to reach $9 billion by 2016. Backhaul transport is forecast to grow at a 2% compounded annual growth rate (CAGR) to $6 billion, while routers and switches should grow at a 9% CAGR to nearly $3 billion to represent 30% of the mobile backhaul market by 2016.“Demand for mobile backhaul is growing at a healthy pace as operators deploy additional cellular sites and upgrade to an all-IP network,” says Jimmy Yu, vice president of mobile backhaul market research at Dell’Oro Group. “Since mobile radios are carrying more packet data than voice circuits and an even greater amount in the future, we anticipate operators will continue to evolve their backhaul networks to increase throughput and efficiency with routers and switches at cell sites and network edge.”According to the Mobile Backhaul 5-Year Forecast Report, operators will deploy micro and pico cells, or small cells, for capacity in metro areas following the rollout of macro cell sites to provide better coverage. The requirements for small cell backhaul are expected to favor non-line-of-site solutions.A second report on the optical transport market predicts the worldwide market revenue will grow at a 7% CAGR driven by the demand for a new generation of equipment.“The optical transport market is in its next stage of transformation,” say Yu, who also handles optical equipment research at Dell’Oro. “In each new generation of optical equipment, there have been two distinct evolutions. The first being higher-speed interfaces and the second being better packet transport capabilities.”Yu says the market for higher-speed interfaces is moving rapidly to 100-Gbps DWDM, and wavelength shipments are expected to grow at greater than 120% each year for the next five years. In the area of improved packet-transport capabilities, the market is moving to OTN and MPLS/MPLS-TP as it departs from SONET/SDH as a legacy network element, according to the Dell’Oro report.
JDSU revenues up in 4Q12 but down for the year
JDSU (NASDAQ: JDSU; and TSX: JDU) revealed it closed its fiscal 2012 down year-on-year in just about every category, despite topping its revenue guidance in the fourth quarter ended June 30, 2012.GAAP net revenue for the fourth quarter came in at $439.3 million. This led to a net loss of $24.3 million for the quarter, or $0.10 per share. While the revenue figure was an improvement over third-quarter GAAP net revenues of $409.2 million, the loss was greater than the net $17.4 million, or $ 0.08 per share for the prior quarter. And the numbers were worse compared to the year-ago quarter, when JDSU saw net revenues of $471.8 million and net income of $9.3 million, or $0.04 per share.The GAAP net loss for the fourth fiscal quarter includes a $23.7 million impairment charge of certain long-lived assets and $10.5 million of insurance proceeds associated with the Thailand flood (see "JDSU forecasts down due to Thailand flooding").GAAP gross margin for the quarter was 41.6%, and 45% on a non-GAAP basis.Looking at fiscal 2012 in total on a non-GAAP basis, JDSU saw year-on-year declines in net revenue ($1,682.1 million, down 6.8%), gross margin (46.1% versus 47.6% in FY 2011), operating margin (9.1% compared to $12.7%) and net income ($137.3 million versus $216.7 million in 2011).On a GAAP basis, the net loss for fiscal 2012 was $57.7 million ($0.25 per share), compared to net income of $71.6 million ($0.31 per share) for fiscal 2011.Nevertheless, JDSU management saw positive signs from its performance. “JDSU’s execution on its strategic priorities is leading to market share gains and financial leverage despite challenging economic conditions,” said Tom Waechter, JDSU’s President and Chief Executive Officer. “Our focus on innovation and operational excellence accelerated in fiscal 2012 and we look forward to advancing our target business model in fiscal 2013.”That said, Waechter and the rest of the management team forecasts non-GAAP net revenue for the first quarter of fiscal 2013, ending September 29, 2012, in the range of $415 million to $435 million.Looking deeper at the non-GAAP fourth quarter numbers:Revenues within the Communications Test and Measurement segment of $196.2 million represented a 10.3% increase over the prior quarter, but a decrease of 7.1% compared to the fourth quarter of fiscal 2011. Revenue from this segment represented 44.7% of total net revenue.Communications and Commercial Optical Products revenue increased 6.9% compared to the prior quarter to of $185.0 million. However, this was a decrease of 8.6% compared to the year-ago quarter. Revenue from this segment represented 42.1% of total net revenue. Within the segment, Optical Communications revenue of $155.4 million increased 8.5% compared to the prior quarter and decreased 10.9% compared to the fourth quarter of fiscal 2011. Advanced Optical Technologies revenue of $58.1 million was within 1% of both the prior quarter and the fourth quarter of fiscal 2011.Americas’ customers represented 54% of total net revenue for the quarter. EMEA and Asia-Pacific customers represented 22% and 24%, respectively.
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