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[Kastor]

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Kastor

[Kastor]

Warum funzt die WKN Eingabe nicht??
Ciena
905348

[Kastor]

Ciena Reports First Quarter Fiscal 2005 Results

16% Sequential Revenue Growth Fueled by Growth From Product Lines Targeting Core Networking, Data Networking and Broadband Applications





Linthicum, MD – 2/23/2005

Ciena® Corporation (NASDAQ:CIEN - News), the network specialist, today reported its fiscal first quarter 2005 results for the period ending January 31, 2005. Revenue for the first quarter totaled $94.7 million, representing a 16% sequential increase, and an increase of 43% over the same period a year ago.

On the basis of generally accepted accounting principles (GAAP), Ciena`s reported net loss for the fiscal first quarter was $57.0 million, or a net loss of $0.10 per share. This loss compares to a GAAP net loss of $76.7 million, or a net loss of $0.16 per share, in the same period a year ago.

"Strong growth from a number of application areas, including core optical transport, core switching and data networking, fueled revenue growth in our fiscal first quarter," said Gary Smith, Ciena`s president and CEO. "While our traditional specialty of core networking continues to be a focus for us, one of the most telling signs of the scope and progress of our efforts to become a more strategic provider is that we have increased the number of customers purchasing from multiple product lines by 73 percent compared to the first quarter of 2004 and we`re looking to build on that momentum."

First Quarter 2005 Highlights

Delivered sequential revenue growth of 16% and year-over-year revenue growth of 43%.
Reduced research and development, sales and marketing and general and administrative operating expenses by 9.9% sequentially (exclusive of stock compensation costs in both the first and fourth fiscal quarters, and in the fiscal fourth quarter, also exclusive of accelerated amortization of leasehold improvements).
Reduced cash burn from operations by 11.1% sequentially, from $48.7 million in the fiscal fourth quarter of 2004 to $43.3 million in the fiscal first quarter 2005.
Ended the fiscal first quarter 2005 with cash and short- and long-term investments valued at $1.23 billion.
Announced that Cegetel had selected Ciena`s next-generation optical transport systems to improve the performance and reliability of the French operator`s national long-haul network and to facilitate new revenue opportunities via more efficient broadband service delivery.
Introduced the CN 4350(TM) Ethernet services provisioning switch, the foundation for telco and cable triple play networks.
Revenue derived from sales of products added to Ciena`s portfolio through acquisition since June 2003 increased to 37% of total revenue.
Non-GAAP Presentation

In evaluating the operating performance of its business, Ciena`s management excludes certain charges or credits that are required by GAAP. These items, which are identified in the tables that follow, 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.

Quarter Quarter
Ended Ended
-------------- --------------
Jan 31, Jan 31,
2004 2005
-------------- --------------
Item (in thousands) (in thousands)
-------- -------------- --------------
Stock compensation costs $ 2,844 $ 2,047
Amortization of intangible assets 3,396 10,411
Restructuring costs 3,393 1,125
Long-lived asset impairment - 184
Gain on equity investments, net (454) (22)
Loss on extinguishment of debt 8,216 -
Income tax benefit on adjusted net loss 21,035 15,513
============== ==============
Total Adjustments
$ 38,430 $ 29,258
============== ==============
GAAP Net Loss $ (76,708) $ (56,995)
Adjustment for items above 38,430 29,258
-------------- --------------
Non-GAAP Net Loss $ (38,278) $ (27,737)
============== ==============
Please see Appendix A for additional information about this table.

As of the quarter ended January 31, 2005, Ciena`s weighted average shares outstanding were approximately 571,573,000. Adjusting Ciena`s quarterly GAAP results as noted above would reduce the Company`s net loss in its fiscal first quarter 2005 to $27.7 million, or a loss of $0.05 per share. This compares with an adjusted net loss of $38.3 million, or a loss of $0.08 per share, in the same period a year ago.

These adjustments are not in accordance with GAAP, and making these adjustments may not permit meaningful comparisons to other companies.

First Quarter 2005 Result Details

Ciena recognized revenue from two customers that each contributed more than ten percent of the fiscal first quarter`s total revenue. Combined, the two ten percent customers accounted for 31.7% of the quarter`s total revenue. In addition, approximately 83% of Ciena`s business in the fiscal first quarter came from domestic customers.

As a result of product mix, Ciena`s gross margin in the quarter was 25.6%, compared to 29.5% in its fiscal fourth quarter.

"During the quarter we secured long-haul optical transport footprint faster than expected," said Smith. "While this had a negative effect on gross margin in the quarter, it means we`ve successfully captured more long-distance routes than we had anticipated and our customers are deploying Ciena common equipment that will require the subsequent addition of higher-margin channel cards."

In addition to higher-than-anticipated shipments of optical transport common equipment, the Company`s gross margin in the quarter was adversely affected by low-volume shipments of its CN 1000(TM) next generation broadband access platform.

"As is the case with many products early in their life cycle, gross margin improvements on our CN 1000 platform will be volume dependent and we are currently pursuing broadband access opportunities globally to drive volume for this new product," said Smith.

For operating purposes, Ciena is currently organized into four business units. Unaudited revenue contribution by business unit appears in the following table:

Fiscal Q4 Fiscal Q1
2004 2005
Revenue Percent Revenue Percent
(in of (in of
Business Unit thousands) Total thousands) Total
------------- ------- ----- ------- -----
Broadband Access (BBG) $16,332 19.9% $15,281 16.1%
Data Networking (DNG) $9,311 11.4% $16,579 17.5%
Global Network Services (GNS) $13,231 16.1% $12,448 13.1%
Transport and Switching (TSG) $43,131 52.6% $50,440 53.3%
------- ----- ------- -----
$82,005 100.0% $94,748 100.0%

Business Outlook

"In addition to enhancing our position as a strategic supplier through our diversified, application-focused product portfolio and by targeting customer segments beyond our traditional telco service provider customers, we are seeing early signs of what could be a thaw in demand for core networking applications," said Smith. "We expect a number of applications, including intelligent core networking, data networking, and broadband access will drive Ciena`s revenue growth in 2005. Near term, we anticipate sequential revenue growth of five to seven percent in our fiscal second quarter."

Live Web Broadcast of Fiscal First Quarter Results

Ciena will host a discussion of its fiscal first quarter results with investors and financial analysts today, Wednesday, February 23, 2005 at 8:30 a.m. (Eastern). The live broadcast of the discussion will be available via Ciena`s homepage at http://www.ciena.com/. An archived version of the discussion will be available shortly following the conclusion of the live broadcast on the Investor Relations page of Ciena`s website at: http://www.ciena.com/investors/investors.htm.

CIENA CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Quarter Ended
January 31,
-------------------
2004 2005
--------- ---------
Revenues:
Products $ 54,674 $ 82,300
Services 11,740 12,448
--------- ---------
Total revenue 66,414 94,748
--------- ---------
Costs:
Products 34,560 60,848
Services 11,301 9,669
--------- ---------
Total cost of goods sold 45,861 70,517
--------- ---------
Gross profit 20,553 24,231
--------- ---------
Operating expenses:
Research and development 47,177 33,651
Selling and marketing 25,468 25,964
General and administrative 7,091 7,496
Stock compensation costs:
Research and development 2,205 1,011
Selling and marketing 518 876
General and administrative 121 160
Amortization of intangible assets 3,396 10,411
Restructuring costs 3,393 1,125
Long-lived asset impairments - 184
--------- ---------
Total operating expenses 89,369 80,878
--------- ---------
Loss from operations (68,816) (56,647)
Interest and other income, net 7,678 6,676
Interest expense (7,384) (6,469)
Gain on equity investments, net 454 22
Loss on extinguishment of debt (8,216) -
--------- ---------
Loss before income taxes (76,284) (56,418)
Provision for income taxes 424 577
--------- ---------
Net loss $(76,708) $(56,995)
========= =========
Basic and diluted net loss per common share and
dilutive potential common share $ (0.16) $ (0.10)
========= =========
Weighted average basic common and dilutive
potential common shares outstanding 472,935 571,573
========= =========


CIENA CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
ASSETS
October 31, January 31,
2004 2005
----------- -----------
Current assets:
Cash and cash equivalents $ 202,623 $ 192,949
Short-term investments 753,251 704,691
Accounts receivable, net 45,878 52,122
Inventories, net 47,614 46,257
Prepaid expenses and other 29,906 27,757
----------- -----------
Total current assets 1,079,272 1,023,776
Long-term investments 329,704 332,023
Equipment, furniture and fixtures, net 51,252 46,709
Goodwill 408,615 408,615
Other intangible assets, net 208,015 196,637
Other long-term assets 60,196 58,295
----------- -----------
Total assets $2,137,054 $2,066,055
=========== ===========
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $ 31,509 $ 32,719
Accrued liabilities 76,045 72,517
Restructuring liabilities 16,203 15,114
Unfavorable lease commitments 9,902 9,514
Income taxes payable 3,354 3,672
Deferred revenue 21,566 18,732
----------- -----------
Total current liabilities 158,579 152,268
Long-term deferred revenue 16,010 15,408
Long-term restructuring liabilities 65,180 60,670
Long-term unfavorable lease commitments 51,341 48,786
Other long-term obligations 1,522 1,509
Convertible notes payable 690,000 690,000
----------- -----------
Total liabilities 982,632 968,641
----------- -----------
Commitments and contingencies
Stockholders` equity:
Preferred stock - par value $0.01; 20,000,000
shares authorized; zero shares issued and
outstanding - -
Common stock - par value $0.01; 980,000,000
shares authorized; 571,656,659 and
572,229,867 shares issued and outstanding 5,717 5,722
Additional paid-in capital 5,482,175 5,481,560
Deferred stock compensation (13,761) (10,757)
Notes receivable from stockholders (48) (3)
Changes in unrealized gains on investments,
net (2,488) (4,932)
Translation adjustment (277) (285)
Accumulated deficit (4,316,896) (4,373,891)
----------- -----------
Total stockholders` equity 1,154,422 1,097,414
----------- -----------
Total liabilities and stockholders` equity $2,137,054 $2,066,055
=========== ===========


CIENA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
January 31,
-------------------
2004 2005
--------- ---------
Cash flows from operating activities:
Net loss $(76,708) $(56,995)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Early extinguishment of debt 8,216 -
Amortization of premium on marketable securities 7,166 4,913
Non-cash impairment of long-lived assets - 184
Accretion of convertible notes payable 599 -
Depreciation and amortization of leasehold
improvements 13,142 8,383
Stock compensation 2,844 2,047
Amortization of intangibles 4,363 11,378
Provision for inventory excess and obsolescence 1,043 1,115
Provision for warranty and other contractual
obligations 2,214 3,016
Other 841 749
Changes in assets and liabilities:
Accounts receivable (2,276) (6,244)
Inventories (5,290) 242
Prepaid expenses and other 958 4,888
Accounts payable and accrued liabilities (16,357) (13,889)
Income taxes payable 455 318
Deferred revenue and other obligations 7,397 (3,436)
--------- ---------
Net cash used in operating activities (51,393) (43,331)
--------- ---------
Cash flows from investing activities:
Additions to equipment, furniture, fixtures and
intellectual property (5,869) (4,201)
Proceeds from sale of equipment, furniture and
fixtures - 177
Purchases of available for sale securities (112,313) (161,847)
Maturities of available for sale securities 198,797 200,731
Minority equity investments, net - (1,595)
--------- ---------
Net cash provided by investing activities 80,615 33,265
--------- ---------
Cash flows from financing activities:
Net proceeds from (repayment of) other
obligations 39 -
Repayment of convertible notes payable (49,243) -
Proceeds from issuance of common stock 6,632 347
Repayment of notes receivable from stockholders - 45
--------- ---------
Net cash used in financing activities (42,572) 392
--------- ---------
Net increase (decrease) in cash and cash
equivalents (13,350) (9,674)
Cash and cash equivalents at beginning of period 309,665 202,623
--------- ---------
Cash and cash equivalents at end of period $296,315 $192,949
========= =========

Appendix A

[aurelio1963]

bei ciena FEHLT EINE RICHTIGE SELL OFF MIT VIEL VOLUMEN UN EINE LIZARD ODER DREI KLEINE WEISSE KERZEN ( THREE SISTERS) ABER VIELE UPGRADE IN DER LETZTE ZEIT DASS BEDEUTETD ASS DER BODEN IST NAH:
CIENA AUF WATCH LIST
LUCENT ARBEITET SUCH AUCH EIN BODEN

[ballard1]

bei Ciena fehlt ein Sell off? und was war die letzten 3 Monate? Bin mal gespannt ob Ciena die Kurve kriegt.
Das ist meine Strafe wenn man nicht mit SL arbeitet

[JuanLesPins]

Was hat Ciena zZ denn an Produkten zu bieten, die Anlaß zur Hoffnung geben könnten?

[fr1]

@#6
Gute Frage!

Quelle: Morningstar Analyse v. 29.03:


Ciena was once a darling of the telecom-equipment sector, but tepid demand for its long-haul optical equipment and the increased risks associated with integrating recent acquisitions push any hope of returning to profitability further into the future. We`d buy the shares only at a sizable discount to our fair value estimate
Financial Health

Ciena has just under $550 million in net cash ($0.94 per share) on its balance sheet. The firm continues to burn through roughly $55 million in cash per quarter. If this rate continues, Ciena may face a cash crunch, raising liquidity concerns.

Profitability

Ciena`s current sales cannot support its high cost structure and have pushed any hope of returning to profitability well beyond 2005. We expect competition and Ciena`s strategic disadvantages to keep long-run operating margins capped at 10%.

Strategy

Ciena aims to remain a leader in long-haul dense wavelength division multiplexing systems, a technology it pioneered, while building a larger metro-area optical-system business. To do the latter, it acquired metro vendors Internet Photonics and Catena. It is also seeking to diversify through further acquisitions. The firm is restructuring its operations in an effort to bring down operating costs.

Fair Value: $1,5

Bei einer Bandbreite von ±20% ist mE nicht mehr viel drin.