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Ciena Reports 10% Hike in Fiscal Q2 Revenues

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HANOVER, Md. -- Ciena Corporation (NYSE: CIEN), a network strategy and technology company, today announced unaudited financial results for its fiscal second quarter ended April 30, 2017.

For the fiscal second quarter 2017, Ciena reported revenue of $707.0 million as compared to $640.7 million for the fiscal second quarter 2016.

On the basis of generally accepted accounting principles (GAAP), Ciena's net income for the fiscal second quarter 2017 was $38.0 million, or $0.25 per diluted common share, which compares to a GAAP net income of $14.0 million, or $0.10 per diluted common share, for the fiscal second quarter 2016.

Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2017 was $72.3 million, or $0.45 per diluted common share, which compares to an adjusted (non-GAAP) net income of $52.4 million, or $0.34 per diluted common share, for the fiscal second quarter 2016.

“We delivered outstanding second quarter performance across all financial metrics, underpinned by positive market dynamics and a growing competitive advantage," said Gary B. Smith, president and CEO, Ciena. "We continue to win as an innovation powerhouse with global scale and deep customer relationships across a broad set of applications and market segments."

  • U.S. customers contributed 55.4% of total revenue
  • One customer accounted for greater than 10% of revenue and represented 15% of total revenue
  • Cash and investments totaled $993.3 million
  • Cash flow from operations totaled $72.0 million
  • Average days' sales outstanding (DSOs) were 72
  • Accounts receivable balance was $564.9 million
  • Inventories totaled $287.1 million, including:
    • Raw materials: $43.9 million
    • Work in process: $12.9 million
    • Finished goods: $204.4 million
    • Deferred cost of sales: $85.1 million
    • Reserve for excess and obsolescence: $(59.2) million
  • Product inventory turns were 4.6
  • Headcount totaled 5,663

    Business Outlook for Fiscal Third Quarter 2017

    Statements relating to business outlook are forward-looking in nature and actual results may differ materially.

    Ciena expects fiscal third quarter 2017 financial performance to include:

    Revenue in the range of $710 to $740 million

    Adjusted (non-GAAP) gross margin in the mid-40s percentage range

    Adjusted (non-GAAP) operating expense of approximately $235 million

    Ciena Corp. (NYSE: CIEN)

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    Ray@LR
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    6/1/2017 | 9:42:44 AM
    Thursday stock rocket
    Ciena's share price has gained 15% in early trading today to $27.00...
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