Exhibit 99.1

Contacts:	David A. Slack, CFO
	Michael T. Perkins,
	Manager of Investor Relations
	(708) 867-9600

STRATOS LIGHTWAVE ANNOUNCES RESULTS FOR FOURTH QUARTER AND

YEAR ENDED APRIL 30, 2003

CHICAGO (June 25, 2003)—Stratos Lightwave, Inc., (NASDAQ: STLW) a leading supplier of optical subsystems, today announced the financial results for its fourth quarter and fiscal year ended April 30, 2003.

Net sales for the fourth quarter of fiscal 2003 were $7.4 million, compared with $14.2 million for the fourth quarter of fiscal 2002, a decrease of 47.9 percent, and compared with $8.1 million for the third quarter of fiscal 2003.

The net loss for the fourth quarter of fiscal 2003, on a generally accepted accounting principles (GAAP) basis, was $62.6 million or $8.52 per share, compared with $38.0 million or $5.53 per share for the fourth quarter of fiscal 2002, and compared with $9.3 million or $1.27 per share for the third quarter of fiscal 2003. Included in the results for the fourth quarter of fiscal 2003 is a non-cash charge of $30.6 million or $4.17 per share for the impairment of certain fixed assets and a non-cash charge of $34.9 million or $4.75 per share for the impairment of goodwill and other intangible assets. The Company also recorded license fees and royalty income for the fourth quarter 2003 of $10.6 million or $1.44 per share; this included license fees of $10.0 million, of which $7.5 million is receivable in two payments through June, 2005.

Net sales for fiscal year 2003 were $37.2 million, compared with $56.4 million for fiscal year 2002, a decrease of 34.0 percent.

The net loss for fiscal year 2003, on a generally accepted accounting principles (GAAP) basis, was $120.3 million or $16.44 per share, compared with $72.2 million or $11.06 per share for fiscal year 2002. Included in the results for the year is a non-cash charge of $33.7 million or $4.61 per share for the impairment of certain fixed assets, a non-cash charge of $54.0 million or $7.38 per share for the impairment of goodwill and other intangible assets and a non-cash charge of $6.8 million or $0.93 per share for excess and obsolete inventory, which was reduced by $1.9 million or $0.26 per share for the sale of inventory previously reserved for. The Company also recorded license fees and royalty income for fiscal year 2003 of $14.4 million or $1.97 per share; this included two license fees totaling $13.0 million.

NON-GAAP FINANCIAL RESULTS

The Company provides non-GAAP financial measures (formerly referred to as “pro forma”) to complement its consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures are intended to supplement the user’s overall understanding of the

Company’s current financial performance and its prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management and investors by identifying certain expenses, gains and losses that, when excluded from GAAP results, may provide additional understanding of the Company’s core operating results or business performance. However, these non-GAAP financial measures are not intended to supersede or replace the Company’s GAAP results. A detailed reconciliation of the non-GAAP results to GAAP results is provided in the “NON-GAAP Condensed Consolidated Statements of Operations” schedules below.

The Company reported a non-GAAP net profit for the fourth quarter of $1.5 million or $0.21 per share, compared with a non-GAAP net loss of $4.8 million or $0.70 per share for the fourth quarter of fiscal 2002, and compared with a non-GAAP net loss of $3.5 million or $0.48 per share for the third quarter of fiscal 2003. The non-GAAP results for the fourth quarter exclude a non-cash charge of $30.6 million for the impairment of certain fixed assets, a non-cash charge of $34.9 million for the impairment of goodwill and other intangible assets, $102,000 for severance pay and a reversal for the reserve for deferred tax assets of $1.0 million. The non-GAAP results for the fourth quarter of fiscal year 2003 also include a charge of $525,000 for the sale of inventory previously reserved for as obsolete.

The non-GAAP net loss for fiscal year 2003 is $14.9 million or $2.04 per share, compared with a non-GAAP net loss of $18.3 million or $2.80 per share for fiscal year 2002.

James W. McGinley, President and Chief Executive Officer said, “We are pleased with our progress on cost reduction and conserving our cash. We had more than $61 million in cash and short-term investments as of the end of the fourth quarter. This key competitive advantage can sustain us through this prolonged downtown.”

WEBCAST/CONFERENCE CALL

Stratos Lightwave will host a live audio webcast and conference call on Wednesday, June 25 at 5:00 pm EST. Investors and other interested parties may listen to the live webcast by visiting the investor relations section of the Stratos Lightwave website at www.stratoslightwave.com. James W. McGinley and David A. Slack will discuss the Company’s earnings and operations. A replay of the conference call will be available for 48 hours beginning at 7:00 pm EST. The replay number is 1-800-642-1687 with a pass code of 360736. A webcast replay will also be available on the Company’s website.

ABOUT STRATOS LIGHTWAVE

Stratos Lightwave, Inc. (NASDAQ: STLW) develops, manufactures and sells optical subsystems for various applications. These optical subsystems are used in storage, data networking, metro/telecom, military/government and other industrial markets.

This press release contains predictions, estimates and other forward-looking statements regarding anticipated revenue growth, customer orders, manufacturing capacity and financial performance. All forward-looking statements in this press release are based on information available to the

company as of the date hereof, and we assume no obligation to update any such forward-looking statements. Forward-looking statements are subject to risks and uncertainties and actual results may differ materially from any future performance suggested. These factors include rapid technological change in the optical communications industry; fluctuations in operating results; the Company’s dependence on a few large customers; and competition. Other risk factors that may affect the Company’s performance are listed in the Company’s annual report on Form 10-K and other reports filed from time to time with the Securities and Exchange Commission.

For additional information contact Stratos Lightwave at 7444 W. Wilson Ave., Chicago, IL USA 60706-4549; Tel: 708.867.9600. Fax: 708.867.0996. Website: www.stratoslightwave.com.

STRATOS LIGHTWAVE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts and shares outstanding)

	Three Months Ended April 30,						Year Ended April 30,
	2003			2002			2003			2002
Revenue:
Net sales	$	7,352		$	14,152		$	37,236		$	56,387
License fees and royalties		10,598			1,785			14,398			3,622
Total		17,950			15,937			51,634			60,009
Costs and expenses:
Cost of products sold		24,450			19,063			63,114			64,713
Research and development		19,312			6,915			40,208			28,087
Sales and marketing		1,407			2,206			7,063			7,999
General and administrative		35,549			25,979			45,675			37,349
Total costs and expenses		80,718			54,163			156,060			138,148
Loss from operations		(62,768	)		(38,226	)		(104,426	)		(78,139	)
Investment income		186			249			1,117			3,368
Loss before income taxes		(62,582	)		(37,977	)		(103,309	)		(74,771	)
Provision (credit) for income taxes		—			—			—			(2,581	)
Loss before cumulative effect of a change in accounting principle		(62,582	)		(37,977	)		(103,309	)		(72,190	)
Cumulative effect of a change in accounting principle		—			—			(16,982	)		—
Net loss	$	(62,582	)	$	(37,977	)	$	(120,291	)	$	(72,190	)
Net loss per share, basic and diluted :
Before cumulative effect of a change in accounting principle	$	(8.52	)	$	(5.53	)	$	(14.12	)	$	(11.06	)
Cumulative effect of a change in accounting principle		—			—			(2.32	)		—
Net loss	$	(8.52	)	$	(5.53	)	$	(16.44	)	$	(11.06	)
Weighted average number of Common Shares outstanding:
Basic		7,342,081			6,872,017			7,317,624			6,524,927
Diluted		7,342,081			6,872,017			7,317,624			6,524,927

For comparative purposes, the net loss per share for the three months and year ended April 30, 2003 are restated to reflect the 1 of 10 reverse stock split effective as of October 21, 2002. restated to reflect the 1 for 10 reverse stock split effective October 21, 2002.

STRATOS LIGHTWAVE, INC.

NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts and shares outstanding)

	Three Months Ended April 30,					Year Ended April 30,
	2003		2002			2003			2002
Revenue:
Net sales	$	7,352	$	14,152		$	37,236		$	56,387
License fees and royalties		10,598		1,785			14,398			3,622
Total		17,950		15,937			51,634			60,009
Costs and expenses:
Cost of products sold		8,544		11,660			39,365			47,487
Research and development		2,362		6,583			18,908			25,712
Sales and marketing		1,407		2,189			6,883			7,976
General and administrative		3,293		3,730			12,439			12,620
Total costs and expenses		15,606		24,162			77,595			93,795
Profit (loss) from operations		2,344		(8,225	)		(25,961	)		(33,786	)
Investment income		186		249			1,117			3,368
Profit (loss) before income taxes		2,530		(7,976	)		(24,844	)		(30,418	)
Provision (credit) for income taxes		1,012		(3,190	)		(9,937	)		(12,147	)
Net profit (loss)	$	1,518	$	(4,786	)	$	(14,907	)	$	(18,271	)
Net profit (loss) per share, basic and diluted	$	0.21	$	(0.70	)	$	(2.04	)	$	(2.80	)
Weighted average number of Common Shares outstanding:
Basic		7,342,081		6,872,017			7,317,624			6,524,927
Diluted		7,342,081		6,872,017			7,317,624			6,524,927

The net loss per share for the three months and year ended April 30, 2003 are restated to reflect the 1 for 10 reverse stock split effective October 21, 2002.

STRATOS LIGHTWAVE, INC.

A reconciliation between net loss on a GAAP basis and non-GAAP net loss is as follows

(In thousands)

	Three Months Ended April 30,						Year Ended April 30,
	2003			2002			2003			2002
GAAP net loss	$	(62,582	)	$	(37,977	)	$	(120,291	)	$	(72,190	)
Cost of Goods Sold:
Inventory write off net of sale of inventory previously written off		(525	)		5,694			4,798			14,653
Restructuring cost—Severance pay and related cost		—			408			847			498
Impairment of certain fixed assets		16,430			1,178			18,104			1,790
Other restructuring costs		—			123			—			285
Total non-GAAP COGS adjustments		15,905			7,403			23,749			17,226
R&D Expenses:
Restructuring cost—Severance pay and related cost		102			104			937			225
Write-off of purchased in process R&D		—			—			2,070			—
Impairment of intangible assets		6,500			—			6,500			—
Impairment of certain fixed assets		10,348			105			11,793			105
Other restructuring costs		—			122			—			2,045
Total non-GAAP R&D adjustments		16,950			331			21,300			2,375
Selling Expenses:
Restructuring cost—Severance pay and related cost		—			8			159			8
Other restructuring costs		—			9			20			14
Total non-GAAP Selling adjustments		—			17			179			22
Administration Expenses:
Restructuring cost—Severance pay and related cost		—			7			830			40
Impairment of goodwill		28,430			8,500			45,411			8,462
Impairment of certain fixed assets		3,827			12,827			3,827			12,855
Reserve for bad debts		—			—			151			2,121
Other restructuring costs		—			916			—			1,252
Total non-GAAP Admin. adjustments		32,257			22,250			50,219			24,730
Deferred income tax valuation reserve		(1,012	)		3,190			9,937			9,566
Non-GAAP net loss		1,518			(4,786	)		(14,907	)		(18,271	)

STRATOS LIGHTWAVE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	April 30, 2003			April 30, 2002
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	43,649		$	61,020
Short term investments		17,879			30,900
Accounts receivable—net		7,701			8,245
Inventories		7,794			15,821
Recoverable income taxes		2,391			2,820
Prepaid expenses		2,083			1,789
TOTAL CURRENT ASSETS		81,497			120,595
PROPERTY, PLANT AND EQUIPMENT		93,667			98,918
Less allowances for depreciation		67,415			30,020
NET PROPERTY, PLANT AND EQUIPMENT		26,252			68,898
GOODWILL—net		—			55,155
OTHER ASSETS		16,864			9,948
TOTAL ASSETS		124,613			254,596
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts and notes payable	$	5,063		$	12,966
Current portion of long-term debt		6,331			3,715
Other current liabilities		5,007			5,874
TOTAL CURRENT LIABILITIES		16,401			22,555
OTHER LIABILITIES
Long term debt		298			6,569
Deferred Income Taxes		6,519			4,494
Minority Interest		350			498
SHAREHOLDERS’ EQUITY
Common Stock		74			728
Paid in capital		284,254			283,162
Retained earnings (deficit)		(183,406	)		(63,115	)
Other shareholders’ equity		123			(295	)
TOTAL SHAREHOLDERS’ EQUITY		101,045			220,480
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	124,613		$	254,596