One good sign is gross margins have gone up, compared to Q4, from 30% to 34%. Nowhere near the 50%+ margins Ciena was achieving a year ago, but up is certainly better than down.
Doughboy.
CIENA Corporation
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Quarter ended January 31,
1998 1999
------------- -------------
Revenue $ 145,092 $ 100,417
Cost of goods sold 58,980 65,778
------------- -------------
Gross profit 86,112 34,639
------------- -------------
Operating expenses:
Research and development 10,203 17,416
Selling and marketing 9,968 12,568
General and administrative 3,792 4,261
------------ -------------
Total operating expenses 23,963 34,245
------------ -------------
Income from operations 62,149 394
Interest and other income (expense), net 3,775 3,117
Interest expense (84) (58)
-------------- -------------
Income before income taxes 65,840 3,453
Provision for income taxes 26,142 1,191
-------------- -------------
Net income $ 39,698 $ 2,262
============== =============
Basic net income per common share $ 0.39 $ 0.02
============== =============
Diluted net income per common share and
dilutive potential common share $ 0.37 $ 0.02
============== =============
Weighted average basic common shares
outstanding 100,641 103,292
============== =============
Weighted average basic common and
dilutive potential
common shares outstanding 107,552 107,826
============== =============
CIENA Corporation
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
October 31, January 31,
1998 1999
------------ -----------
ASSETS
Current assets:
Cash and cash equivalents $ 227,397 $ 194,683
Marketable debt securities 15,993 89,702
Accounts receivable, net 85,472 80,257
Inventories, net 70,908 58,571
Deferred income taxes 15,301 11,525
Prepaid income taxes 8,558 -
Prepaid expenses and other 4,415 9,626
------------ -----------
Total current assets 428,044 444,364
Equipment, furniture and fixtures, net 123,405 124,317
Goodwill and other intangible assets, net 16,270 15,361
Other assets 4,705 4,644
------------ -----------
Total assets $ 572,424 588,686
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 25,686 $ 30,576
Accrued liabilities 34,328 37,414
Income taxes payable - 3,145
Deferred revenue 1,084 785
Other current obligations 838 792
------------ -----------
Total current liabilities 61,936 72,712
Deferred income taxes 34,125 34,314
Other long-term obligations 1,414 1,255
------------ -----------
Total liabilities 97,475 108,281
Commitments and contingencies - -
------------ -----------
Stockholders' equity:
Preferred stock - par value $.01;
20,000,000 shares authorized; zero
shares issued and outstanding - -
Common stock - par value $.01;
360,000,000 shares authorized;
103,239,704 and 103,367,378 shares
issued and outstanding 1,032 1,034
Additional paid-in capital 294,926 298,117
Notes receivable from stockholders (357) (355)
Cumulative translation adjustment (107) (108)
Retained earnings 179,455 181,717
------------ -----------
Total stockholders' equity 474,949 480,405
------------ -----------
Total liabilities and stockholders' equity $ 572,424 $ 588,686
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