SOURCE: JDSU
JDSU Announces Fiscal 2008 Fourth Quarter and Year End Results
MILPITAS, CA--(Marketwire - August 20, 2008) - JDSU (
Net revenue for the fourth quarter was $390.3 million and the net loss was $(29.8) million, or $(0.13) per share. This compares to net revenue of $350.7 million and a net loss of $(17.9) million or $(0.08) per share in the fourth quarter of 2007. The increase in net loss is primarily due to non-recurring charges in the fourth quarter of fiscal 2008.
For the full fiscal year 2008, net revenue of $1,530.1 million grew 9.5% from $1,396.8 million in fiscal 2007. The net loss for the year of $(21.7) million, or $(0.10) per share, improved from a net loss of $(26.3) million, or $(0.12) per share, in fiscal year 2007.
On a non-GAAP basis net income for the quarter was $15.5 million or $0.07 per share. This compares with non-GAAP net income of $15.0 million or $0.07 per share in the fourth quarter of 2007. On a total year basis, fiscal 2008 non-GAAP net income was $114.9 million or $0.50 per share, which compares to $64.1 million or $0.29 per share for fiscal 2007.
On an adjusted EBITDA basis (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) the Company reported $25.1 million for the fourth quarter, which compares to $11.7 million in the fourth quarter of 2007. For the total year, adjusted EBITDA was $142.9 million which compares to $72.9 million for fiscal 2007.
"In 2008, JDSU achieved solid growth in revenue, non-GAAP net income and free cash flow," said Kevin Kennedy, JDSU's Chief Executive Officer. "Moving into 2009, we will continue to focus on advancing our business model across all of our business segments."
Financial Overview - Fiscal 2008 Fourth Quarter Ended June 28, 2008
-- On an annual basis, year-over-year revenue grew in three out of four
business segments. The annual growth in optical communications was 6%,
communications test and measurement grew 12%, advanced optical technologies
grew 21%, while lasers declined by 9%.
-- Fourth-quarter optical communications non-GAAP net revenue of $145.1
million grew 6.6% from the third quarter level of $136.1 million. Revenue
from this segment represented 37% of total non-GAAP net revenue.
-- Communications Test and Measurement non-GAAP net revenue of $170.5
million was up 0.7% from the third quarter level of $169.3 million, and
represented 44% of total non-GAAP net revenue.
-- Non-GAAP net revenue from the Advanced Optical Technologies segment
was $52.9 million, down from the third quarter level of $55.8 million, and
represented 13% of total non-GAAP net revenue.
-- Our Commercial Lasers business reported non-GAAP net revenue of $22.1
million, down from the third quarter level of $23.0 million, and
represented 6% of total non-GAAP net revenue.
-- Americas' customers represented 50% of total non-GAAP net revenue.
European and Asia-Pacific customers represented 29% and 21% of total non-
GAAP net revenue, respectively.
-- The Company incurred an impairment of goodwill and intangibles,
associated with two acquisitions, for $45.4 million and patent and
litigation charges for $20.8 million. The Company also received $61.6
million in cash and securities from a securities litigation settlement.
The total impact of these items lowered GAAP net income by $4.6 million
for the quarter.
-- The Company held $903.0 million in total cash. During the quarter the
Company reduced its short term debt by $75.0 million and bought back stock
for $113.2 million. The Company was free cash flow positive $9.0 million,
excluding the cash received from the securities litigation settlement.
Business Outlook
For the first quarter of fiscal 2009, ending September 27, 2008, the Company expects revenue to be in the range of $378 to $394 million.
Conference Call
The Company will discuss these results and other related matters at 2:00 p.m. Pacific Time on August 20, 2008 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 (
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 traditional Optical Communications and our Advanced Optical Technologies and Commercial Lasers 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) 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; and (h) we are currently materially upgrading our ERP systems, which if not completed on-time and on budget could materially impair our business in the near term and create additional future expenses and customer dissatisfaction.
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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 filed with the Securities and Exchange Commission, as well as in other filings on Forms 10-Q and 10-K. 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 Twelve Months Ended
-------------------- --------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Net revenue $ 390.3 $ 350.7 $ 1,530.1 $ 1,396.8
Cost of sales 233.2 228.3 885.5 884.6
Amortization of acquired
developed technologies 12.5 10.5 49.3 40.2
Acquired developed technologies
impairment 4.0 - 4.0 -
--------- --------- --------- ---------
Gross profit 140.6 111.9 591.3 472.0
--------- --------- --------- ---------
Operating expenses:
Research and development 47.5 42.2 188.1 168.4
Selling, general and
administrative 137.9 95.3 455.8 368.4
Amortization of other
intangibles 8.0 6.9 30.0 26.8
Acquired in-process research
and development - 5.1 - 5.1
Reduction of goodwill 37.0 - 37.0 -
Reduction of intangibles and
other long-lived assets 4.9 0.9 6.7 7.8
Restructuring charges 3.7 4.1 6.7 14.7
--------- --------- --------- ---------
Total operating expenses 239.0 154.5 724.3 591.2
--------- --------- --------- ---------
Loss from operations (98.4) (42.6) (133.0) (119.2)
Interest and other income 70.0 21.5 120.1 73.0
Interest expense (2.1) (2.0) (8.8) (7.1)
Gain on sale of investments 0.5 0.6 2.4 29.0
--------- --------- --------- ---------
Income (loss) before income
taxes (30.0) (22.5) (19.3) (24.3)
Provision (benefit) for income
taxes (0.2) (4.6) 2.4 2.0
--------- --------- --------- ---------
Net income (loss) $ (29.8) $ (17.9) $ (21.7) $ (26.3)
========= ========= ========= =========
Net income (loss) per share
Basic and diluted $ (0.13) $ (0.08) $ (0.10) $ (0.12)
========= ========= ========= =========
Shares used in per share
calculation
Basic and diluted 228.9 213.7 223.8 211.7
========= ========= ========= =========
JDS UNIPHASE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
June 28, June 30,
2008 2007
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 265.6 $ 362.9
Short-term investments 608.0 769.9
Restricted cash 11.1 9.9
Accounts receivable, net 297.7 264.2
Inventories, net 188.9 204.3
Refundable income taxes 7.8 4.7
Other current assets 50.0 44.8
--------- ---------
Total current assets 1,429.1 1,660.7
Property, plant and equipment, net 213.2 210.5
Deferred income taxes 3.6 7.1
Goodwill 796.2 710.0
Other intangibles, net 416.1 411.5
Long-term investments 25.6 3.1
Other non-current assets 22.3 22.4
--------- ---------
Total assets $ 2,906.1 $ 3,025.3
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 129.6 $ 111.5
Short-term debt 83.0 -
Accrued payroll and related expenses 58.9 62.0
Income taxes payable 6.7 42.3
Deferred income taxes 0.4 2.6
Restructuring accrual 5.7 6.9
Warranty accrual 10.1 10.3
Other current liabilities 151.0 112.3
--------- ---------
Total current liabilities 445.4 347.9
Long-term debt 425.0 808.0
Other non-current liabilities 218.3 133.9
Stockholders' equity 1,817.4 1,735.5
--------- ---------
Total liabilities and stockholders' equity $ 2,906.1 $ 3,025.3
========= =========
JDS UNIPHASE CORPORATION
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
Three Months Ended Twelve Months Ended
-------------------- --------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Net revenue:
Optical Communications $ 145.1 $ 109.2 $ 526.9 $ 496.1
Communications Test and
Measurement 170.5 174.8 710.6 635.2
Advanced Optical
Technologies 52.9 44.7 206.5 170.0
All Other, Commerical Lasers 22.1 22.1 87.2 95.9
Deferred revenue related to
purchase accounting
adjustment (0.3) (0.1) (1.1) (0.4)
--------- --------- --------- ---------
Net revenue $ 390.3 $ 350.7 $ 1,530.1 $ 1,396.8
========= ========= ========= =========
Operating income (loss):
Optical Communications $ 7.9 $ (9.4) $ 20.8 $ (14.2)
Communications Test and
Measurement 19.2 26.4 117.2 96.7
Advanced Optical
Technologies 18.0 13.1 76.8 52.6
All Other, Commerical Lasers 1.4 (0.2) (0.5) 4.2
Corporate (38.1) (34.2) (136.6) (127.8)
--------- --------- --------- ---------
Total segment
operating income
(loss) 8.4 (4.3) 77.7 11.5
Unallocated amounts:
Stock based compensation (12.5) (6.9) (49.3) (29.7)
Acquisition-related charges
and amortization of
intangibles (58.6) (30.2) (121.0) (80.7)
Reduction of intangibles
and other long-lived
assets (8.9) (0.9) (10.7) (7.8)
Restructuring charges (3.7) (4.1) (6.7) (14.7)
Realignment and other
charges (23.1) 3.8 (23.0) 2.2
Interest and other income 70.0 21.5 120.1 73.0
Interest expense (2.1) (2.0) (8.8) (7.1)
Gain (loss) on sale of
investments 0.5 0.6 2.4 29.0
--------- --------- --------- ---------
Income (loss) before income
taxes $ (30.0) $ (22.5) $ (19.3) $ (24.3)
========= ========= ========= =========
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 reduction in the fair value 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 for fiscal 2006, and under APB 25 for earlier comparative periods. 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.
Reduction of goodwill and other long-lived assets: The Company incurs costs, included in its GAAP presentation of operating expense, related to the reduction of the carrying value 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 reductions 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 Twelve Months Ended
------------------------------ ------------------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
-------------- -------------- -------------- --------------
Net Net Net Net
income Basic income Basic income Basic income Basic
(loss) EPS (loss) EPS (loss) EPS (loss) EPS
------ ------ ------ ------ ------ ------ ------ ------
GAAP
measures $(29.8) $(0.13) $(17.9) $(0.08) $(21.7) $(0.10) $(26.3) $(0.12)
Items
reconcil-
ing GAAP
net income
& EPS to
Non-GAAP
net income
& EPS:
Related to net
revenues:
Deferral of
revenues
related to
acquisition
activities 0.3 - 0.1 - 1.1 - 0.4 -
Related to
cost of
sales:
Acquisition-
related
expenses 0.8 - - - 3.6 0.02 0.7 -
Stock-
based
compen-
sation
expenses 1.6 0.01 1.0 - 5.3 0.02 4.1 0.02
Other non-
recurring
charges - - 7.6 0.04 1.1 - 9.1 0.04
Amortiza-
tion of
acquired
developed
technol-
ogies 12.5 0.05 10.5 0.05 49.3 0.22 40.2 0.19
Acquired
developed
technol-
ogies
impair-
ment 4.0 0.02 - - 4.0 0.02 - -
------ ------ ------ ------ ------ ------ ------ ------
Total
related
to gross
profit 19.2 0.08 19.2 0.09 64.4 0.28 54.5 0.25
------ ------ ------ ------ ------ ------ ------ ------
Related to
operating
expenses:
Research and
develop-
ment:
Stock-
based
compen-
sation
expenses 2.8 0.01 1.7 0.01 10.2 0.05 7.4 0.03
Other
non-
recurring
charges - - - - - - 0.5 -
Selling,
general
and adminis-
trative:
Stock-
based
compen-
sation
expenses 8.1 0.04 4.2 0.02 33.8 0.15 18.2 0.09
Other
non-
recurring
charges 23.1 0.10 (3.8) (0.02) 21.9 0.10 (4.3) (0.02)
Amortiza-
tion of
intangi-
bles 8.0 0.03 6.9 0.03 30.0 0.13 26.8 0.13
Acquired
in-
process
research and
development - - 5.1 0.02 - - 5.1 0.02
Reduction
of
goodwill 37.0 0.16 - - 37.0 0.17 - -
Reduction
of
intangi-
bles &
other
long-
lived
assets 4.9 0.02 0.9 - 6.7 0.03 7.8 0.04
Restruct-
uring
charges 3.7 0.02 4.1 0.02 6.7 0.03 14.7 0.07
------ ------ ------ ------ ------ ------ ------ ------
Total
related to
operating
expenses 87.6 0.38 19.1 0.08 146.3 0.66 76.2 0.36
------ ------ ------ ------ ------ ------ ------ ------
Interest
and other
income (61.0) (0.26) (4.8) (0.02) (71.7) (0.32) (11.3) (0.05)
(Gain)
loss on
sale of
investments (0.5) - (0.6) - (2.4) (0.01) (29.0) (0.14)
------ ------ ------ ------ ------ ------ ------ ------
Total
related
to net
income
(loss)
& EPS 45.3 0.20 32.9 0.15 136.6 0.61 90.4 0.42
------ ------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------ ------
Non-GAAP
measures $ 15.5 $ 0.07 $ 15.0 $ 0.07 $114.9 $ 0.51 $ 64.1 $ 0.30
====== ====== ====== ====== ====== ====== ====== ======
Diluted Diluted Diluted Diluted
EPS EPS EPS EPS
------ ------ ------ ------
Fully
diluted
Non-GAAP EPS $ 0.07 $ 0.07 $ 0.50 $ 0.29
====== ====== ====== ======
JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP NET REVENUE TO NON-GAAP NET REVENUE
(in millions, unaudited)
Three Months Ended Twelve Months Ended
------------------- -------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
GAAP net revenue $ 390.3 $ 350.7 $ 1,530.1 $ 1,396.8
Deferral of revenues related to
acquisition activities 0.3 0.1 1.1 0.4
--------- --------- --------- ---------
Non-GAAP net revenue $ 390.6 $ 350.8 $ 1,531.2 $ 1,397.2
========= ========= ========= =========
JDS UNIPHASE CORPORATION
RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA
(in millions, unaudited)
Three Months Ended Twelve Months Ended
-------------------- --------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
GAAP net income (loss) $ (29.8) $ (17.9) $ (21.7) $ (26.3)
Interest and other income (70.0) (21.5) (120.1) (73.0)
Interest expense 2.1 2.0 8.8 7.1
(Gain) loss on sale of
investments (0.5) (0.6) (2.4) (29.0)
Provision (benefit) for
income taxes (0.2) (4.6) 2.4 2.0
Depreciation 16.7 16.0 65.2 61.4
Amortization 20.5 17.4 79.3 67.0
--------- --------- --------- ---------
EBITDA (61.2) (9.2) 11.5 9.2
Costs related to
restructuring events 3.7 4.1 6.7 14.7
Costs related to stock
based compensation
expense 12.5 6.9 49.3 29.7
Costs related to
acquisition activities 1.1 7.7 4.7 10.2
Costs related to other
non-recurring activities 23.1 (3.8) 23.0 (3.8)
Reduction in intangibles
and other long lived
assets 8.9 0.9 10.7 7.8
Reduction of goodwill 37.0 - 37.0 -
Acquired in-process
research and development - 5.1 - 5.1
--------- --------- --------- ---------
Adjusted EBITDA $ 25.1 $ 11.7 $ 142.9 $ 72.9
========= ========= ========= =========
Investors:
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