UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Ciena Corporation

(Exact Name of Registrant as Specified in Its Charter)

(State or Other Jurisdiction of Incorporation)

0-21969		23-2725311
(Commission File Number)		(IRS Employer Identification No.)

1201 Winterson Road, Linthicum, MD		21090
(Address of Principal Executive Offices)		(Zip Code)

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

ITEM 2.06 – MATERIAL IMPAIRMENTS

          On July 18, 2008, Ciena Corporation issued a press release relating to the impairment of its investments in commercial paper issued by two structured investment vehicles. On July 16, 2008, Ciena received updated valuation information from its investment manager associated with an auction process for the assets of one of these structured investment vehicles, and Ciena concluded that an other-than-temporary impairment of these investments had occurred. The information contained in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K is incorporated by reference into this Item 2.06.

ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS  

     (c) The following exhibit is being filed herewith:
 

Exhibit Number		Description of Document
Exhibit 99.1		Text of press release dated July 18, 2008, issued by Ciena Corporation.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EXHIBIT 99.1

		Press Contact:		Nicole Anderson Ciena Corporation (410) 694–5786 pr@ciena.com
		Investor Contact:		Marie Downing Ciena Corporation (888) 243-6223 ir@ciena.com

FOR IMMEDIATE RELEASE

Ciena expects $5.0 to $6.0 million Q3 GAAP loss related to commercial paper
investments

GAAP loss will not affect Ciena’s income from operations

LINTHICUM, Md. – July 18, 2008 – Ciena^® Corporation (NASDAQ: CIEN) today announced that it expects to recognize a GAAP loss totaling between $5.0 million and $6.0 million in the third quarter of fiscal 2008, relating to commercial paper investments in Rhinebridge LLC and SIV Portfolio plc (formerly known as Cheyne Finance plc). Ciena had previously recognized a loss of $13.0 million related to its investment in these two structured investment vehicles (SIVs), each of which entered into receivership and failed to make payment at maturity during the fourth quarter of Ciena’s fiscal 2007.

At April 30, 2008, Ciena’s commercial paper issued by these SIVs had a carrying value of $25.6 million. The estimated GAAP loss for the third quarter is based upon valuation information provided by Ciena’s investment manager on July 16, 2008 in connection with the restructuring of these SIVs. This estimated GAAP loss will not affect Ciena’s income from operations for the third quarter of fiscal 2008. As stated previously, Ciena believes that its SIV-related exposure is limited to these two investments.

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About Ciena

Ciena specializes in network transition. We provide the flexible platforms, intelligent software and professional services to build converged networks for enhanced services and applications. With a growing global presence, Ciena leverages its heritage of practical innovation to deliver maximum performance and economic value in communications networks worldwide. For more information, visit www.ciena.com.

Note to Ciena Investors

This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. These statements are based on information available to the Company as of the date hereof; and Ciena’s actual results could differ materially from those stated or implied, due to

risks and uncertainties associated with its business, which include the risk factors disclosed in its Report on Form 10-Q filed with the Securities and Exchange Commission on June 6, 2008. 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 the statements that Ciena “expects to recognize a GAAP loss totaling between $5.0 million and $6.0 million in the third quarter of fiscal 2008,” “this estimated GAAP loss will not affect Ciena’s income from operations for the third quarter of fiscal 2008” and “Ciena believes that its SIV-related exposure is limited to these two investments.” Ciena assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.