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Technology Stocks : Ciena (CIEN)

CIEN 230.45

+9.4%

Dec 19 4:00 PM EST

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To: bodie who wrote (10433)	2/17/2001 2:33:25 PM
From: James Fulop	Read Replies (3) of 12623

>>I did a little number crunching and noticed that Revenue from Q4 2000 to Q1 2001 increased 22.5%, but the Inventories increased at 47% (about double the Rev rate). Companies that have showed this pattern in the past (NT and LU as examples) have ended up disappointing. I know CIEN just gave a rosy outlook for the future, but can you put my mind at ease and come up with an explanation as to why this is not a problem, or is it?<< I am no financial expert but I do remember a question about that being asked on the CC Thursday. I think the answer was that they had increased due to "lumpy" buildouts (which by nature is always the case so perhaps not that big of a factor) and the ramping of a new product, the CoreDirector. (I consider this more plausible at a smaller company like Ciena than at Lucent or Nortel which have many more products always in various stages of development....) I am going to listen to the CC again this weekend and I will report back if that understanding is incorrect. PS If you have not done so already, I recommend listening to the archived call: ciena.com (available until Feb. 20)

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