HANOVER, Md. -- Ciena Corporation (CIEN), the network specialist, today announced unaudited financial results for its fiscal first quarter ended January 31, 2016.
For the fiscal first quarter 2016, Ciena reported revenue of $573.1 million as compared to $529.2 million for the fiscal first quarter 2015.
On the basis of generally accepted accounting principles (GAAP), Ciena's net loss for the fiscal first quarter 2016 was $(11.5) million, or $(0.08) per diluted common share, which compares to a GAAP net loss of $(18.8) million, or $(0.17) per diluted common share, for the fiscal first quarter 2015.
Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2016 was $25.2 million, or $0.18 per diluted common share, which compares to an adjusted (non-GAAP) net income of $13.6 million, or $0.12 per diluted common share, for the fiscal first quarter 2015.
"We delivered strong first quarter business and financial performance, including 8% adjusted operating margin, highlighted by engagement with a more diverse set of customers," said Gary B. Smith, president and CEO, Ciena. “Despite some recent volatility in the broader macroeconomic environment, the demand drivers for our business remain firmly in place and we are well positioned to translate our market leadership into continued growth and profitability this fiscal year.”
Fiscal First Quarter 2016 Performance Summary
- - Raw materials: $51.9 million
- Work in process: $13.4 million
- Finished goods: $118.0 million
- Deferred cost of sales: $76.4 million
- Reserve for excess and obsolescence: $(54.0) million
Business Outlook for Fiscal Second Quarter 2016
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 second quarter 2016 financial performance to include:
Ciena Corp. (NYSE: CIEN)