JDSU Announces Fiscal 2009 Third Quarter Results

MILPITAS, CA, Apr 29 (MARKET WIRE) --
JDSU (NASDAQ: JDSU) (TSX: JDU) today reported results for its third
fiscal quarter ended March 28, 2009.

Net revenue for the third fiscal quarter was $280.6 million and the net
loss was $(85.2) million, or $(0.40) per share, which included a $45
million impairment of goodwill. This compares to net revenue of $383.9
million and a net loss of $(6.2) million or $(0.03) per share in the third
fiscal quarter of 2008.

On a non-GAAP basis, net loss for the quarter was $(6.9) million or
$(0.03) per share. This compares with non-GAAP net income of $31.2
million or $0.14 per share in the third fiscal quarter of 2008.

On an adjusted EBITDA basis (adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization) the Company reported $9.3 million for the
quarter, which compares to $32.3 million in the third fiscal quarter of
2008.

"We generated positive free cash flow and fortified our balance sheet
during these challenging economic times," said Tom Waechter, JSDU's
President and Chief Executive Officer. "We remain confident in our
long-term market opportunities and will continue to focus on innovation
and our lean initiative activities to position JDSU for future growth and
ongoing market leadership."

Financial Overview - Third Fiscal Quarter Ended March 28, 2009

-- Third quarter non-GAAP net revenue of $280.7 million decreased 21.4%
when compared to the previous quarter and 26.9% when compared to the
third quarter of fiscal 2008.
-- Non-GAAP gross margins were 41.8% compared to 43.5% in fiscal Q2
2009 and 42.6% in fiscal Q3 2008.
-- Non-GAAP operating margins were (2.8%) compared to 5.2% in fiscal Q2
2009 and 4.1% in fiscal Q3 2008.
-- Communications Test and Measurement revenue of $129.2 million
decreased 26.7% from the previous quarter and decreased 23.6%
compared to the third quarter of fiscal 2008. Revenue from this
segment represented 46% of total non-GAAP net revenue.
-- Third quarter Communication and Commercial Optical Products revenue
of $100.5 million decreased 21.4% compared with the previous quarter
and 36.9% compared to the third quarter of fiscal 2008. Revenue
from this segment represented 35.8% of total non-GAAP net revenue.
- -- Third quarter Optical Communications revenue of $89 million
decreased 18.7% compared with the previous quarter and 34.6%
compared to the third quarter of fiscal 2008.
- -- Our Commercial Lasers business reported revenue of $11.5
million, down 37.5% from the previous quarter and 50.2% from
the third quarter of fiscal 2008.
-- Revenue from the Advanced Optical Technologies segment was $51.0
million, down 4.0% from the previous quarter and down 8.8% compared
to the third quarter of fiscal 2008. Revenue from this segment
represented 18.2% of total non-GAAP net revenue.
-- Americas' customers represented 42% of total non-GAAP net revenue.
European and Asia-Pacific customers represented 34% and 24% of total
non-GAAP net revenue, respectively.
-- The $45.0 million goodwill impairment charge resulted from the
completion of our mid-year analysis for impairment of goodwill and
long lived assets.
-- Net cash for the quarter increased by $34.5 million as we reduced
our total inventory by $40.4 million, reduced our Days Sales
Outstanding by 3 days, and reduced our outstanding debt balance by
$50 million.
-- The Company held $673.5 million in total cash. During the quarter
the Company reduced its outstanding debt by $50.0 million resulting
in a gain from the repurchase of convertible debt of $20.0 million.
-- The Company was free cash flow positive $15.3 million for the third
quarter.

Business Outlook

For the fourth quarter of fiscal 2009, ending June 27, 2009, the Company
expects revenue to be in the range of $265 to $285 million.

Conference Call

The Company will discuss these results and other related matters at 2:00
p.m. Pacific Time on April 29, 2009 in a live webcast, which will also be
archived for replay on the Company's website at www.jdsu.com/investors.
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) enables broadband and optical innovation in
the communications, commercial and consumer markets. JDSU is a leading
provider of communications test and measurement solutions and optical
products for telecommunications service providers, cable operators, and
network equipment manufacturers. JDSU is also a leading provider of
innovative optical solutions for medial/environmental instrumentation,
semiconductor processing, display, brand authentication, aerospace and
defense, and decorative applications. More information is available at
www.jdsu.com.

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, EBITDA,
cash flow and other financial metrics; 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 exacerbated by
the current credit and financial market uncertainty; (b) the ongoing
potential for significant quarter-over-quarter product mix fluctuations,
which can materially impact profitability measures due to the broad gross
margin range across our portfolio; (c) continuing consolidation activities
affecting our customer base, which, in the shorter term limits demand
visibility, and, in the longer term, could reduce our business potential;
(d) average selling prices continue to decline across our businesses; (e)
we and many of our Optical Communications suppliers continue to experience
execution and delivery challenges which limit our revenue and impair our
profitability; (f) our Communications Test and Measurement business is
notable for seasonality and a significant level of in-quarter
book-and-ship business, further limiting our forecasting abilities; (g)
as we implement vendor-managed-inventory and similar programs for our
customers, our visibility may be reduced; (h) we are currently engaged in
various product and manufacturing transfers, site consolidations and
product discontinuances, which has caused and may continue to cause
execution disruptions, customer satisfaction issues and quality and
delivery problems.

For more information on these and other risks affecting the Company's
business, please refer to the "Risk Factors" section included in the
Company's Annual Report on Form 10-K/A for the year ended June 28, 2008
and the Company's Quarterly Report on Form 10-Q for the second fiscal
quarter ended December 27, 2008, 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 does not assume any
obligation to update the reasons why actual results could differ
materially from those projected in the forward-looking statements.

The following financial tables are presented in accordance with GAAP,
unless otherwise specified.

-SELECTED FINANCIAL DATA FOLLOWS-

JDS UNIPHASE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)

Three Months Ended Nine Months Ended
-------------------- --------------------
March 28, March 29, March 28, March 29,
2009 2008 2009 2008
--------- --------- --------- ---------
Net revenue $ 280.6 $ 383.9 $ 1,018.3 $ 1,139.8
Cost of sales 165.6 225.8 586.6 652.3
Amortization of acquired
developed technologies 13.0 12.5 37.4 36.8
Impairment of acquired
developed technologies - - 4.9 -
--------- --------- --------- ---------
Gross profit 102.0 145.6 389.4 450.7
--------- --------- --------- ---------
Operating expenses:
Research and development 42.7 47.7 130.7 140.6
Selling, general and
administrative 93.8 112.2 311.1 317.9
Amortization of other
intangibles 6.7 8.0 20.7 22.0
Impairment of goodwill 45.0 - 736.9 -
Loss and impairment of
long-lived assets 7.0 1.9 12.1 1.8
Restructuring charges 11.0 1.7 20.2 3.0
--------- --------- --------- ---------
Total operating expenses 206.2 171.5 1,231.7 485.3
--------- --------- --------- ---------
Loss from operations (104.2) (25.9) (842.3) (34.6)
Interest and other income 22.2 15.1 56.6 50.1
Interest expense (1.9) (2.2) (6.0) (6.7)
Gain on sale of investments 0.3 1.4 1.9 1.9
Impairment of investments (2.2) - (18.4) -
--------- --------- --------- ---------
Income (loss) before income
taxes (85.8) (11.6) (808.2) 10.7
Provision (benefit) for income
taxes (0.6) (5.4) (1.3) 2.6
--------- --------- --------- ---------
Net income (loss) $ (85.2) $ (6.2) $ (806.9) $ 8.1
========= ========= ========= =========

Net income (loss) per share $ (0.40) $ (0.03) $ (3.75) $ 0.04
========= ========= ========= =========
Shares used in per share
calculation 215.6 225.2 215.4 222.0
========= ========= ========= =========

JDS UNIPHASE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)

March 28, June 28,
2009 2008
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 252.4 $ 265.6
Short-term investments 409.6 608.0
Restricted cash 11.5 11.1
Accounts receivable, net 198.4 297.7
Inventories, net 159.7 188.9
Refundable income taxes 8.2 7.8
Assets held for sale 20.4 -
Other current assets 39.2 50.0
--------- ---------
Total current assets 1,099.4 1,429.1
Property, plant and equipment, net 190.1 213.2
Deferred income taxes 0.7 3.6
Goodwill 11.1 796.2
Other intangibles, net 337.2 416.1
Long-term investments 14.4 25.6
Other non-current assets 17.9 22.3
--------- ---------
Total assets $ 1,670.8 $ 2,906.1
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 88.6 $ 129.6
Short-term debt 0.2 83.0
Accrued payroll and related expenses 51.2 58.9
Income taxes payable 15.4 6.7
Deferred income taxes 0.1 0.4
Restructuring accrual 12.6 5.7
Warranty accrual 8.7 10.1
Other current liabilities 94.9 151.0
--------- ---------
Total current liabilities 271.7 445.4
Long-term debt 325.0 425.0
Other non-current liabilities 168.7 218.3

Stockholders' equity 905.4 1,817.4
--------- ---------
Total liabilities and stockholders' equity $ 1,670.8 $ 2,906.1
========= =========

JDS UNIPHASE CORPORATION
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)

Three Months Ended Nine Months Ended
-------------------- --------------------
March 28, March 29, March 28, March 29,
2009 2008 2009 2008
--------- --------- --------- ---------
Net revenue:
Communications Test and
Measurement $ 129.2 $ 169.3 $ 470.7 $ 540.1
Communications and
Commercial Optical Products 100.5 159.1 390.4 446.9
Advanced Optical
Technologies 51.0 55.8 157.6 153.6
Deferred revenue related to
purchase accounting
adjustment (0.1) (0.3) (0.4) (0.8)
--------- --------- --------- ---------
Net revenue $ 280.6 $ 383.9 $ 1,018.3 $ 1,139.8
========= ========= ========= =========

Operating income (loss):
Communications Test and
Measurement $ 9.3 $ 22.8 $ 72.0 $ 98.0
Communications and
Commercial Optical Products (6.4) 7.2 (0.8) 11.0
Advanced Optical
Technologies 19.3 20.4 60.5 58.8
Corporate (30.0) (34.5) (100.7) (98.5)
--------- --------- --------- ---------
Total segment operating
income (loss) (7.8) 15.9 31.0 69.3
Unallocated amounts:
Stock based compensation (13.0) (11.3) (38.6) (36.8)
Acquisition-related charges
and amortization of
intangibles (19.8) (23.6) (63.4) (62.4)
Impairment of goodwill (45.0) - (736.9) -
Loss and impairment of
long-lived assets (7.0) (1.9) (12.1) (1.8)
Restructuring charges (11.0) (1.7) (20.2) (3.0)
Realignment and other
charges (0.6) (3.3) (2.1) 0.1
Interest and other income 22.2 15.1 56.6 50.1
Interest expense (1.9) (2.2) (6.0) (6.7)
Gain on sale of investments 0.3 1.4 1.9 1.9
Impairment of investments (2.2) - (18.4) -
--------- --------- --------- ---------
Income (loss) before income
taxes $ (85.8) $ (11.6) $ (808.2) $ 10.7
========= ========= ========= =========

Use of Non-GAAP (Adjusted) Financial Measures

The Company provides non-GAAP 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 evaluates Company-wide segment
performance using, among other things, the measures disclosed in this
release for the purposes of evaluating 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. The
Company believes its "core operating performance" represents the
Company's performance in the ordinary, ongoing and customary course of
its operations. Accordingly, management excludes from "core operating
performance" those items, such as those relating to restructuring,
investing, stock-based compensation expense and non-cash activities that
management does not believe are reflective of such ordinary, ongoing and
customary course activities.

The Company believes that providing this information to its investors, in
addition to the GAAP presentation, 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 measures. The non-GAAP
adjustments, and the basis for excluding them, are outlined below.

Restructuring Activities

Cost of goods sold, costs of research and development and costs of
selling, general and administrative related to restructuring events: The
Company has incurred periodic expenses, included in its GAAP presentation
of gross margin and operating expenses primarily due to additional
depreciation from changes 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, workforce related charges
such as retention bonuses and employee relocation costs related to a
formal restructuring plan, building costs for facilities not required for
ongoing operations, and costs related to the relocation of certain
facilities and equipment from buildings which the Company has disposed of
or plans to dispose. The Company excludes these items, for the purposes
of calculating non-GAAP net income (loss), non-GAAP net income (loss) per
share, EBITDA and adjusted EBITDA, when it evaluates the continuing
operational performance of the Company. The Company believes that these
items do not reflect expected future gross profits or operating expenses
nor does the Company believe that they provide a meaningful evaluation of
current versus past core operational performance.

Investment Activities

Gain or loss on sale of available for-sale investments and impairment of
investments: The Company has sold investments or adjusted the value of
investments from time to time based on market conditions. The Company's
activities in this respect are included in the Company's 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 believes that gains or losses on these sales and adjustments
to the value of investments are not related to the ongoing core business
and operating performance of the Company. The Company excludes these
items, for the purposes of calculating non-GAAP net income (loss),
non-GAAP net income (loss) per share, EBITDA and adjusted EBITDA, when it
evaluates the continuing operational performance of the Company. The
Company believes the GAAP measure is not indicative of the Company's core
operating performance.

Gain or loss on equity method investments: The Company records gains or
losses on its equity investments based on our pro-rata share of gains or
the net losses of the investment. The Company's activities in this respect
are included in the Company's GAAP presentation of net income (loss) and
net income (loss) per share. The Company's core business is not making
financial investments in third parties, and such investments do not
constitute a material portion of the Company's assets. Moreover, the
timing and magnitude of gains or losses are unpredictable, as they are
inherently based on the performance of the third party subject of a
particular investment. The Company excludes these items, for the purposes
of calculating non-GAAP net income (loss), non-GAAP net income (loss) per
share, EBITDA and adjusted EBITDA, when it evaluates the continuing
operational performance of the Company. The Company believes the GAAP
measure is not indicative of its core operating performance.

Stock-based compensation expense: Non-GAAP net income (loss) and net
income (loss) per share excludes stock-based compensation expense under
SFAS 123R. The Company excludes this item, for the purposes of
calculating non-GAAP net income (loss), non-GAAP net income (loss) per
share, EBITDA and adjusted EBITDA, when it evaluates the continuing
operational performance of the Company. The Company believes this GAAP
measure is not indicative of its core operating performance.

Non-Cash Activities

Amortization of intangibles from acquisitions: The Company incurs
amortization of intangibles, included in its GAAP presentation of cost of
goods sold and operating expense, related to the various acquisitions it
has made. Management excludes these items, for the purposes of calculating
non-GAAP net income (loss), non-GAAP net income (loss) per share, EBITDA
and adjusted EBITDA, when it evaluates the continuing operational
performance of the Company. The Company believes that eliminating this
expense from operating income is useful to investors because it believes
the GAAP measure, alone, is not indicative of its core cost of goods sold
and operating expenses and performance.

Impairment of goodwill and other long-lived assets: The Company incurs
costs, included in its GAAP presentation of operating expense, related to
the impairment of goodwill and other long-lived assets primarily related
to SFAS 142 and SFAS 144 adjustments, respectively. SFAS 142 and SFAS 144
adjustments typically occur when the financial performance of the business
utilizing the affected assets falls below certain thresholds or certain
assets are designated as held for sale. Accordingly, SFAS 142 and SFAS 144
related asset value impairments are non-recurring and generally
unpredictable. The Company believes that eliminating this item, for the
purposes of calculating non-GAAP net income (loss), non-GAAP net income
(loss) per share, EBITDA and adjusted EBITDA, is useful to investors. We
believe this non-GAAP adjustment will assist investors to compare current
versus past performance. The Company's historical adjustments to the
carrying value of certain of its assets under SFAS 142 and SFAS 144, as
well as the methodology used by the Company in assessing the same, are
more particularly described in its quarterly reports on form 10-Q and
annual reports on Form 10-K.

Interest, taxes, and depreciation expense: The Company incurs depreciation
expense in its operating results. The Company's calculation of adjusted
EBITDA excludes items as a result of interest, taxes, depreciation and
amortization. Management believes adjusted EBITDA is indicative of the
Company's core operational cash flow.

Acquired In-Process Research and Development: The Company recorded charges
for acquired in-process research and development, included in its GAAP
presentation of operating expense, in connection with its acquisitions.
These amounts were expensed on the acquisition dates as the acquired
technology had not yet reached technological feasibility and had no future
alternative uses. There can be no assurance that acquisition of
businesses, products or technologies in the future will not result in
substantial charges for acquired IPR&D. Accordingly, acquired IPR&D are
non-recurring and generally unpredictable. The Company believes that
eliminating this expense, for the purposes of calculating non-GAAP net
income (loss), non-GAAP net income (loss) per share, EBITDA and adjusted
EBITDA, is useful to investors.

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 GAAP measure
most directly comparable to adjusted EBITDA is income (loss) from
operations. The Company believes that these GAAP measures alone are not
indicative of its core operating expenses and performance.

The following tables reconcile the non-GAAP revenue, net income (loss),
net income (loss) per share and adjusted EBITDA financial measures to
GAAP:

JDS UNIPHASE CORPORATION
NON-GAAP INFORMATION AND RECONCILIATION TO COMPARABLE GAAP FINANCIAL
MEASURES
(in millions, except per share data)
(unaudited)

Three Months Ended
--------------------------------------
March 28, March 29,
2009 2008
------------------ ------------------
Net Net
income Basic income Basic
(loss) EPS (loss) EPS
-------- -------- -------- --------
GAAP measures $ (85.2) $ (0.40) $ (6.2) $ (0.03)
Items reconciling GAAP net income
& EPS to Non-GAAP net income & EPS:

Related to net revenues:
Deferral of revenues related to
acquisition activities 0.1 - 0.3 -

Related to cost of sales:
Acquisition-related expenses - - 2.8 0.01
Stock-based compensation expenses 1.8 0.01 1.2 0.01
Other non-recurring charges 0.5 - 1.1 -
Amortization of acquired
developed technologies 13.0 0.07 12.5 0.06
Impairment of acquired developed
technologies - - - -
-------- -------- -------- --------
Total related to gross profit 15.4 0.08 17.9 0.08
-------- -------- -------- --------

Related to operating expenses:
Research and development:
Stock-based compensation
expenses 2.3 0.01 2.5 0.01
Other non-recurring charges 0.1 - - -
Selling, general and
administrative:
Stock-based compensation
expenses 8.9 0.04 7.6 0.03
Other non-recurring charges - - 2.2 0.01
Amortization of intangibles 6.7 0.03 8.0 0.04
Impairment of goodwill 45.0 0.21 - -
Loss and impairment of long-lived
assets 7.0 0.03 1.9 0.01
Restructuring charges 11.0 0.05 1.7 0.01
-------- -------- -------- --------
Total related to operating
expenses 81.0 0.37 23.9 0.11
-------- -------- -------- --------

Interest and other income (20.0) (0.09) (3.0) (0.01)
(Gain) on sale of investments (0.3) - (1.4) (0.01)
Impairment of investments 2.2 0.01 - -
-------- -------- -------- --------
Total related to net income (loss)
& EPS 78.3 0.37 37.4 0.17
-------- -------- -------- --------
Non-GAAP measures $ (6.9) $ (0.03) $ 31.2 $ 0.14
======== ======== ======== ========
Diluted Diluted
EPS EPS
-------- --------
Fully diluted Non-GAAP EPS $ (0.03) $ 0.14
======== ========

Nine Months Ended
--------------------------------------
March 28, March 29,
2009 2008
------------------ ------------------
Net Net
income Basic income Basic
(loss) EPS (loss) EPS
-------- -------- -------- --------
GAAP measures $ (806.9) $ (3.75) $ 8.1 $ 0.04
Items reconciling GAAP net income
& EPS to Non-GAAP net income & EPS:

Related to net revenues:
Deferral of revenues related to
acquisition activities 0.4 - 0.8 -

Related to cost of sales:
Acquisition-related expenses - - 2.8 0.01
Stock-based compensation expenses 5.3 0.03 3.7 0.02
Other non-recurring charges 0.4 - 1.1 -
Amortization of acquired
developed technologies 37.4 0.17 36.8 0.17
Impairment of acquired developed
technologies 4.9 0.02 - -
-------- -------- -------- --------
Total related to gross profit 48.4 0.22 45.2 0.20
-------- -------- -------- --------

Related to operating expenses:
Research and development:
Stock-based compensation
expenses 6.9 0.03 7.4 0.03
Other non-recurring charges 0.4 - - -
Selling, general and
administrative:
Stock-based compensation
expenses 26.4 0.12 25.7 0.12
Other non-recurring charges 1.3 0.01 (1.2) (0.01)
Amortization of intangibles 20.7 0.10 22.0 0.10
Impairment of goodwill 736.9 3.42 - -
Loss and impairment of long-lived
assets 12.1 0.06 1.8 0.01
Restructuring charges 20.2 0.09 3.0 0.02
-------- -------- -------- --------
Total related to operating
expenses 824.9 3.83 58.7 0.27
-------- -------- -------- --------

Interest and other income (41.6) (0.19) (10.7) (0.05)
(Gain) on sale of investments (1.9) (0.01) (1.9) (0.01)
Impairment of investments 18.4 0.09 - -
-------- -------- -------- --------
Total related to net income (loss)
& EPS 848.2 3.94 91.3 0.41
-------- -------- -------- --------
Non-GAAP measures $ 41.3 $ 0.19 $ 99.4 $ 0.45
======== ======== ======== ========
Diluted Diluted
EPS EPS
-------- --------
Fully diluted Non-GAAP EPS $ 0.19 $ 0.43
======== ========

JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP NET REVENUE TO NON-GAAP NET REVENUE
(in millions, unaudited)

Three Months Ended Nine Months Ended
------------------- -------------------
March 28, March 29, March 28, March 29,
2009 2008 2009 2008
--------- --------- --------- ---------
GAAP net revenue $ 280.6 $ 383.9 $ 1,018.3 $ 1,139.8

Deferral of revenues related to
acquisition activities 0.1 0.3 0.4 0.8

--------- --------- --------- ---------
Non-GAAP net revenue $ 280.7 $ 384.2 $ 1,018.7 $ 1,140.6
========= ========= ========= =========

JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA
(in millions, unaudited)

Three Months Ended Nine Months Ended
-------------------- --------------------
March 28, March 29, March 28, March 29,
2009 2008 2009 2008
--------- --------- --------- ---------
GAAP net income (loss) $ (85.2) $ (6.2) $ (806.9) $ 8.1
Interest and other income (22.2) (15.1) (56.6) (50.1)
Interest expense 1.9 2.2 6.0 6.7
(Gain) on sale of
investments (0.3) (1.4) (1.9) (1.9)
Impairment of investments 2.2 - 18.4 -
Provision (benefit) for
income taxes (0.6) (5.4) (1.3) 2.6
Depreciation 17.1 16.4 51.8 48.5
Amortization 19.7 20.5 58.1 58.8
--------- --------- --------- ---------
EBITDA (67.4) 11.0 (732.4) 72.7
Costs related to
restructuring events 11.0 1.7 20.2 3.0
Costs related to stock
based compensation
expense 13.0 11.3 38.6 36.8
Costs related to
acquisition activities 0.1 3.1 0.4 3.6
Costs related to other
non-recurring activities 0.6 3.3 2.1 (0.1)
Impairment of acquired
developed technologies - - 4.9 -
Loss and impairment of
long-lived assets 7.0 1.9 12.1 1.8
Impairment of goodwill 45.0 - 736.9 -
--------- --------- --------- ---------
Adjusted EBITDA $ 9.3 $ 32.3 $ 82.8 $ 117.8
========= ========= ========= =========

Contact Information

Investors:
Michelle Levine Schwartz
408-546-4421
Email Contact

Press:
Rachel Shelton
Eastwick Communications
650-480-4069
Email Contact

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