Ciena Expects CPI Loss
At April 30, 2008, Ciena’s commercial paper issued by these SIVs had a carrying value of $25.6 million. The estimated GAAP loss for the third quarter is based upon valuation information provided by Ciena’s investment manager on July 16, 2008 in connection with the restructuring of these SIVs. This estimated GAAP loss will not affect Ciena’s income from operations for the third quarter of fiscal 2008. As stated previously, Ciena believes that its SIV-related exposure is limited to these two investments.
Ciena Corp. (NYSE: CIEN)