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Technology Stocks : Ciena (CIEN) -- Ignore unavailable to you. Want to Upgrade?

To: jghutchison who wrote (8910)	5/18/2000 6:55:00 PM
From: jghutchison	Read Replies (1) \| Respond to of 12623

Ciena 2nd-Quarter Net Income Rises as Sales Jump 66% on Order By Erik Schatzker Linthicum, Maryland, May 18 (Bloomberg) -- Ciena Corp., a maker of equipment to boost the capacity of fiber-optic networks, said its fiscal second-quarter profit rose 36-fold, spurred by new business from Qwest Communications International Inc. Net income rose to $18.4 million, or 12 cents a share, from profit from operations of $500,000, or break even, in the year-ago period. The average estimate in a First Call/Thomson Financial poll of analysts was 10 cents. Revenue in the quarter ended April 30 jumped 66 percent to $185.7 million from $111.5 million. Ciena has rebounded from a dismal 1998, when its products were rejected by AT&T Corp. and its plan to merge with Tellabs Inc. collapsed. It's now a contender with Nortel Networks Corp. and Lucent Technologies Inc. for equipment orders, and won the Qwest contract after Lucent had to remove its products. ``Increased customer demand and our successful execution on deployment for new customers are the primary reasons behind our robust performance,'' Chief Executive Pat Nettles said in a statement. Sales also topped most estimates of about $170 million. Nettles said Ciena is poised to beat expectations for profit in the second half of its fiscal year. It's now expected to earn 16 cents a share in the third quarter and 22 cents in the fourth. Linthicum, Maryland-based Ciena restated year-ago results to reflect the acquisitions of Lightera Networks Inc. and Omnia Communications Inc. The shares fell 6 13/16 to 137 5/16 on the Nasdaq Stock market. The report was released after the close of regular U.S. trading; shares rose as high as 140 after-hours.