Ciena's Losses Mount - TheStreet

NEW YORK (

TheStreet

) --

Ciena

(CIEN) - Get Report

missed analysts' profit targets but beat on sales and called for 5% sequential revenue growth.

Ciena, the networking gearmaker, posted an adjusted net loss, excluding one-time items of $10.7 million, or 12 cents a share. The results were more than the $9.2 million, or dime loss Ciena posted in the year-ago period. Analysts were looking for a pro forma loss of 7 cents a share.

Sales for Ciena's fiscal fourth quarter ended in October, were $176.3 million, down 2% from the $179.6 million booked a year ago. Analysts expected revenue of $167.7.

For the full fiscal year, Ciena posted an adjusted net loss of $46.4 million or 51 cents a share, a dramatic swing to the red from the pro forma earnings of $122.5 million or $1.71 a share in the prior year.

Sales for the fiscal year were $652.6 million, down 28% from the $902.4 million booked in fiscal 2008.

Looking ahead, Ciena says it expects fiscal first quarter sales to be about $185.1 million, or 5% above fiscal fourth quarter levels.

On the pending $769 million cash and stock deal for

Nortel's

metro Ethernet assets, Ciena says it expects to close the transaction before April 2010.

Ciena shares fell 2% to $13 in recent premarket trading Thursday.

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Written by Scott Moritz in New York

.