JDSU takes huge 2009 write-down
JDSU reported a net loss for both its fourth quarter and its fiscal 2009. The company reported lower revenue for both the quarter and the year.
JDSU’s Q4 revenue was $276.1 million, down from $390 million a year ago. The company’s net loss in its most recently concluded quarter was $59.5 million, versus a net loss of $29.8 million in the fourth fiscal quarter of 2008.
For the full fiscal year 2009, net revenue of $1.2 billion was down 15.4 percent from $1.5 billion for fiscal 2008. The net loss for the year was $866.4 million, far eclipsing the $21.7 million loss for fiscal 2008.
Like many other companies, JDSU was compelled to take enormous charges on impairments to goodwill and intangibles. JDSU’s write-downs totaled $759.8 million, compounded by restructuring and related charges totaling $38.7 million. In comparison, JDSU’s fiscal year 2008 included impairments, primarily for goodwill and intangibles, totaling $47.7 million and restructuring and related charges totaling $6.7 million.
"We successfully navigated through the global economic turbulence that took place in fiscal 2009," said Tom Waechter, JDSU's president and chief executive officer. "We begin fiscal 2010 with a stronger balance sheet, an improved business model and a stronger product portfolio, well positioned for growth when the economy rebounds."