CIEN
$26.10
Ciena
$.26
1.01%
Earnings Details
2nd Quarter April 2017
Thursday, June 01, 2017 7:00:12 AM
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Summary

Ciena Beats

Ciena (CIEN) reported 2nd Quarter April 2017 earnings of $0.46 per share on revenue of $707.0 million. The consensus earnings estimate was $0.37 per share on revenue of $693.7 million. The Earnings Whisper number was $0.38 per share. Revenue grew 10.3% on a year-over-year basis.

The company said it expects third quarter revenue of $710.0 million to $740.0 million. The current consensus revenue estimate is $722.5 million for the quarter ending July 31, 2017.

Ciena Corp is a network specialist providing networking solutions. It provides equipment, software & services supporting the transport, switching, aggregation, service delivery & management of voice, video and data traffic on communications networks.

Results
Reported Earnings
$0.46
Earnings Whisper
$0.38
Consensus Estimate
$0.37
Reported Revenue
$707.0 Mil
Revenue Estimate
$693.7 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Ciena Reports Fiscal Second Quarter 2017 Financial Results

Ciena(R) Corporation (CIEN), a network strategy and technology company, today announced unaudited financial results for its fiscal second quarter ended April 30, 2017.

For the fiscal second quarter 2017, Ciena reported revenue of $707.0 million as compared to $640.7 million for the fiscal second quarter 2016.

On the basis of generally accepted accounting principles (GAAP), Ciena’s net income for the fiscal second quarter 2017 was $38.0 million, or $0.25 per diluted common share, which compares to a GAAP net income of $14.0 million, or $0.10 per diluted common share, for the fiscal second quarter 2016.

Ciena’s adjusted (non-GAAP) net income for the fiscal second quarter 2017 was $72.3 million, or $0.45 per diluted common share, which compares to an adjusted (non-GAAP) net income of $52.4 million, or $0.34 per diluted common share, for the fiscal second quarter 2016.

"We delivered outstanding second quarter performance across all financial metrics, underpinned by positive market dynamics and a growing competitive advantage," said Gary B. Smith, president and CEO, Ciena. "We continue to win as an innovation powerhouse with global scale and deep customer relationships across a broad set of applications and market segments."

Fiscal Second Quarter 2017 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
Q2
Q1
Q2
Period Change
FY 2017
FY 2017
FY 2016
Q-T-Q*
Y-T-Y*
Revenue
$ 707.0
$ 621.5
$ 640.7
13.8 %
10.3 %
Gross margin
45.0 %
44.1 %
44.2 %
0.9 %
0.8 %
Operating expense
$ 260.4
$ 254.7
$ 254.9
2.2 %
2.2 %
Operating margin
8.2 %
3.1 %
4.4 %
5.1 %
3.8 %
Non-GAAP Results
Q2
Q1
Q2
Period Change
FY 2017
FY 2017
FY 2016
Q-T-Q*
Y-T-Y*
Revenue
$ 707.0
$ 621.5
$ 640.7
13.8 %
10.3 %
Adj. gross margin
45.7 %
44.9 %
45.1 %
0.8 %
0.6 %
Adj. operating expense
$ 234.6
$ 226.2
$ 222.6
3.7 %
5.4 %
Adj. operating margin
12.5 %
8.5 %
10.3 %
4.0 %
2.2 %

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

Revenue by Segment
Q2 FY 2017
Q1 FY 2017
Q2 FY 2016
Revenue
%**
Revenue
%**
Revenue
%**
Networking Platforms
Converged Packet Optical
$
502.1
71.0
$
412.7
66.4
$
435.2
67.9
Packet Networking
66.4
9.4
72.2
11.6
68.5
10.7
Optical Transport
3.0
0.4
5.1
0.8
8.5
1.3
Total Networking Platforms
571.5
80.8
490.0
78.8
512.2
79.9
Software and Software-Related Services
Software Platforms
13.1
1.9
17.0
2.7
11.8
1.9
Software-Related Services
24.6
3.5
22.3
3.6
18.7
2.9
Total Software and Software-Related Services
37.7
5.4
39.3
6.3
30.5
4.8
Global Services
Maintenance Support and Training
58.2
8.2
55.0
8.9
57.1
8.9
Installation and Deployment
28.7
4.1
27.9
4.5
30.2
4.7
Consulting and Network Design
10.9
1.5
9.3
1.5
10.7
1.7
Total Global Services
97.8
13.8
92.2
14.9
98.0
15.3
Total
$
707.0
100.0
$
621.5
100.0
$
640.7
100.0

Additional Performance Metrics for Fiscal Second Quarter 2017

Revenue by Geographic Region
Q2 FY 2017
Q1 FY 2017
Q2 FY 2016
Revenue
% **
Revenue
% **
Revenue
% **
North America
$ 424.4
60.0
$ 405.9
65.3
$ 395.5
61.7
Europe, Middle East and Africa
105.8
15.0
91.5
14.7
96.2
15.0
Caribbean and Latin America
33.9
4.8
35.2
5.7
57.9
9.0
Asia Pacific
142.9
20.2
88.9
14.3
91.1
14.3
Total
$ 707.0
100.0
$ 621.5
100.0
$ 640.7
100.0

** Denotes % of total revenue

-- U.S. customers contributed 55.4% of total revenue

One customer accounted for greater than 10% of revenue and represented 15% of total revenue

-- Cash and investments totaled $993.3 million

-- Cash flow from operations totaled $72.0 million

-- Average days’ sales outstanding (DSOs) were 72

-- Accounts receivable balance was $564.9 million

Inventories totaled $287.1 million, including: -- Raw materials: $43.9 million

-- Work in process: $12.9 million

-- Finished goods: $204.4 million

-- Deferred cost of sales: $85.1 million

-- Reserve for excess and obsolescence: $(59.2) million

-- Product inventory turns were 4.6

-- Headcount totaled 5,663

Business Outlook for Fiscal Third Quarter 2017

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 third quarter 2017 financial performance to include:

-- Revenue in the range of $710 to $740 million

-- Adjusted (non-GAAP) gross margin in the mid-40s percentage range

-- Adjusted (non-GAAP) operating expense of approximately $235 million

Live Web Broadcast of Unaudited Fiscal Second Quarter 2017 Results

Ciena will host a discussion of its unaudited fiscal second quarter 2017 results with investors and financial analysts today, Thursday, June 1, 2017 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 delivered outstanding second quarter performance across all financial metrics, underpinned by positive market dynamics and a growing competitive advantage"; "We continue to win as an innovation powerhouse with global scale and deep customer relationships across a broad set of applications and market segments"; "Ciena expects fiscal third quarter 2017 financial performance to include: Revenue in the range of $710 to $740 million; Adjusted (non-GAAP) gross margin in the mid-40s percentage range; Adjusted (non-GAAP) operating expense of approximately $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 March 8, 2017. 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 Third Quarter 2017" 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 (CIEN) is a network strategy and technology company. We translate best-in-class technology into value through a high-touch, consultative business model - with a relentless drive to create exceptional experiences measured by outcomes. For updates on Ciena, follow us on Twitter @Ciena, LinkedIn, the Ciena Insights blog, or visit www.ciena.com.

CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Quarter Ended April 30,
Six Months Ended April 30,
2017
2016
2017
2016
Revenue:
Products
$ 584,630
$ 523,978
$ 1,091,623
$ 981,567
Services
122,392
116,739
236,896
232,265
Total revenue
707,022
640,717
1,328,519
1,213,832
Cost of goods sold:
Products
327,295
291,778
614,106
552,260
Services
61,487
65,846
122,388
127,029
Total cost of goods sold
388,782
357,624
736,494
679,289
Gross profit
318,240
283,093
592,025
534,543
Operating expenses:
Research and development
121,623
114,603
238,492
222,649
Selling and marketing
88,551
86,668
173,553
169,146
General and administrative
34,990
35,203
70,854
66,345
Amortization of intangible assets
10,980
15,566
25,531
32,428
Acquisition and integration costs
--
2,285
--
3,584
Restructuring costs
4,276
535
6,671
919
Total operating expenses
260,420
254,860
515,101
495,071
Income from operations
57,820
28,233
76,924
39,472
Interest and other income (loss), net
(2,918 )
967
(2,548 )
(7,809 )
Interest expense
(13,308 )
(12,608 )
(28,511 )
(25,318 )
Income before income taxes
41,594
16,592
45,865
6,345
Provision for income taxes
3,568
2,595
3,978
3,894
Net income
$
38,026
$
13,997
$
41,887
$
2,451
Net Income per Common Share
Basic net income per common share
$
0.27
$
0.10
$
0.30
$
0.02
Diluted net income per potential common share(1)
$
0.25
$
0.10
$
0.29
$
0.02
Weighted average basic common shares outstanding
141,743
137,950
141,223
137,313
Weighted average dilutive potential common shares outstanding(2)
165,273
138,889
147,842
138,693
1.
The calculation of GAAP diluted net income per common share for the
second quarter of fiscal 2017 requires adding back interest expense
of approximately $0.5 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 Adjusted earnings per common share calculation.
The calculation of GAAP diluted net income per common share for the
first six months of fiscal 2017 requires adding back interest
expense of approximately $1.1 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 Adjusted 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
second quarter of fiscal 2017 includes 1.3 million shares underlying
certain stock options and restricted stock units, 4.9 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 six months of fiscal 2017 includes 1.4 million shares
underlying certain stock options and restricted stock units and 5.2
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
second quarter of fiscal 2016 includes 0.9 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
first six months of fiscal 2016 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)
April 30,
October 31,
2017
2016
ASSETS
Current assets:
Cash and cash equivalents
$
628,623
$
777,615
Short-term investments
274,779
275,248
Accounts receivable, net
564,856
576,235
Inventories
287,073
211,251
Prepaid expenses and other
186,919
172,843
Total current assets
1,942,250
2,013,192
Long-term investments
89,852
90,172
Equipment, building, furniture and fixtures, net
299,792
288,406
Goodwill
266,773
266,974
Other intangible assets, net
113,245
146,711
Other long-term assets
65,191
68,120
Total assets
$ 2,777,103
$ 2,873,575
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
249,556
$
235,942
Accrued liabilities and other short-term obligations
262,482
310,353
Deferred revenue
105,514
109,009
Current portion of long-term debt
189,221
236,241
Total current liabilities
806,773
891,545
Long-term deferred revenue
81,349
73,854
Other long-term obligations
113,254
124,394
Long-term debt, net
929,182
1,017,441
Total liabilities
$ 1,930,558
$ 2,107,234
Stockholders’ equity:
Preferred stock - par value $0.01; 20,000,000 shares authorized;
--
--
zero shares issued and outstanding
1,418
1,398
Common stock - par value $0.01; 290,000,000 shares authorized;
141,768,448 and 139,767,627 shares issued and outstanding
Additional paid-in capital
6,750,632
6,715,478
Accumulated other comprehensive loss
(21,186 )
(24,329 )
Accumulated deficit
(5,884,319 )
(5,926,206 )
Total stockholders’ equity
846,545
766,341
Total liabilities and stockholders’ equity
$ 2,777,103
$ 2,873,575
CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended April 30,
2017
2016
Cash flows provided by operating activities:
Net income
$
41,887
$
2,451
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
Depreciation of equipment, building, furniture and fixtures, and
35,548
30,237
amortization of leasehold improvements
Share-based compensation costs
24,830
29,210
Amortization of intangible assets
33,466
40,488
Provision for inventory excess and obsolescence
19,623
20,104
Provision for warranty
2,347
9,563
Other
10,416
8,578
Changes in assets and liabilities:
Accounts receivable
9,381
(4,865 )
Inventories
(95,554 )
(19,022 )
Prepaid expenses and other
(15,054 )
(7,670 )
Accounts payable, accruals and other obligations
(24,974 )
(29,400 )
Deferred revenue
3,832
(3,992 )
Net cash provided by operating activities
45,748
75,682
Cash flows used in investing activities:
Payments for equipment, furniture, fixtures and intellectual property
(60,328 )
(53,050 )
Purchase of available for sale securities
(179,833 )
(199,994 )
Proceeds from maturities of available for sale securities
180,000
110,000
Settlement of foreign currency forward contracts, net
(2,965 )
(4,834 )
Acquisition of business, net of cash acquired
--
(32,000 )
Net cash used in investing activities
(63,126 )
(179,878 )
Cash flows provided by (used in) financing activities:
Proceeds from issuance of term loan, net
--
248,750
Payment of long term debt
(47,296 )
(15,264 )
Proceeds from modification of term loan
399,500
--
Payment for modification of term loans
(493,125 )
--
Payment of debt issuance costs
--
(3,778 )
Payment of capital lease obligations
(1,528 )
(3,769 )
Proceeds from issuance of common stock
10,345
9,968
(132,104 )
235,907
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
490
(649 )
Net increase (decrease) in cash and cash equivalents
(148,992 )
131,062
Cash and cash equivalents at beginning of period
777,615
790,971
Cash and cash equivalents at end of period
$
628,623
$ 922,033
Supplemental disclosure of cash flow information
Cash paid during the period for interest
$
23,439
$
20,432
Cash paid during the period for income taxes, net
$
11,379
$
6,991
Non-cash investing activities
Purchase of equipment in accounts payable
$
3,818
$
11,437
Equipment acquired under capital lease
$ --
$
3,012
Building subject to capital lease
$
20,695
$
8,993
Construction in progress subject to build-to-suit lease
$ --
$
21,606
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly
Measurements
Quarter Ended April 30,
2017
2016
Gross Profit Reconciliation
GAAP gross profit
$ 318,240
$ 283,093
Share-based compensation-products
708
629
Share-based compensation-services
679
693
Amortization of intangible assets
3,623
4,315
Total adjustments related to gross profit
5,010
5,637
Adjusted (non-GAAP) gross profit
$ 323,250
$ 288,730
Adjusted (non-GAAP) gross profit percentage
45.7
%
45.1
%
Operating Expense Reconciliation
GAAP operating expense
$ 260,420
$ 254,860
Share-based compensation-research and development
3,653
3,791
Share-based compensation-sales and marketing
3,513
3,923
Share-based compensation-general and administrative
3,417
4,968
Share-based compensation-acquisition and integration
--
697
Acquisition and integration costs, excluding share-based compensation
--
1,588
Amortization of intangible assets
10,980
15,566
Restructuring costs
4,276
535
Settlement of patent litigation
--
1,200
Total adjustments related to operating expense
25,839
32,268
Adjusted (non-GAAP) operating expense
$ 234,581
$ 222,592
Income from Operations Reconciliation
GAAP income from operations
$
57,820
$
28,233
Total adjustments related to gross profit
5,010
5,637
Total adjustments related to operating expense
25,839
32,268
Adjusted (non-GAAP) income from operations
$
88,669
$
66,138
Adjusted (non-GAAP) operating margin percentage
12.5
%
10.3
%
Net Income Reconciliation
GAAP net income
$
38,026
$
13,997
Total adjustments related to gross profit
5,010
5,637
Total adjustments related to operating expense
25,839
32,268
Non-cash interest expense
526
460
Modification of debt
2,924
--
Adjusted (non-GAAP) net income
$
72,325
$
52,362
Weighted average basic common shares outstanding
141,743
137,950
Weighted average dilutive potential common shares outstanding (1)
174,471
178,026
Net Income per Common Share
GAAP diluted net income per common share
$
0.25
$
0.10
Adjusted (non-GAAP) diluted net income per common share (2)
$
0.45
$
0.34
1.
Weighted average dilutive potential common shares outstanding used
in calculating Adjusted (non-GAAP) diluted net income per common
share for the second quarter of fiscal 2017 includes 1.3 million
shares underlying certain stock options and restricted stock units,
4.9 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 second quarter of fiscal 2016 includes 0.9 million
shares underlying certain stock options and restricted stock units,
12.6 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 second quarter of fiscal 2017 requires adding back
interest expense of approximately $0.5 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 second 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 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 $1.2 million patent litigation settlement during the second quarter of fiscal 2016.

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.

Modification of debt - costs incurred as a result of modification of debt to refinance term loans.

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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