COMPANY PRESS RELEASE: CIENA Corporation has reported revenue of $367.8 million for its fourth fiscal quarter ended October 31, 2001. These results represent an increase of more than 27 percent as compared to the same period a year ago when the Company reported revenue of $287.6 million.
Adjusted net income per diluted share for the fourth quarter, after excluding a goodwill impairment charge, restructuring costs, deferred stock compensation charges, payroll taxes on stock option exercises and amortization of intangibles and goodwill was $17.1 million, or $0.05, earnings per diluted share. Reported, or GAAP, net loss for the period was $1,802.3 million, or a loss of $5.51 per diluted share.1
For the twelve months ended October 31, 2001, CIENA reported revenue of $1,603.2 million, an increase of 87 percent over revenue of $858.8 million for fiscal year 2000. For the fiscal year 2001, exclusive of a goodwill impairment charge, restructuring costs, deferred stock compensation charges, in-process research and development, provision for doubtful accounts, settlement of accrued contract obligations, payroll taxes on stock option exercises and amortization of intangibles and goodwill, CIENA’s adjusted net income totaled $195.3 million, or $0.60, earnings per diluted share, an increase of 94 percent compared to fiscal year 2000 adjusted net income of $100.8 million, or $0.34, earnings per diluted share. Reported, or GAAP, net loss for fiscal year 2001 was $1,794.1 million, or a loss of $5.75 per diluted share.1
Given the difficult telecom environment, we are very pleased with CIENA’s performance in 2001, said Gary Smith, CIENA’s president and CEO. We believe our financial results – growth of 87 percent in revenue and 94 percent in adjusted net income – point to CIENA’s strength and market leadership.
CIENA continues to diversify its customer base, adding five new customers in its fiscal fourth quarter, including AFN and eAccess, as well as a previously unannounced MultiWave Metro customer, Teleglobe.