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To: hui zhou who wrote (40843)	6/21/2002 12:14:01 AM
From: DanZ	Respond to of 53068

Hui, The cash is as of the most recent balance sheet. I think that you have to subtract their debt, but that still leaves them with more than $3 per share in cash. Their loss includes extraordinary expenses that didn't affect cash. For example in the April 02 quarter, Ciena wrote down the value of inventory ($223 million) and had restructuring charges ($121 million). Those two items accounted for $344 million of their $464 million loss before taxes. In 2001, they had a non-cash charge of $1.7 billion for goodwill impairment, which was almost entirely equal to their total net loss for the year of $1.8 billion. The 7.8 per share must be a typo? They lost $1.86 per share last quarter, including the extraordinary charges mentioned above. Excluding those charges, they only lost about 36 cents per share before taxes.