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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: puborectalis who wrote (119478)12/19/2000 8:07:07 AM
From: 2MAR$  Read Replies (1) of 120523
 
07:25 ET CIENA Corp (CIEN) 96 3/8: Announces acquisition of privately held Cyras in exchange for approx. $2.6 bln. Under terms of the deal, Cyras will receive 27 mln CIEN shares. CIEN will also assume $150 mln in Cyras debt.

CIEN) 96 3/8: -- Update -- CIEN will account for acquisition under the purchase method. Sees deal dilutive to 2001 pro forma earnings by $0.19 to $0.22 (current First Call mean $0.70); expects deal to be accretive on a pro forma basis during the latter half of fiscal 2002.

Ciena Corp/Cyras Sys -3: Street Sees FY02 Net $1.14/Shr

Ciena Corp. expects the purchase of Cyras to be dilutive to anticipated 2001
earnings by 19 cents to 22 cents a share, excluding charges associated with
the acquisition, amortization and deferred stock compensation costs.
Prior to this announcement, a consensus of 22 First Call/Thomson Financial
analysts' estimates for Ciena's fiscal year 2001 was 70 cents a share.
A survey of 17 analysts estimated the company's fiscal 2002 earnings to be
$1.14 a share.
Cyras, based in Fremont, Calif., is developing data-optimized optical
switching systems for metropolitan area network applications.
After the transaction is completed, Cyras will form a new Ciena division
focusing on multi-service access and switching, and all employees of Cyras
will become employees of Ciena. The sales efforts of both companies will be
combined into Ciena's existing sales organization.
Ciena makes optical networking systems.
-Sam Favate; Dow Jones Newswires; 201-938-5400

(END) DOW JONES NEWS 12-19-00
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