Tuesday, September 7, 2010

Ciena Reports Results, Growth for Nortel's MEN Business

Ciena reported revenue for its fiscal third quarter 2010 of $389.7 million, including $221.8 million in revenue from the acquired assets of the Metro Ethernet Networks business of Nortel (the MEN Business), reflecting the first full quarter of those operations since the close of the transaction on March 19, 2010.

Ciena's net GAAP loss for the fiscal third quarter 2010 was $(109.9) million, or $(1.18) per common share, which compares to a GAAP net loss of $(26.5) million, or $(0.29) per common share, for the fiscal third quarter of 2009. The fiscal third quarter 2010 included $17.0 million in acquisition and integration-related costs associated with Ciena's acquisition of the MEN Business.

"We're pleased with our progress and believe our financial performance this quarter is evidence of both the strategic value and market acceptance of the combined company. Our focus remains on the execution of our integration plan, and in the third quarter we were able to achieve certain integration milestones sooner than expected," said Gary Smith, Ciena president and CEO. "We are confident in the strength of our market position and believe we are well-positioned to capitalize on future growth opportunities."http://www.ciena.com

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