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Uniphase Announces Fourth Quarter and Fiscal 1997 Results; Company Reports Record Net Sales.

SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 21, 1997--Uniphase Corporation (NASDAQ:UNPH) today reported sales and results of operations for the fourth quarter and fiscal year ended June 30, 1997.

Net sales for the fourth quarter of fiscal 1997 were a record $33.9 million, up 56 percent from the $21.7 million reported in the same period of fiscal 1996. The Company reported income of $9.0 million or $0.50 per share for the fourth quarter of fiscal 1997, as compared to a loss of $2.9 million or $0.20 per share reported for the comparable period of fiscal 1996. Results for the fourth quarter of 1997 include certain tax benefits associated with the acquisition of Zurich based Uniphase Laser Enterprises AG (ULE) and the consolidation of solid-state laser operations into Switzerland. Results for the fourth quarter of 1996 include charges primarily for in-process research and development and compensation which resulted from the purchase of Uniphase Fibreoptics Products (UFP).

Net sales for the fiscal year ended June 30, 1997 were a record $107.0 million, up 55 percent from the $69.1 million reported in fiscal 1996. Net loss for the fiscal year ended June 30, 1997 was $18.9 million, or $(1.14) per share on 16.5 million weighted shares outstanding. In fiscal 1996, net income was $2.8 million or $0.21 per share on 13.6 million weighted shares outstanding. Fiscal 1997 operating results include third quarter charges of approximately $38.8 million ($2.35 per share) primarily associated with the acquisition of Uniphase Laser Enterprises (ULE), formerly part of IBM's Zurich Research Laboratory in Switzerland and costs associated with the consolidation of European laser research to Switzerland and the resultant closure of the Uniphase Lasers, Ltd. facility in Rugby, England.

Uniphase Corporation is an optoelectronics company that designs, develops, manufactures and markets fiber optic telecommunications equipment products, laser subsystems and laser-based semiconductor wafer defect examination and analysis equipment. The Company's telecommunications subsidiaries design, develop, manufacture and market semiconductor lasers, high-speed external modulators and transmitters for fiber optic networks in the long-haul telecommunications and cable television industries. The Company's laser division designs, develops, manufactures and markets laser subsystems for a broad range of OEM applications which include biotechnology, industrial process control and measurement, graphics and printing, and semiconductor equipment. The Company's Ultrapointe subsidiary designs and markets advanced laser-based systems for semiconductor wafer defect examination and analysis.

Uniphase employs approximately 600 people worldwide and has its headquarters in San Jose, Calif. Its stock is traded on the Nasdaq National Market under the symbol UNPH. The Uniphase website address is www.uniphase.com . -0-

 UNIPHASE CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except per share data)

 Three months ended Year ended
 June 30, June 30,
 1997 1996 1997 1996

Net sales $33,892 $21,732 $106,966 $69,073
Cost of sales 18,244 11,199 57,411 36,300
Gross profit 15,648 10,533 49,555 32,773

Operating expenses
 Research and development 3,004 1,735 9,312 5,828
 Royalty and license 171 132 1,380 1,337
 Selling, general, and
 administrative 4,767 3,757 22,401 12,699
 Acquired in-process research
 and development -- 4,480 33,314 4,480
 Compensation expense -- 3,000 -- 3,000

Total operating expenses 7,942 13,104 66,407 27,344
Income (loss) from operations 7,706 (2,571) (16,852) 5,429
Interest and other income, net 626 512 3,430 1,399

Income (loss) before income taxes 8,332 (2,059) (13,422) 6,828

Income tax (benefit) expense (624) 810 5,432 4,036

Net income (loss) $ 8,956 $(2,869) $(18,854) $2,792

Net income (loss) per share $ 0.50 $ (0.20) $ (1.14) $ 0.21

Number of weighted avg. shares
 used in per share amounts 18,046 14,102 16,482 13,577


 CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands)


 June 30, June 30,
 1997 1996
Current assets:

 Cash, cash equivalents and short-term
 investments $ 81,195 $ 113,742
 Accounts receivable, less allowances for
 doubtful accounts 20,317 16,700
 Inventories 18,668 10,641
 Refundable income taxes 6,010 --
 Prepaid expenses and other current
 assets 7,525 3,491
Total current assets 133,715 144,574

Property, plant, and equipment, net 31,251 20,305
Other assets 12,613 8,945
 TOTAL ASSETS $177,579 $173,824

Current liabilities:
 Notes payable $ 6,061 $ 548
 Accounts payable 4,781 5,391
 Accrued payroll and related expenses 4,528 3,180
 Other accrued expenses 9,957 4,464
Total current liabilities 25,327 13,583
Notes payable -- 6,061
Deferred income taxes -- 656
Other non-current liabilities 2,475 319
Stockholders' equity:
 Common stock 17 16
 Additional paid-in capital 156,881 141,354
 Retained earnings and other
 stockholders' equity (7,121) 11,835
Total stockholders' equity 149,777 153,205
 TOTAL LIABILITIES AND STOCKHOLDERS'
 EQUITY $177,579 $173,824




CONTACT: Uniphase Corp.

Kevin N. Kalkhoven or Danny E. Pettit, 408/434-1800
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