Ciena Reports First Quarter Fiscal 2005 Results
LINTHICUM, Md.--(BUSINESS WIRE)--Feb. 23, 2005--
16% Sequential Revenue Growth Fueled by Growth From Product Lines
Targeting Core Networking, Data Networking and Broadband Applications
Ciena(R) Corporation (NASDAQ:CIEN), 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.
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