MILIPITAS, Calif. -- Viavi (NASDAQ: VIAV) today reported results for its fiscal second quarter ended January 2, 2016.
GAAP net revenue was $232.1 million, with net income of $3.3 million, or $0.02 per share. Prior quarter GAAP net revenue was $229.7 million, with net loss of $(13.6) million, or $(0.06) per share. GAAP net revenue for fiscal 2015 second quarter was $226.4 million, with net loss of $(37.7) million, or $(0.16) per share.
Non-GAAP net revenue was $232.1 million, with net income of $25.0 million, or $0.11 per share. Prior quarter non-GAAP net revenue was $229.7 million, with net income of $19.6 million, or $0.08 per share. Non-GAAP net revenue for fiscal 2015 second quarter was $226.4 million, with net income of $11.3 million, or $0.05 per share.
“Viavi delivered another solid quarter as our performance met or exceeded the high end of our guidance range,” said Rick Belluzzo, Viavi’s Interim President and Chief Executive Officer. “Our strategy to deliver improved profitability and revenue growth is executing to plan. Although uncertainty in the current macroeconomic environment could challenge the business, we remain focused on improving our operational infrastructure and solidifying our go-to market strategy for a transformational 2016 fiscal year.”
Belluzzo added, “I’m also pleased to announce that the Board of Directors has authorized a program to repurchase up to $100 million of the Company’s common stock through open market or private transactions between now and February 1, 2017. The timing of repurchases and the number of shares repurchased will depend upon business and financial market conditions.”
Americas, Asia-Pacific and EMEA customers represented 52.2%, 18.2% and 29.6%, respectively, of total net revenue for the quarter.
The Company held $926.0 million in total cash and investments, which also includes marketable equity investments, and used $(1.0) million of cash for operations during the quarter.
The Company adjusted its current and historical Condensed Consolidated Statements of Operations, Condensed Consolidated Balance Sheets and reportable segment information to reflect the spin-off of the Lumentum business (formerly the Company’s communications and commercial optical products business segment and WaveReady product line) on August 1, 2015.
The Lumentum business’ adjusted results are reflected as discontinued operations for the periods reported in the Company’s GAAP Condensed Consolidated Statement of Operations, Condensed Consolidated Balance Sheet and reportable segment information.
Business Outlook for the Fiscal Third Quarter of Fiscal 2016
For the fiscal third quarter of 2016 ending April 2, 2016, the Company expects non-GAAP net revenue to be $210 million to $226 million and non-GAAP earnings per share to be $0.07 to $0.09.