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Technology Stocks : Ciena (CIEN)
CIEN 247.52+6.6%Jan 27 4:00 PM EST
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To: MarkC who wrote (9494)8/21/2000 9:05:49 PM
From: James Fulop  Read Replies (1) of 12623
 
>>Anyone know anything about the story that The Street.com was running on Ciena
entitled "Ciena Scare falls flat".<<

I've known about this since it came out in the 10-Q on Thursday...It was discussed a bit here and on the Yahoo thread...

>>>>One of our customers with an accounts receivable
balance of approximately 13% of total July 31, 2000 trade receivables is
experiencing certain financing difficulties. If these receivables become
uncollectible, we will have to write off this asset or decrease the value of the
asset to the extent the receivable can not be collected. This write-down or
write-off will directly affect our results of operation and could be material to
the results.

<snip>

The accounts receivable balance from one of CIENA's customers was
approximately 13% of total July 31, 2000 trade receivables. While the customer
is experiencing certain financing difficulties, management believes that CIENA
will be ultimately successful in collecting the July 31, 2000 net accounts
receivable from this customer. Moreover, CIENA and the customer have agreed that
CIENA has the option of converting some or all of the customer's outstanding
accounts receivable balance into capital stock of the customer, subject to
negotiation of definitive documentation by both parties and any necessary
approvals by the customers shareholders<<

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