CIENA reports second quarter revenue of $425.4 million

May 17, 2001
May 17, 2001--CIENA Corporation reported revenue of $425.4 million for its second fiscal quarter ended April 30, 2001, including revenue from eight new customers.

CIENA Corporation (NASDAQ: CIEN) reported revenue of $425.4 million for its second fiscal quarter ended April 30, 2001, including revenue from eight new customers. CIENA's second quarter sales represent sequential revenue growth of more than 20 percent over the Company's fiscal first quarter revenue of $352.0 million, and an increase of more than 129 percent as compared to the same period a year ago when the Company reported revenue of $185.7 million.

Adjusted net income for the second quarter, which excludes approximately $75.7 million in charges related to the acquisition of Cyras Systems, Inc., as well as payroll taxes on stock option exercises, and amortization of intangibles and goodwill, was $65.4 million or, $0.20, earnings per diluted share. This represents an increase of approximately 19 percent compared with adjusted net income for the previous quarter of $55.1 million or, $0.18, earnings per diluted share, exclusive of payroll tax on stock option exercises and amortization of intangibles and goodwill. Consolidated statements of operations showing net income inclusive of the aforementioned items have been included with this press release. Consensus of First Call estimates for CIENA's second quarter fiscal 2001 was $0.16 earnings per diluted share.

In addition to its quarterly results, the Company announced that effective immediately, current Chairman and Chief Executive Officer, Patrick Nettles would assume the role of Executive Chairman, focused on the long-term strategic direction of CIENA, while current President and Chief Operating Officer, Gary Smith, would become President and Chief Executive Officer.

CIENA continues to diversify its growing customer base, taking revenue from eight new customers in the second quarter, including initial revenues from recently announced customers Dynegy, Genuity, Level 3 and TyCom. The Company's total revenue-generating optical networking equipment customer base now totals 49, of which, 33 contributed to CIENA's revenues during the most recent quarter.

The second quarter also marked the second sequential quarter where sales of CoreDirector -- CIENA's next-generation, intelligent optical core switch -- surpassed ten percent of total revenue. CoreDirector CI -- the reduced-footprint version of CoreDirector -- was released for general availability in the quarter, as were enhanced SDH capabilities for both the CoreDirector and CoreDirector CI platforms.

During the quarter CIENA also completed its acquisition of Cyras Systems, Inc. with the Cyras organization forming CIENA's new Fremont, California-based Metropolitan Switching Division. In addition, CIENA's MetroDirector K2 -- the metropolitan edge switching system developed by Cyras -- is currently ready for shipment in limited quantities and CIENA has received initial customer commitments for the product.

About CIENA:

CIENA Corporation's intelligent optical networking systems form the core for the new era of networks and services. For more information, visit www.CIENA.com.

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