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Ciena Reports Growth in Fiscal Q2

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HANOVER, Md. -- Ciena Corporation (NYSE: CIEN), the network specialist, today announced unaudited financial results for its fiscal second quarter ended April 30, 2014.

For the fiscal second quarter 2014, Ciena reported revenue of $560.0 million as compared to $507.7 million for the fiscal second quarter 2013.

On the basis of generally accepted accounting principles (GAAP), Ciena's net loss for the fiscal second quarter 2014 was $(10.2) million, or $(0.10) per common share, which compares to a GAAP net loss of $(27.1) million, or $(0.27) per common share, for the fiscal second quarter 2013.

Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2014 was $19.4 million, or $0.17 per diluted common share, which compares to an adjusted (non-GAAP) net income of $2.2 million, or $0.02 per diluted common share, for the fiscal second quarter 2013.

“As a direct result of our expanding role and reach in the industry, we delivered strong financial results in both our second quarter and first half of fiscal 2014, including continued revenue growth and increased operating leverage,” said Gary B. Smith, president and CEO, Ciena. “As the shift continues toward on-demand networking models and as we continue to diversify our business, we expect to deliver steadily improving financial performance, including performance in the second half of the year that is stronger than the first half.”

Additional Performance Metrics for Fiscal Second Quarter 2014

  • Non-U.S. customers contributed 42% of total revenue
  • One customer accounted for greater than 10% of revenue and represented 21.5% of total revenue
  • Cash and investments totaled $430.2 million
  • Cash flow from operations totaled $2.0 million
  • Average days' sales outstanding (DSOs) were 83
  • Accounts receivable balance was $515.0 million
  • Inventories totaled $294.0 million, including:
    -- Raw materials: $56.7 million
    -- Work in process: $7.9 million
    -- Finished goods: $181.0 million
    -- Deferred cost of sales: $95.9 million
    -- Reserve for excess and obsolescence: $(47.5) million
  • Product inventory turns were 3.5
  • Headcount totaled 4,998

Business Outlook for Fiscal Third Quarter 2014

Statements relating to business outlook are forward-looking in nature and actual results may differ materially. These statements should be read in the context of the Notes to Investors below.

Ciena expects fiscal third quarter 2014 financial performance to include:

  • Revenue in the range of $585 to $615 million
  • Adjusted (non-GAAP) gross margin in the low to mid 40s percent range
  • Adjusted (non-GAAP) operating expense to be approximately $210 million range

    Ciena Corp. (NYSE: CIEN)

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