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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
Date of report (Date of earliest event reported) December 10, 2007
-------------------------
Ciena Corporation
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware
- --------------------------------------------------------------------------------
(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)
(410) 865-8500
- --------------------------------------------------------------------------------
(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):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 - RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On December 13, 2007, Ciena Corporation issued a press release announcing
its financial results for its fourth fiscal quarter and fiscal year ended
October 31, 2007. The text of the press release is furnished as Exhibit 99.1 to
this Report. The information in this Report shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section, and shall not be
incorporated by reference into any registration statement pursuant to the
Securities Act of 1933, as amended.
ITEM 5.02 - APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMETNS OF
CERTAIN OFFICERS
(c) On December 10, 2007, Ciena Corporation appointed James E. Moylan,
Jr., 56, as Senior Vice President and Chief Financial Officer Designate. Mr.
Moylan will assume responsibility as Chief Financial Officer from Mr. Chinnici
following the filing of the company's Annual Report on Form 10-K. From June 2006
to November 2007, Mr. Moylan served as Executive Vice President and Chief
Financial Officer of Swett & Crawford, a wholesale insurance broker. From March
2004 to February 2006, Mr. Moylan served as Executive Vice President and Chief
Financial Officer of PRG-Shultz International, Inc., a publicly held recovery
audit and business services firm. From June 2002 to April 2003, Mr. Moylan
served as Executive Vice President in charge of Composite Panel Distribution and
Administration for Georgia-Pacific Corporation's building products distribution
business. From November 1999 to May 2002, Mr. Moylan served as Senior Vice
President and Chief Financial Officer of Sonat, Inc., an electronics contract
manufacturing company.
Mr. Moylan will receive a $385,000 annual salary and will be eligible for
a target bonus of up to 75% of his base salary under Ciena's incentive bonus
plan. This plan provides for any such bonus to be paid in quarterly amounts upon
satisfaction of the corporate financial goals and any applicable functional
performance goals established by the Compensation Committee for that fiscal
quarter. Mr. Moylan will receive a $150,000 signing bonus and is also eligible
for reimbursement of certain relocation expenses, in an amount not to exceed
$200,000. The signing bonus and relocation benefits are subject to repayment by
Mr. Moylan in the event that he voluntarily terminates his employment within one
year of his date of hire. Mr. Moylan is a party to Ciena's standard executive
change in control severance agreement, which provides severance benefits,
including twelve months of salary, bonus and benefits continuation and
acceleration of 50% of any unvested equity awards, in the event that his
employment is terminated by Ciena or any successor entity without "cause," or,
by him for "good reason," within one year following a "change in control." Mr.
Moylan is also eligible to receive financial planning and tax preparation
services and annual medical physicals on the same terms as provided to Ciena's
other executive officers.
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 December 13, 2007, issued by
Ciena Corporation, reporting its results of operations
for its fourth fiscal quarter and fiscal year ended
October 31, 2007.
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.
Ciena Corporation
Date: December 12, 2007 By: /S/ Russell B. Stevenson, Jr.
-------------------------------------
Russell B. Stevenson, Jr.
Senior Vice President, General Counsel
and Secretary
EXHIBIT 99.1
Ciena Reports Unaudited Fiscal Fourth Quarter
2007 and Year-End Results
Delivers 38% Annual Revenue Growth; Names New CFO
LINTHICUM, Md.--(BUSINESS WIRE)--Dec. 13, 2007--Ciena(R)
Corporation (NASDAQ:CIEN), the network specialist, today announced
unaudited results for its fiscal fourth quarter and year ended October
31, 2007. Revenue for the fourth quarter totaled $216.2 million,
representing a 5.5% sequential increase from fiscal third quarter
revenue of $205.0 million, and an increase of 35.2% over the same
period a year ago when the Company reported revenue of $160.0 million.
For the fiscal year ended October 31, 2007, Ciena reported revenue of
$779.8 million, representing an increase of 38.2% over revenue of
$564.1 million for fiscal 2006.
On the basis of generally accepted accounting principles (GAAP),
Ciena's net income for the fiscal fourth quarter 2007 was $30.4
million, or $0.30 per diluted share. This compares to fiscal third
quarter GAAP net income of $28.3 million, or $0.29 per diluted share,
and with a reported GAAP net income of $13.1 million, or $0.14 per
diluted share, for the same period a year ago. For the fiscal year
ended October 31, 2007, Ciena's reported GAAP net income was $82.8
million, or $0.87 per diluted share. This compares to a GAAP net
income of $0.6 million, or $0.01 per diluted share, for fiscal year
2006.
"By all accounts, 2007 was a momentous year for Ciena. In addition
to achieving 38% annual revenue growth and delivering strong financial
performance, we established ourselves as a leader in the emerging
converged Ethernet infrastructure space with strong market validation
for our FlexSelect Architecture and vision," said Gary Smith, Ciena
president and CEO. "Our strong 2007 performance is the direct result
of the individual efforts of every single Ciena employee, and in 2008
everyone at Ciena will continue to focus on driving revenue
growth while working toward further operating performance
improvement."
At October 31, 2007, Ciena had a $1.7 billion total cash position,
which includes $892.1 million in cash and cash equivalents and $856.1
million in short-term and long-term investments in marketable debt
securities. The Company's fiscal fourth quarter and fiscal 2007 GAAP
net income reflect a $13.0 million loss related to investments in
commercial paper issued by SIV Portfolio plc (formerly known as Cheyne
Finance plc) and Rhinebridge LLC, two structured investment vehicles
(SIVs) that entered into receivership and failed to make payment at
maturity. At the time of purchase, each investment had a rating of A1+
by Standard and Poor's and P-1 by Moody's, their highest ratings
respectively. After giving effect to this loss, Ciena's investment
portfolio at October 31, 2007 included an estimated fair value of
$33.9 million related to these two SIVs.
Non-GAAP Presentation of Quarterly Results
In evaluating the operating performance of its business, Ciena's
management excludes certain charges and credits that are required by
GAAP. These items, which are identified in the table that follows (in
thousands, except per share data) and further described in Appendix A,
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. Management believes that the non-GAAP measures
below provide useful information and meaningful insight to the
operating performance of the business.
Quarter Quarter
Ended Ended
Oct. 31, 2006 Oct. 31, 2007
------------- -------------
Stock-based compensation-product $ 204 $ 543
Stock-based compensation-services 206 217
Stock-based compensation-research and
development 938 836
Stock-based compensation-sales and
marketing 706 1,920
Stock-based compensation-general and
administrative 963 1,824
Amortization of intangible assets 6,296 6,465
Restructuring costs (recoveries) (366) (39)
Long-lived asset impairment 6 -
Recovery of doubtful accounts, net (41) (4)
Gain on lease settlement - (4,871)
------------- -------------
Adjustments related to income from
operations $ 8,912 $ 6,891
Loss, other than temporary, on marketable
debt investments - 13,013
---------------------------
Adjustments related to net income $ 8,912 $ 19,904
============= =============
Income from Operations Reconciliation
(GAAP/non-GAAP)
GAAP income from operations $ 3,881 $ 27,120
Adjustments related to income from
operations 8,912 6,891
------------- -------------
Adjusted (non-GAAP) income from operations $ 12,793 $ 34,011
============= =============
Net Income Reconciliation (GAAP/non-GAAP)
GAAP net income $ 13,081 $ 30,410
Adjustments related to net income 8,912 19,904
------------- -------------
Adjusted (non-GAAP) net income $ 21,993 $ 50,314
============= =============
Weighted average basic common shares
outstanding 84,657 86,241
Weighted average dilutive potential common
shares outstanding 93,146 108,811
Net Income per Share(1)
GAAP diluted net income per share $ 0.14 $ 0.30
Adjusted (non-GAAP) diluted net income per
share $ 0.24 $ 0.48
(1) Note that calculating diluted earnings per share for the fiscal
fourth quarters 2006 and 2007 requires adding interest expense of
approximately $0.2 million associated with the Company's 0.25%
convertible senior notes in 2006 and $2.0 million associated with the
Company's 0.25% and 0.875% convertible senior notes in 2007, to GAAP
and adjusted net income in order to arrive at the numerator for the
earnings per share calculation.
Adjusting Ciena's unaudited fiscal fourth quarter 2007 GAAP net
income of $30.4 million for the items noted above would increase the
Company's adjusted (non-GAAP) net income in the quarter to $50.3
million, or $0.48 per diluted share (non-GAAP). This compares with an
adjusted (non-GAAP) net income of $22.0 million, or $0.24 per diluted
share (non-GAAP), in the same year-ago period.
Fourth Quarter 2007 Performance Highlights
-- Achieved sequential quarterly revenue growth of 5.5% and
year-over-year revenue growth of 35.2%.
-- Delivered overall gross margin of 50.5% and product gross
margin of 55.0%.
-- Delivered GAAP income from operations of 12.5% of revenue and
adjusted income from operations of 15.7% of revenue.
-- Ended the fiscal fourth quarter 2007 with cash, cash
equivalents and short- and long-term investments of $1.7
billion.
Fourth Quarter 2007 Customer and Product Highlights
-- VSNL, a leading communications solutions provider and member
of the Tata Group, deployed Ciena's CoreDirector(R)
Multiservice Optical Switches to create the first nationwide
intelligent optical mesh network in India.
-- Ciena's FlexSelect(TM) 40G Shelf was honored by the
International Engineering Consortium (IEC) with an InfoVision
Award for Network Core Innovation and Advances.
-- AboveNet, Inc., a leader in fiber optic connectivity
solutions, deployed Ciena's CN 4200(TM) FlexSelect Advanced
Services Platform throughout its metro networks to power a
variety of private networks transporting Ethernet, IP and
other managed services.
-- Ciena's CN 4200 FlexSelect Advanced Services Platform was
honored by R&D Magazine as one of the 100 most technologically
significant products introduced to the marketplace in the past
year.
New CFO Named
Ciena also announced today that it named James E. Moylan, Jr., 56,
to succeed outgoing CFO, Joseph Chinnici. Most recently, Mr. Moylan
was Executive Vice President and Chief Financial Officer at Swett &
Crawford, a private equity-owned wholesale insurance broker. His
diverse public company experience includes CFO roles at PRG - Shultz
International and at SCI Systems, Inc. where he played a key role in
the company's merger with Sanmina. Mr. Moylan holds an M.B.A. from
Harvard and a B.S. in Industrial Engineering from Georgia Tech
Institute of Technology. Mr. Moylan will assume CFO responsibility at
Ciena following the filing of the Company's 2007 Form 10-K.
"I can't thank Joe enough for his support and contribution to the
business over the years. We wish him all the best in his future
endeavors," said Smith. "I am confident that Jim's business acumen,
global perspective and significant experience will be valuable assets
to Ciena, and I look forward to working with him through the next
phase of Ciena's growth."
Business Outlook
"As we look into fiscal 2008, we believe Ciena is poised to
benefit not only from capacity-related growth but also from the
transition to next-generation, converged Ethernet-based network
infrastructures," said Smith. "We believe that Ciena's focus on
targeted segments of growth markets will enable us to continue to grow
faster than our overall market. We expect to deliver up to 5%
sequential revenue growth in our fiscal first quarter and 20% annual
revenue growth in fiscal 2008."
Separately today, Ciena also announced that BT has selected the CN
3000(TM) Ethernet Access Series as one of its preferred Network
Termination Equipment (NTE) platforms for its 21st Century Network
(21CN). The agreement extends BT's partnership with Ciena, which
already supplies optical Ethernet transport and switching solutions
for the 21CN transmission domain, by enabling BT to provide Ethernet
access in the last mile to support the roll-out of new 21CN services
and applications (see related announcement: "BT Selects Ciena's CN
3000 Ethernet Access Series to Support its 21st Century Network").
Live Web Broadcast of Fiscal Fourth Quarter and Year-End Results
Ciena will host a discussion of its fiscal fourth quarter and
year-end results with investors and financial analysts today,
Thursday, December 13, 2007 at 8:30 a.m. (Eastern). The live broadcast
of the discussion will be available via Ciena's homepage at
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.
NOTE TO 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 August 31, 2007. 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:
in 2008 everyone at Ciena will continue to focus on driving revenue
growth while working toward further operating performance improvement;
as we look into fiscal 2008, we believe Ciena is poised to benefit not
only from capacity-related growth but also from the transition to
next-generation, converged Ethernet-based network infrastructures; we
believe that Ciena's focus on targeted segments of growth markets will
enable us to continue to grow faster than our overall market; and, we
expect to deliver up to 5% sequential revenue growth in our fiscal
first quarter and 20% annual revenue growth in fiscal 2008. Ciena
assumes no obligation to update the information included in this press
release, whether as a result of new information, future events or
otherwise.
CIENA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
ASSETS
October 31,
-------------------------
Current assets: 2006 2007
------------ ------------
Cash and cash equivalents $ 220,164 $ 892,061
Short-term investments 628,393 822,185
Accounts receivable, net 107,172 104,078
Inventories 106,085 102,618
Prepaid expenses and other 36,372 47,817
------------ ------------
Total current assets 1,098,186 1,968,759
Long-term investments 351,407 33,946
Equipment, furniture and fixtures, net 29,427 46,671
Goodwill 232,015 232,015
Other intangible assets, net 91,274 67,144
Other long-term assets 37,404 67,738
------------ ------------
Total assets $ 1,839,713 $ 2,416,273
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 39,277 $ 55,389
Accrued liabilities 79,282 90,922
Restructuring liabilities 8,914 1,026
Unfavorable lease commitments 8,512 -
Income taxes payable 5,981 7,768
Deferred revenue 19,637 33,025
Convertible notes payable - 542,262
------------ ------------
Total current liabilities 161,603 730,392
Long-term deferred revenue 21,039 30,615
Long-term restructuring liabilities 26,720 3,662
Long-term unfavorable lease commitments 32,785 -
Other long-term obligations 1,678 1,450
Convertible notes payable 842,262 800,000
------------ ------------
Total liabilities 1,086,087 1,566,119
------------ ------------
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;
140,000,000 shares authorized; 84,891,656
and 86,752,069 shares issued and
outstanding 849 868
Additional paid-in capital 5,505,853 5,519,741
Changes in unrealized gains on
investments, net (496) 350
Translation adjustment (580) (1,593)
Accumulated deficit (4,752,000) (4,669,212)
------------ ------------
Total stockholders' equity 753,626 850,154
------------ ------------
Total liabilities and stockholders' equity $ 1,839,713 $ 2,416,273
============ ============
CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Quarter Ended October 31, Year Ended October 31
------------------------- -------------------------
2006 2007 2006 2007
------------ ------------ ------------ ------------
Revenues:
Products $ 141,469 $ 193,652 $ 502,427 $ 695,289
Services 18,483 22,538 61,629 84,480
------------ ------------ ------------ ------------
Total revenue 159,952 216,190 564,056 779,769
------------ ------------ ------------ ------------
Costs:
Products 73,955 87,185 263,667 337,866
Services 13,241 19,859 42,608 79,634
------------ ------------ ------------ ------------
Total cost of
goods sold 87,196 107,044 306,275 417,500
------------ ------------ ------------ ------------
Gross profit 72,756 109,146 257,781 362,269
------------ ------------ ------------ ------------
Operating
Expenses:
Research and
development 26,561 34,130 111,069 127,296
Selling and
marketing 26,302 32,655 104,434 118,015
General and
administrative 10,117 13,690 47,476 50,262
Amortization of
intangible
assets 6,296 6,465 25,181 25,350
Restructuring
costs
(recoveries) (366) (39) 15,671 (2,435)
Long-lived asset
impairments 6 - - -
Gain on lease
settlement - (4,871) (11,648) (4,871)
Recovery of
doubtful
accounts, net (41) (4) (3,031) (14)
------------ ------------ ------------ ------------
Total
operating
expenses 68,875 82,026 289,152 313,603
------------ ------------ ------------ ------------
Income (loss) from
operations 3,881 27,120 (31,371) 48,666
Interest and other
income, net 15,741 25,277 50,245 76,483
Interest expense (6,149) (7,769) (24,165) (26,996)
Loss, other than
temporary, on
marketable debt
investments - (13,013) - (13,013)
Gain on equity
investments, net - - 215 592
Gain on
extinguishment of
debt - - 7,052 -
------------ ------------ ------------ ------------
Income before
income taxes 13,473 31,615 1,976 85,732
Provision for
income taxes 392 1,205 1,381 2,944
------------ ------------ ------------ ------------
Net income $ 13,081 $ 30,410 $ 595 $ 82,788
============ ============ ============ ============
Basic net income
per common share $ 0.15 $ 0.35 $ 0.01 $ 0.97
============ ============ ============ ============
Diluted net income
per common share
(2) $ 0.14 $ 0.30 $ 0.01 $ 0.87
============ ============ ============ ============
Weighted average
basic common
shares
outstanding 84,657 86,241 83,840 85,525
============ ============ ============ ============
Weighted average
dilutive
potential common
share outstanding 93,146 108,811 85,011 99,605
============ ============ ============ ============
(2) Note that calculating diluted earnings per share for the quarters
ended October 31, 2006 and 2007 requires adding interest expense of
$0.2 million associated with the Company's 0.25% convertible senior
notes in 2006 and $2.0 million associated with the Company's 0.25%
and 0.875% convertible senior notes in 2007, to GAAP net income in
order to arrive at the numerator for the earnings per share
calculation. For the fiscal year ended October 31, 2007, interest
expense of $4.1 million associated with the Company's 0.25% and
0.875% convertible senior notes must be added to GAAP net income in
order to arrive at the numerator for the earnings per share
calculation.
CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Year Ended October 31,
-----------------------
2006 2007
------------ ----------
Cash flows from operating activities:
Net income $ 595 $ 82,788
Adjustments to reconcile net income to net
cash provided by used in operating
activities:
Early extinguishment of debt (7,052) -
Amortization of premium (discount) on
marketable securities (823) (14,191)
Non-cash loss from equity investments and
marketable securities 733 13,013
Depreciation and amortization of leasehold
improvements 16,401 12,833
Stock compensation 14,042 19,572
Amortization of intangibles 29,050 29,220
Provision for doubtful accounts - -
Provision for inventory excess and
obsolescence 9,012 12,180
Provision for warranty and other
contractual obligations 14,522 12,743
Other 2,028 2,984
Changes in assets and liabilities:
Accounts receivable (34,386) 3,094
Inventories (65,764) (8,713)
Prepaid expenses and other 4,056 (20,568)
Accounts payable and accruals (59,161) (57,462)
Income taxes payable 196 1,787
Deferred revenue and other obligations (2,842) 22,964
------------ ----------
Net cash provided by (used in) operating
activities (79,393) 112,244
------------ ----------
Cash flows from investing activities:
Purchases of equipment, furniture, fixtures
and intellectual property (17,760) (35,167)
Restricted cash 4,552 (13,277)
Purchase of available for sale securities (1,090,409) (864,012)
Proceeds from maturities of available for
sale securities 851,084 989,705
Minority equity investments, net 948 (181)
------------ ----------
Net cash provided by (used in) investing
activities (251,585) 77,068
------------ ----------
Cash flows from financing activities:
Proceeds from issuance of convertible notes
payable 300,000 500,000
Repurchase of 3.75% convertible notes
payable (98,410) -
Debt issuance costs (7,990) (11,750)
Purchase of call spread option (28,457) (42,500)
Proceeds from issuance of common stock and
warrants 27,987 36,835
------------ ----------
Net cash provided by financing activities 193,130 482,585
------------ ----------
Net increase (decrease) in cash and cash
equivalents (137,848) 671,897
Cash and cash equivalents at beginning of
period 358,012 220,164
------------ ----------
Cash and cash equivalents at end of period $ 220,164 $ 892,061
============ ==========
Appendix A
The adjustments management makes in analyzing Ciena's fiscal
fourth quarter 2007 and 2006 GAAP results are as follows:
-- Stock-based compensation costs - a non-cash expense incurred
in accordance with SFAS 123(R).
-- Amortization of intangible assets - a non-cash expense arising
from acquisitions of intangible assets, principally developed
technology, which Ciena is required to amortize over its
expected useful life.
-- Restructuring costs (recoveries) - infrequent charges or
recoveries incurred as the result of aligning the Company's
resources with perceived market opportunity, including new
market segments within the overall market.
-- Long-lived asset impairment - non-recurring charges, incurred
as a result of excess equipment classified as held for sale
which the Company feels are not reflective of its ongoing
operating costs.
-- Recovery of doubtful accounts, net - an infrequent gain
unrelated to normal operations resulting from the recovery of
an amount due that was previously assessed a doubtful payment
due to customer financial condition.
-- Gain on lease settlement - an infrequent gain unrelated to
normal operations resulting from the termination of lease
obligations for an unused facility.
-- Loss, other than temporary, on marketable debt investments -
an infrequent loss related to Ciena's investments in
commercial paper issued by two structured investment vehicles
(SIVs) exposed to market risks stemming from mortgage-related
assets that they hold. After giving effect to estimated
realized losses of $13.0 million, Ciena's investment portfolio
at October 31, 2007 included commercial paper with an
estimated fair value of $33.9 million related to these two
SIVs.
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.
CONTACT: Ciena Corporation
Press Contact:
Nicole Anderson, 410-694-5786
pr@ciena.com
or
Investor Contact:
Suzanne DuLong, 888-243-6223
ir@ciena.com