Nasdaq:
CIEN
NASDAQ
100
CIENA
Corporation is engaged in the intelligent optical networking equipment
market. The Company offers a portfolio of products for communications service
providers worldwide. The Company's customers include long-distance carriers,
competitive and incumbent local exchange carriers, Internet service providers,
wireless and wholesale carriers.
http://www.ciena.com
Ciena
Reports Unaudited Fiscal Second Quarter 2010 Results
Includes
partial quarter of results from acquired Nortel MEN business
Linthicum,
MD — 06/09/2010
Ciena®
Corporation (NASDAQ: CIEN), the network specialist, today announced unaudited
results for its fiscal second quarter ended April 30, 2010.
Revenue
for the fiscal second quarter 2010 totaled $253.5 million. Fiscal second
quarter results include $53.5 million in revenue from the acquired assets
of Nortel*’s Metro Ethernet Networks business (the “MEN business”), reflecting
approximately six weeks of operations since the March 19, 2010 acquisition
date. In accordance with acquisition accounting rules, Ciena did not recognize
certain deferred revenue of the MEN business that would otherwise have
been recognized by Nortel had the acquisition not occurred. Revenue from
Ciena’s pre-acquisition portfolio was $200.0 million, representing a 14%
sequential improvement compared to fiscal first quarter revenue of $175.9
million, and a 39% improvement compared to the same period a year ago when
Ciena reported revenue of $144.2 million.
“We’re
very pleased with our progress to date in combining the two companies,
and continue to be encouraged by positive market reaction to the acquisition
and growing levels of customer engagement across the globe,” said Gary
Smith, Ciena’s CEO and president. “As a result, we continue to be on track
to deliver on the target operating model milestones that we previously
communicated.”
On
the basis of generally accepted accounting principles (GAAP), Ciena’s net
loss for the fiscal second quarter 2010 was $(90.0) million, or $(0.97)
per common share, which compares to a GAAP net loss of $(503.2) million,
or $(5.53) per common share, for the second fiscal quarter of 2009, which
included a non-cash charge of $455.7 million for impairment of goodwill.
The fiscal second quarter 2010 included $39.2 million in acquisition and
integration-related expenses associated with Ciena’s acquisition of the
MEN business.
Ciena’s
adjusted (non-GAAP) net loss for the fiscal second quarter 2010 was $(11.7)
million, or $(0.13) per common share, which compares to an adjusted (non-GAAP)
net loss of $(22.5) million, or $(0.25) per common share for the fiscal
second quarter 2009. A reconciliation between the GAAP and adjusted (non-GAAP)
measures contained in this release is provided in the table in Appendix
A.
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