JDS Uniphase to increase jobs cuts

By Martin Cej, CBS.MarketWatch.com

Last Update: 4:46 PM ET June 27, 2001

OTTAWA (CBS.MW) -- JDS Uniphase said Wednesday it will cut more jobs in coming months, adding to the 5,000 job losses announced by the company in April.

"We have been looking at our cost structure and there will likely be additional job reductions," said Lori Goulet, a spokeswoman for JDS, based in Ottawa and San Jose, Calif. "How many and when the job cuts will occur is still unknown."

Goulet also confirmed that 550 jobs will be cut at its production and manufacturing facilities near Ottawa today, though the reductions are part of the previously announced 5,000. U.S.-listed shares of JDS rose 10 cents, or 0.8 percent, to $12.13.

The company is slated to report fourth-quarter earnings in late July.

Two weeks ago, JDS Uniphase (JDSU: news, msgs, alerts) (CA:JDU: news, alerts) warned that sales in the fourth quarter will fall to $600 million vs. earlier projections of $700 million.

JDS Uniphase said at the time that it would take a writedown in the fourth quarter to account for lower sales, resulting in a loss of 6 cents to 8 cents per share. JDS Uniphase was expected to earn 5 cents a share on average in the June quarter vs. 14 cents a share in the last quarter, according to First Call/Thomson Financial.

Additionally, JDS Uniphase estimated then that it expects revenue of $450 million in the first quarter of next year.

-- PHO (owennos@bigfoot.com), June 28, 2001