Ciena Reports Fiscal Third Quarter 2016 Financial Results

September 1, 2016 at 8:00 AM EDT

HANOVER, Md.--(BUSINESS WIRE)--Sep. 1, 2016-- Ciena® Corporation (NYSE: CIEN), the network specialist, today announced unaudited financial results for its fiscal third quarter ended July 31, 2016.

For the fiscal third quarter 2016, Ciena reported revenue of $670.6 million as compared to $602.9 million for the fiscal third quarter 2015.

On the basis of generally accepted accounting principles (GAAP), Ciena's net income for the fiscal third quarter 2016 was $33.5 million, or $0.23 per diluted common share, which compares to a GAAP net income of $23.6 million, or $0.19 per diluted common share, for the fiscal third quarter 2015.

Ciena's adjusted (non-GAAP) net income for the fiscal third quarter 2016 was $67.6 million, or $0.42 per diluted common share, which compares to an adjusted (non-GAAP) net income of $50.7 million, or $0.37 per diluted common share, for the fiscal third quarter 2015.

“We posted strong results on all financial operating metrics in our fiscal third quarter, continuing a trend of consistently improving financial performance and demonstrating the value of having a diversified business to manage through market dynamics,” said Gary B. Smith, president and CEO, Ciena. “Through strategic investments to broaden our portfolio, market application and customer and geographic base, we have positioned Ciena to deliver sustainable long-term growth and increased profitability.”

Fiscal Third Quarter 2016 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to prior periods, including sequential quarter and year-over-year changes. A reconciliation between the GAAP and adjusted (non-GAAP) measures contained in this release is included in Appendix A.

     
    GAAP Results
    Q3   Q2   Q3   Period Change
    FY 2016   FY 2016   FY 2015   Q-T-Q*   Y-T-Y*
Revenue   $ 670.6     $ 640.7     $ 602.9     4.7 %   11.2 %
Gross margin     46.0 %     44.2 %     44.8 %   1.8 %   1.2 %
Operating expense   $ 251.5     $ 254.9     $ 225.4     (1.3 )%   11.6 %
Operating margin     8.5 %     4.4 %     7.4 %   4.1 %   1.1 %
                                     
     
    Non-GAAP Results
    Q3   Q2   Q3   Period Change
    FY 2016   FY 2016   FY 2015   Q-T-Q*   Y-T-Y*
Revenue   $ 670.6     $ 640.7     $ 602.9     4.7 %   11.2 %
Adj. gross margin     46.8 %     45.1 %     45.3 %   1.7 %   1.5 %
Adj. operating expense   $ 223.4     $ 222.6     $ 202.1     0.4 %   10.5 %
Adj. operating margin     13.5 %     10.3 %     11.8 %   3.2 %   1.7 %
                     

*Denotes % change, or in the case of margin, absolute change

                     
     
    Revenue by Segment
    Q3 FY 2016   Q2 FY 2016   Q3 FY 2015
    Revenue   %**   Revenue   %**   Revenue   %**
Networking Platforms                        
Converged Packet Optical   $ 467.6   69.7   $ 435.2   67.9   $ 408.0   67.7
Packet Networking     63.7   9.5     68.5   10.7     57.2   9.5
Optical Transport     9.6   1.4     8.5   1.3     17.5   2.9
Total Networking Platforms     540.9   80.6     512.2   79.9     482.7   80.1
                         
Software and Software-Related Services                        
Software Platforms     12.6   1.9     11.8   1.9     11.2   1.9
Software-Related Services     19.0   2.8     18.7   2.9     15.3   2.5
Total Software and Software-Related Services     31.6   4.7     30.5   4.8     26.5   4.4
                         
Global Services                        
Maintenance Support and Training     56.0   8.4     57.1   8.9     59.9   9.9
Installation and Deployment     31.2   4.7     30.2   4.7     25.2   4.2
Consulting and Network Design     10.9   1.6     10.7   1.7     8.6   1.4
Total Global Services     98.1   14.7     98.0   15.3     93.7   15.5
                         
Total   $ 670.6   100.0   $ 640.7   100.0   $ 602.9   100.0
                               
 

Additional Performance Metrics for Fiscal Third Quarter 2016

 
    Revenue by Geographic Region
    Q3 FY 2016   Q2 FY 2016   Q3 FY 2015
    Revenue   % **   Revenue   % **   Revenue   % **
North America   $ 438.0   65.3   $ 395.5   61.7   $ 389.6   64.6
Europe, Middle East and Africa     104.3   15.5     96.2   15.0     93.2   15.5
Caribbean and Latin America     46.6   7.0     57.9   9.0     65.1   10.8
Asia Pacific     81.7   12.2     91.1   14.3     55.0   9.1
Total   $ 670.6   100.0   $ 640.7   100.0   $ 602.9   100.0
 

**Denotes % of total revenue

 
  • U.S. customers contributed 61.1% of total revenue
  • One customer accounted for greater than 10% of revenue and represented 16% of total revenue
  • Cash and investments totaled $1.27 billion
  • Cash flow from operations totaled $77.1 million
  • Average days' sales outstanding (DSOs) were 79
  • Accounts receivable balance was $588.4 million
  • Inventories totaled $221.6 million, including:
    • Raw materials: $45.6 million
    • Work in process: $13.8 million
    • Finished goods: $158.8 million
    • Deferred cost of sales: $67.2 million
    • Reserve for excess and obsolescence: $(63.8) million
  • Product inventory turns were 5.4
  • Headcount totaled 5,559

Business Outlook for Fiscal Fourth 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 each of the "Forward-Looking Statements" and "Non-GAAP Presentation of Quarterly Results" found in the Notes to Investors below.

Ciena expects fiscal fourth quarter 2016 financial performance to include:

  • Revenue in the range of $700 to $730 million
  • Adjusted (non-GAAP) gross margin in the mid-40s percentage range
  • Adjusted (non-GAAP) operating expense of approximately $230 to $235 million

Live Web Broadcast of Unaudited Fiscal Third Quarter 2016 Results

Ciena will host a discussion of its unaudited fiscal third quarter 2016 results with investors and financial analysts today, Thursday, September 1, 2016 at 8:30 a.m. (Eastern). The live broadcast will be available at www.ciena.com, and an archived replay will be available shortly following the conclusion of the live broadcast on the Investor Relations page of Ciena's website at www.ciena.com/investors. Ciena will also post to the Investor Relations page a presentation that includes certain highlighted information discussed on the call and certain historical results of operations.

Notes to Investors

Forward-Looking Statements. You are encouraged to review the Investors section of our website, where we routinely post press releases, SEC filings, recent news, financial results, supplemental financial information, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Forward-looking statements in this release include: “We posted strong results on all financial operating metrics in our fiscal third quarter, continuing a trend of consistently improving financial performance and demonstrating the value of having a diversified business to manage through market dynamics."; "Through strategic investments to broaden our portfolio, market application and customer and geographic base, we have positioned Ciena to deliver sustainable long-term growth and increased profitability."; "Ciena expects fiscal fourth quarter 2016 financial performance to include: Revenue in the range of $700 to $730 million; Adjusted (non-GAAP) gross margin in the mid-40s percentage range; Adjusted (non-GAAP) operating expense of approximately $230 to $235 million."

Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due to a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our customers and their business; changes in network spending or network strategy by large communication service providers; seasonality and the timing and size of customer orders, including our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; supply chain disruptions and the level of success relating to efforts to optimize Ciena's operations; changes in foreign currency exchange rates affecting revenue and operating expense; and the other risk factors disclosed in Ciena's Report on Form 10-Q, which Ciena filed with the Securities and Exchange Commission on June 8, 2016. Ciena assumes no obligation to update any forward-looking information included in this press release.

Non-GAAP Presentation of Quarterly Results. This release includes non-GAAP measures of Ciena's gross profit, operating expense, income (loss) from operations, net income (loss) and net income (loss) per share. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. These items 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 Ciena's control. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. The presentation of these non-GAAP financial measures should be considered in addition to Ciena's GAAP results and these measures are not intended to be a substitute for the financial information prepared and presented in accordance with GAAP. Ciena's non-GAAP measures and the related adjustments may differ from non-GAAP measures used by other companies and should only be used to evaluate Ciena's results of operations in conjunction with our corresponding GAAP results. To the extent not previously disclosed in a prior Ciena financial results press release, Appendix A to this press release sets forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release.

With respect to Ciena’s expectations under “Business Outlook for Fiscal Fourth Quarter 2016” above, Ciena is not able to provide a quantitative reconciliation of the adjusted (non-GAAP) gross margin and adjusted (non-GAAP) operating expense guidance measures to the corresponding gross profit and gross profit percentage, and operating expense GAAP measures without unreasonable efforts. Ciena cannot provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, Ciena is unable to address the probable significance of the unavailable information.

About Ciena. Ciena (NYSE: CIEN) is the network specialist. We collaborate with customers worldwide to unlock the strategic potential of their networks and fundamentally change the way they perform and compete. Ciena leverages its deep expertise in packet and optical networking and distributed software automation to deliver solutions in alignment with its OPn architecture for next-generation networks. We enable a high-scale, programmable infrastructure that can be controlled and adapted by network-level applications, and provide open interfaces to coordinate computing, storage and network resources in a unified, virtualized environment. For updates on Ciena news, follow us on Twitter @Ciena or on LinkedIn.

 

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 
    Quarter Ended July 31,   Nine Months Ended July 31,
    2016   2015   2016   2015
Revenue:                
Products   $ 553,450     $ 493,919     $ 1,535,017     $ 1,428,114  
Services     117,100       109,013       349,365       325,582  
Total revenue     670,550       602,932       1,884,382       1,753,696  
Cost of goods sold:                
Products     299,381       273,837       851,641       797,283  
Services     62,684       59,226       189,713       183,838  
Total cost of goods sold     362,065       333,063       1,041,354       981,121  
Gross profit     308,485       269,869       843,028       772,575  
Operating expenses:                
Research and development     116,697       100,379       339,346       306,342  
Selling and marketing     83,732       81,650       252,878       240,833  
General and administrative     34,336       29,743       100,681       89,598  
Acquisition and integration costs     1,029       2,435       4,613       3,455  
Amortization of intangible assets     14,529       11,019       46,957       33,057  
Restructuring costs     1,138       192       2,057       8,260  
Total operating expenses     251,461       225,418       746,532       681,545  
Income from operations     57,024       44,451       96,496       91,030  
Interest and other income (loss), net     (3,647 )     (5,491 )     (11,456 )     (19,273 )
Interest expense     (15,967 )     (11,883 )     (41,285 )     (38,491 )
Income before income taxes     37,410       27,077       43,755       33,266  
Provision for income taxes     3,864       3,452       7,758       7,767  
Net income   $ 33,546     $ 23,625     $ 35,997     $ 25,499  
                 
Net Income per Common Share                
Basic net income per common share   $ 0.24     $ 0.20     $ 0.26     $ 0.23  
Diluted net income per potential common share1   $ 0.23     $ 0.19     $ 0.26     $ 0.22  
                 
Weighted average basic common shares outstanding     138,881       118,413       137,835       113,189  
Weighted average dilutive potential common shares outstanding2     169,349       133,233       139,053       114,549  
                                 
1.   The calculation of GAAP diluted net income per common share for the third quarter of fiscal 2016 requires adding back interest expense of approximately $1.3 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017 and approximately $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018 to the GAAP net income in order to derive the numerator for the diluted earnings per common share calculation.
     
    The calculation of GAAP diluted net income per common share for the third quarter of fiscal 2015 requires adding back interest expense of approximately $1.4 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017 to the GAAP net income in order to derive the numerator for the diluted earnings per common share calculation.
     
2.   Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the third quarter of fiscal 2016 includes 0.9 million shares underlying certain stock options and restricted stock units, 12.2 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017 and 17.4 million shares underlying Ciena's 3.75% convertible senior notes, due October 15, 2018.
     
    Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the first nine months of fiscal 2016 includes 1.2 million shares underlying certain stock options and restricted stock units.
     
    Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the third quarter of fiscal 2015 includes 1.7 million shares underlying certain stock options and restricted stock units and 13.1 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017.
     
    Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for the first nine months of fiscal 2015 includes 1.4 million shares underlying certain stock options and restricted stock units.
     
 

CIENA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(unaudited)

 
    July 31,
2016
  October 31,
2015
ASSETS        
Current assets:        
Cash and cash equivalents   $ 854,918     $ 790,971  
Short-term investments     295,322       135,107  
Accounts receivable, net     588,389       550,792  
Inventories     221,598       191,162  
Prepaid expenses and other     189,947       196,178  
Total current assets     2,150,174       1,864,210  
Long-term investments     115,366       95,105  
Equipment, building, furniture and fixtures, net     272,955       191,973  
Goodwill     267,261       256,434  
Other intangible assets, net     165,169       202,673  
Other long-term assets     72,733       84,656  
Total assets   $ 3,043,658     $ 2,695,051  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Accounts payable   $ 232,736     $ 222,140  
Accrued liabilities     297,123       316,283  
Deferred revenue     117,952       126,111  
Current portion of long-term debt     455,465       2,500  
Total current liabilities     1,103,276       667,034  
Long-term deferred revenue     70,287       62,962  
Other long-term obligations     122,852       72,540  
Long-term debt, net     1,025,684       1,271,639  
Total liabilities   $ 2,322,099     $ 2,074,175  
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; 290,000,000 shares authorized; 139,253,617 and 135,612,217 shares issued and outstanding     1,393       1,356  
Additional paid-in capital     6,704,349       6,640,436  
Accumulated other comprehensive loss     (21,390 )     (22,126 )
Accumulated deficit     (5,962,793 )     (5,998,790 )
Total stockholders’ equity     721,559       620,876  
Total liabilities and stockholders’ equity   $ 3,043,658     $ 2,695,051  
                 
 

CIENA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 
    Nine Months Ended July 31,
    2016   2015
Cash flows provided by operating activities:        
Net income   $ 35,997     $ 25,499  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements     46,624       41,601  
Share-based compensation costs     41,832       32,402  
Amortization of intangible assets     59,428       39,659  
Provision for inventory excess and obsolescence     26,663       18,010  
Provision for warranty     13,114       12,549  
Other     15,706       17,818  
Changes in assets and liabilities:        
Accounts receivable     (37,768 )     (33,362 )
Inventories     (56,267 )     40,372  
Prepaid expenses and other     16,687       (24,297 )
Accounts payable, accruals and other obligations     (5,087 )     (21,937 )
Deferred revenue     (4,120 )     29,170  
Net cash provided by operating activities     152,809       177,484  
Cash flows used in investing activities:        
Payments for equipment, furniture, fixtures and intellectual property     (81,161 )     (39,729 )
Restricted cash           (42 )
Purchase of available for sale securities     (340,168 )     (180,203 )
Proceeds from maturities of available for sale securities     160,606       140,000  
Settlement of foreign currency forward contracts, net     (9,982 )     16,289  
Acquisition of business, net of cash acquired     (32,000 )      
Purchase of cost method investment           (2,000 )
Net cash used in investing activities     (302,705 )     (65,685 )
Cash flows provided by financing activities:        
Proceeds from issuance of term loan, net     248,750        
Payment of long term debt     (45,990 )     (8,901 )
Payment of debt issuance costs     (3,980 )     (420 )
Payment of capital lease obligations     (5,359 )     (6,441 )
Proceeds from issuance of common stock     22,118       19,622  
Net cash provided by financing activities     215,539       3,860  
Effect of exchange rate changes on cash and cash equivalents     (1,696 )     (5,288 )
Net increase in cash and cash equivalents     63,947       110,371  
Cash and cash equivalents at beginning of period     790,971       586,720  
Cash and cash equivalents at end of period   $ 854,918     $ 697,091  
Supplemental disclosure of cash flow information        
Cash paid during the period for interest   $ 31,787     $ 31,566  
Cash paid during the period for income taxes, net   $ 9,947     $ 8,526  
Non-cash investing activities        
Purchase of equipment in accounts payable   $ 10,204     $ 16,717  
Equipment acquired under capital lease   $ 5,322     $ 464  
Building subject to capital lease   $ 8,993     $ 14,939  
Construction in progress subject to build-to-suit lease   $ 35,875     $ 8,770  
Non-cash financing activities        
Conversion of 4.0% convertible senior notes, due March 15, 2015 into 8,898,387 shares of common stock           180,645  
                 
 
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measurements
 
    Quarter Ended July 31,
    2016   2015
Gross Profit Reconciliation        
GAAP gross profit   $ 308,485     $ 269,869  
Share-based compensation-products     645       671  
Share-based compensation-services     637       490  
Amortization of intangible assets     4,328       2,200  
Total adjustments related to gross profit     5,610       3,361  
Adjusted (non-GAAP) gross profit   $ 314,095     $ 273,230  
Adjusted (non-GAAP) gross profit percentage     46.8 %     45.3 %
         
Operating Expense Reconciliation        
GAAP operating expense   $ 251,461     $ 225,418  
Share-based compensation-research and development     3,479       2,114  
Share-based compensation-sales and marketing     3,590       3,571  
Share-based compensation-general and administrative     4,284       3,516  
Acquisition and integration costs     1,029       2,435  
Amortization of intangible assets     14,529       11,019  
Restructuring costs     1,138       192  
Settlement of patent litigation           500  
Total adjustments related to operating expense     28,049       23,347  
Adjusted (non-GAAP) operating expense   $ 223,412     $ 202,071  
         
Income from Operations Reconciliation        
GAAP income from operations   $ 57,024     $ 44,451  
Total adjustments related to gross profit     5,610       3,361  
Total adjustments related to operating expense     28,049       23,347  
Adjusted (non-GAAP) income from operations   $ 90,683     $ 71,159  
Adjusted (non-GAAP) operating margin percentage     13.5 %     11.8 %
         
Net Income Reconciliation        
GAAP net income   $ 33,546     $ 23,625  
Total adjustments related to gross profit     5,610       3,361  
Total adjustments related to operating expense     28,049       23,347  
Gain on extinguishment of debt     (44 )      
Non-cash interest expense     480       397  
Adjusted (non-GAAP) net income   $ 67,641     $ 50,730  
         
Weighted average basic common shares outstanding     138,881       118,413  
Weighted average dilutive potential common shares outstanding 1     178,547       159,787  
         
Net Income per Common Share        
GAAP diluted net income per common share   $ 0.23     $ 0.19  
Adjusted (non-GAAP) diluted net income per common share 2   $ 0.42     $ 0.37  
         
1.   Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2016 includes 0.9 million shares underlying certain stock options and restricted stock units, 12.2 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017, 17.4 million shares underlying Ciena's 3.75% convertible senior notes, due October 15, 2018 and 9.2 million shares underlying Ciena's 4.0% convertible senior notes, due December 15, 2020.
     
    Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2015 includes 1.7 million shares underlying certain stock options and restricted stock units, 13.1 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017, 17.4 million shares underlying Ciena's 3.75% convertible senior notes, due October 15, 2018 and 9.2 million shares underlying Ciena's 4.0% convertible senior notes, due December 15, 2020.
     
2.   The calculation of Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2016 requires adding back interest expense of approximately $1.3 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017, approximately $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018 and approximately $2.9 million associated with Ciena's 4.0% convertible senior notes, due December 15, 2020 to the Adjusted (non-GAAP) net income in order to derive the numerator for the Adjusted earnings per common share calculation.
     
    The calculation of Adjusted (non-GAAP) diluted net income per common share for the third quarter of fiscal 2015 requires adding back interest expense of approximately $1.4 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017, approximately $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018 and approximately $2.8 million associated with Ciena's 4.0% convertible senior notes, due December 15, 2020 to the Adjusted (non-GAAP) net income in order to derive the numerator for the Adjusted earnings per common share calculation.
     

The adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items:

  • Share-based compensation - a non-cash expense incurred in accordance with share-based compensation accounting guidance.
  • Acquisition and integration costs - consist of expenses for financial, legal and accounting advisors and severance and other employee related costs, associated with our acquisition of Cyan, Inc. on August 3, 2015 and our acquisition of certain high-speed photonic component assets from TeraXion, Inc. on February 1, 2016. Ciena does not believe that these costs are reflective of its ongoing operating expense following its completion of these integration activities.
  • Amortization of intangible assets - a non-cash expense arising from the acquisition of intangible assets, principally developed technologies and customer-related intangibles, that Ciena is required to amortize over its expected useful life.
  • Restructuring costs - costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities.
  • Settlement of patent litigation - included in general and administrative expense is a $0.5 million patent litigation settlement during the third quarter of fiscal 2015.
  • Gain on extinguishment of debt - a gain related to certain private repurchases conducted with several holders of Ciena's 0.875% convertible senior notes, due June 15, 2017.
  • Non-cash interest expense - a non-cash debt discount expense amortized as interest expense during the term of Ciena's 4.0% senior convertible notes due December 15, 2020 relating to the required separate accounting of the equity component of these convertible notes.

 

Source: Ciena Corporation

Ciena Corporation
Press Contact:
Nicole Anderson, 877-857-7377
pr@ciena.com
or
Investor Contact:
Gregg Lampf, 877-243-6273
ir@ciena.com