CIENA Reports First Quarter Revenue of $152.2
million, Net Income of $0.06 per Diluted Share
MultiWave CoreDirector? Optical Core Switch Trials on
Schedule
FOR IMMEDIATE RELEASE
LINTHICUM, MD , February 17, 2000 ?
CIENA Corporation (NASDAQ: CIEN) today reported revenue of $152.2 million for its first fiscal
quarter ended January 31, 2000, an increase of approximately 52% as compared to the same
period a year ago when the Company reported revenue of $100.4 million.
Net income for the first quarter was $9.1 million, or $0.06 per diluted share. This compares with
net income for the previous quarter of $4.5 million, or $0.03, per diluted share. For the same
period in fiscal 1999, the Company reported a net loss of $1.9 million, or a loss of $0.01 per
diluted share.1
CIENA continues to broaden its customer base, recognizing revenue during the first quarter from
a total of 25 optical networking customers, an increase of 64% over 13 revenue-generating
customers in the same period a year ago. The quarter included revenue from four customers
from which the Company had not previously recorded revenue.
"With the emergence of the real optical-level service enablers offered for the first time by CIENA
in our recently announced LightWorks Toolkit?, optical networking is truly coming of age," said
Patrick Nettles, CIENA president and chief executive officer. "Before the end of this year, the
optical layer will be used to offer market differentiating services. That's when service providers
really begin to reap benefits from the shift from legacy network architectures to next-generation,
intelligent optical networks."
During the quarter, CIENA shipped MultiWave CoreDirector?, the industry's first intelligent
optical core switch, to a total of five trial customers, including announced trial customers Williams
and iaxis. A sixth trial was rescheduled to accommodate changes in the customer's testing
schedule.
CIENA also disclosed it has received a substantial purchase order for long-distance optical
transport equipment from a new undisclosed customer that, due to immediate demand from the
customer, will involve substantial equipment shipments in the Company's second fiscal quarter.
The Company expects these shipments will contribute materially to its reported revenue for the
period, although its ability to recognize revenue will be dependent on successful achievement of
a number of execution challenges.
"Demand in all areas of optical networking - from core transport to metropolitan applications to
core switching - appears strong and growing at both 2.5 and 10 gigabit per second transmission
speeds, " concluded Nettles. "With a network-spanning product line and our world-wide support
capabilities, CIENA is uniquely positioned to benefit from current robust market dynamics in the
optical networking space."
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