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Ciena: More Uncertainty Abounds
February 21, 2002
By Bob Woods
Ciena Corp. (Quote), a Linthicum, Md.-based optical-networking systems concern, lowered its revenue expectations for the second fiscal quarter as it reported a first-quarter loss that came in under analysts' expectations.
The company's adjusted net loss, after excluding restructuring costs, deferred stock compensation charges and other costs, was $56.7 million or a loss of $0.17 per diluted share. A consensus of Wall Street analysts polled by Thomson Financial/First Call had Ciena reporting a $0.20 per-share loss for the quarter.
Revenues for the company topped out at $162.2 million, well off the year-ago quarter's figure of $352 million.
Ciena's net loss was $70.6 million or $0.22 per diluted share. Adjusted net loss for the period was less than the expected range stated in the company's preliminary results announcement of Feb. 5 because operating expenses were lower than expected, officials also said. In 2001's first fiscal quarter, Ciena reported a profit of $53.2 million or $0.18 per diluted share.
"In light of the challenging business environment, we have taken proactive steps company-wide to manage expenses and to prioritize our investments in our business," said Gary Smith, Ciena's president and chief executive officer (CEO), in a statement. "The nearly nine percent sequential reduction in our operating expenses is evidence that we are seeing the benefit of those efforts."
While Ciena added two new customers in the first quarter, two other clients are causing the company headaches. "We recently received information that leads us to believe that two of our historically most important customers may purchase significantly less from us than they had previously indicated," Smith said. "As a result, we now expect that our fiscal second quarter revenue is likely to be in the neighborhood of $100 million."
"There continues to be a high level of uncertainty surrounding service providers' near-term spending. In our ongoing conversations with our customers we continue to receive indications of further deployment delays," he added.
Ciena has had a busy week. On Monday, it announced it would buy ONI Systems in a $900 million deal. And on Wednesday, the company said it has signed a pact for collaboration on manufacturing, and research and development activities in China.
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