LINTHICUM, Md. -- CIENA Corporation (NASDAQ: CIEN), a leading global provider of innovative network solutions, today announced it expects to report revenue of approximately $66.4 million for its fiscal first quarter ended January 31, 2004, slightly below the Company's previously offered guidance range. CIENA expects that under Generally Accepted Accounting Principles (GAAP), its loss per share for the fiscal first quarter will be reported in a range of $0.17 to $0.18. In evaluating the operating performance of its business, CIENA's management excludes certain charges or credits that are required by GAAP. These items, such as deferred stock compensation costs, amortization of intangible assets, restructuring costs, gain or loss on equity investments, and loss on extinguishment of debt, share one or more of the following characteristics: they are unusual, and CIENA does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of the Company's control. Exclusive of such items in its fiscal first quarter, it is expected that CIENA's non-GAAP loss per share will be reported in a range of $0.08 to $0.10, which would be in line with the Company's previously offered guidance. "The delta between our current first quarter revenue expectations and our previous expectations can be attributed predominantly to the timing associated with a single order," said Gary Smith, CIENA's president and CEO. "Although we have delivered the equipment to fulfill this order and the customer is pleased with its performance, it has taken longer than we anticipated to work through the formalities and processes associated with revenue recognition. "We are confident we will work through these formalities in our fiscal second quarter and while the environment remains challenging, we currently anticipate fiscal second quarter revenue growth of up to 20% sequentially," said Smith. Ciena Corp.