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Ciena Reports Fiscal First Quarter 2013 Financial Results

Ciena ® Corporation (NASDAQ: CIEN), the network specialist, today announced unaudited financial results for its fiscal first quarter ended January 31, 2013.

For the fiscal first quarter 2013, Ciena reported revenue of $453.1 million.

On the basis of generally accepted accounting principles (GAAP), Ciena's net loss for the fiscal first quarter 2013 was $(47.3) million, or $(0.47) per common share, which compares to a GAAP net loss of $(47.7) million, or $(0.49) per common share, for the fiscal first quarter 2012.

Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2013 was $12.3 million, or $0.12 per common share, which compares to an adjusted (non-GAAP) net loss of $(16.5) million, or $(0.17) per common share, for the fiscal first quarter 2012.

“Our strong first quarter performance reflects a solid start to our fiscal year,” said Gary Smith, president and CEO of Ciena. “We have positioned Ciena to take advantage of the underlying market dynamics, which are increasingly aligned with our strategy and competitive strengths. We believe the combination of our technology and market share leadership as well as our strategic customer relationships will enable us to continue growing faster than the market.”

Fiscal First Quarter 2013 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to prior periods, including sequential quarterly 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
Q1   Q4   Q1   Period Change
FY 2013 FY 2012 FY 2012 Q-T-Q*   Y-T-Y*
Revenue $ 453.1 $ 465.5 $ 416.7 (2.7 )% 8.7 %
Gross margin 43.2 % 41.3 % 40.3 % 1.9 % 2.9 %
Operating expense $ 201.4 $ 214.1 $ 198.9 (5.9 )% 1.2 %
Operating margin (1.2 )% (4.7 )% (7.5 )% 3.5 % 6.3 %
 
Non-GAAP Results
Q1   Q4   Q1   Period Change
FY 2013 FY 2012 FY 2012 Q-T-Q*   Y-T-Y*
Revenue $ 453.1 $ 465.5 $ 416.7 (2.7 )% 8.7 %
Adj. gross margin 44.6 % 42.7 % 41.9 % 1.9 % 2.7 %
Adj. operating expense $ 176.6 $ 191.8 $ 175.4 (7.9 )% 0.7 %
Adj. operating margin 5.6 % 1.4 % (0.2 )% 4.2 % 5.8 %
 
Revenue by Segment
Q1 FY 2013   Q4 FY 2012   Q1 FY 2012
Revenue   % Revenue   % Revenue   %
Converged Packet Optical $ 240.0 53.0 $ 238.1 51.1 $ 202.0 48.5
Packet Networking 45.8 10.1 47.3 10.2 21.5 5.2
Optical Transport 57.6 12.7 71.8 15.4 107.7 25.8
Software and Services 109.7   24.2   108.3   23.3   85.5   20.5
Total $ 453.1   100.0   $ 465.5   100.0   $ 416.7   100.0
 

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

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