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JDSU is profitable when you exclude the "Amortization of Purchased Intangibles" from JDSU's operating expenses. The rationale behind this is because JDSU elected to account for the merger of JDS Fitel and Uniphase as a purchase amortized over five years. This charge will be recurring for the next five years so you should expect their reported net income to be negative for quite some time. Actually the charge will probably grow even larger since JDSU's shopping spree isn't over yet.

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