MILPITAS, Calif. -- JDSU (NASDAQ: JDSU) today reported results for its third quarter ended March 29, 2014.
GAAP net revenue was $418.0 million, with net loss of $(1.5) million, or $(0.01) per share. Prior quarter net revenue was $447.6 million, with net income of $8.8 million, or $0.04 per share. Net revenue for fiscal 2013 third quarter was $405.3 million, with net loss of $(28.0) million, or $(0.12) per share.
Non-GAAP net revenue was $418.0 million, with net income of $23.4 million, or $0.10 per share. Prior quarter non-GAAP net revenue was $447.6 million, with net income of $45.3 million, or $0.19 per share. Non-GAAP net revenue for fiscal 2013 third quarter was $405.3 million, with net income of $24.1 million, or $0.10 per share.
"Our fiscal third quarter revenue was impacted by later-than-expected carrier orders, but we are encouraged by a strong bookings performance and believe positive industry trends will drive improved top-line growth in our fiscal fourth quarter," said Tom Waechter, JDSU's President and Chief Executive Officer. "Despite lower-than-expected revenue in the third quarter, we grew three percent year-on-year, and stayed within our operating margin guidance range through continued strength in gross margins and effective cost management."
Americas, EMEA and Asia-Pacific customers represented 47.0%, 24.5% and 28.5%, respectively, of total net revenue for the quarter.
The Company held $926.2 million in total cash and investments and generated $42.5 million of cash from operations for the quarter ended March 29, 2014.
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.
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