HANOVER, Md. -- Ciena Corporation (CIEN), a network strategy and technology company, today announced unaudited financial results for its fiscal first quarter ended January 31, 2017.
For the fiscal first quarter 2017, Ciena reported revenue of $621.5 million as compared to $573.1 million for the fiscal first quarter 2016.
On the basis of generally accepted accounting principles (GAAP), Ciena's net income for the fiscal first quarter 2017 was $3.9 million, or $0.03 per diluted common share, which compares to a GAAP net loss of $11.5 million, or $(0.08) per diluted common share, for the fiscal first quarter 2016.
Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2017 was $38.4 million, or $0.26 per diluted common share, which compares to an adjusted (non-GAAP) net income of $25.2 million, or $0.18 per diluted common share, for the fiscal first quarter 2016.
"Our overall first quarter performance demonstrates our ability to grow and capture market share across geographies, market segments and product lines, reflecting the investments we've made to diversify our business in these areas," said Gary B. Smith, president and CEO, Ciena. "Our strategic investments and differentiated portfolio are providing us strong momentum in the market, and as a result we believe that we are well-positioned to deliver on our fiscal 2017 financial targets."
Additional Performance Metrics for Fiscal First Quarter 2017
- - Raw materials: $43.5 million
- Work in process: $13.9 million
- Finished goods: $197.7 million
- Deferred cost of sales: $83.9 million
- Reserve for excess and obsolescence: $(54.4) million
Business Outlook for Fiscal Second Quarter 2017
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 each of the "Forward-Looking Statements" and "Non-GAAP Presentation of Quarterly Results" found in the Notes to Investors below.
Ciena expects fiscal second quarter 2017 financial performance to include:
- Revenue in the range of $680 to $710 million
- Adjusted (non-GAAP) gross margin in the mid-40s percentage range
- Adjusted (non-GAAP) operating expense of approximately $240 million
Ciena Corp. (NYSE: CIEN)