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Ciena Reports Fiscal Fourth Quarter 2015 and Year-End Financial Results

December 10, 2015 7:00 AM

Delivers 11% adjusted operating margin and $1.31 adjusted EPS for the year

HANOVER, Md.--(BUSINESS WIRE)-- Ciena® Corporation (NYSE: CIEN), the network specialist, today announced unaudited financial results for its fiscal fourth quarter and year ended October 31, 2015.

For the fiscal fourth quarter 2015, Ciena reported revenue of $692.0 million as compared to $591.0 million for the fiscal fourth quarter 2014. For fiscal year 2015, Ciena reported revenue of $2.4 billion, as compared to $2.3 billion for fiscal year 2014.

On the basis of generally accepted accounting principles (GAAP), Ciena's net loss for the fiscal fourth quarter 2015 was $(13.8) million, or $(0.10) per diluted common share, which compares to a GAAP net loss of $(30.7) million, or $(0.29) per diluted common share, for the fiscal fourth quarter 2014. For fiscal year 2015, Ciena had a GAAP net income of $11.7 million, or $0.10 per diluted common share, which compares to a GAAP net loss of $(40.6) million or $(0.38) per diluted common share for fiscal year 2014.

Ciena's adjusted (non-GAAP) net income for the fiscal fourth quarter 2015 was $67.3 million, or $0.42 per diluted common share, which compares to an adjusted (non-GAAP) net loss of $(8.2) million, or $(0.08) per diluted common share, for the fiscal fourth quarter 2014. For fiscal year 2015, Ciena's adjusted (non-GAAP) net income was $179.0 million, or $1.31 per diluted common share, as compared to an adjusted (non-GAAP) net income of $65.8 million, or $0.59 per diluted common share for fiscal year 2014.

"Our strong financial performance in fiscal 2015 included substantial increases in gross and operating margin as well as meaningful cash generation, which enabled us to exceed the longer-term financial milestones that we established several years ago,” said Gary Smith, president and CEO, Ciena. “We believe that our proven ability to drive operating leverage from the business, when combined with strong market drivers from the next phase of network transformation, positions us well to deliver continued growth and profitability in fiscal 2016 and beyond.”

Fiscal Fourth Quarter 2015 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to prior periods, including sequential quarterly and year over year changes. A reconciliation between the GAAP and adjusted (non-GAAP) measures contained in this release is included in Appendices A and B.

GAAP Results (unaudited)
Q4 Q3 Q4 Period Change
FY 2015 FY 2015 FY 2014 Q-T-Q* Y-T-Y*
Revenue $ 692.0 $ 602.9 $ 591.0 14.8 % 17.1 %
Gross margin 43.8 % 44.8 % 37.4 % (1.0 )% 6.4 %
Operating expense $ 293.6 $ 225.4 $ 222.7 30.3 % 31.8 %
Operating margin 1.4 % 7.4 % (0.3 )% (6.0 )% 1.7 %
Non-GAAP Results (unaudited)
Q4 Q3 Q4 Period Change
FY 2015 FY 2015 FY 2014 Q-T-Q* Y-T-Y*
Revenue $ 692.0 $ 602.9 $ 591.0 14.8 % 17.1 %
Adj. gross margin 44.9 % 45.3 % 37.9 % (0.4 )% 7.0 %
Adj. operating expense $ 220.5 $ 202.1 $ 203.7 9.1 % 8.2 %
Adj. operating margin 13.0 % 11.8 % 3.4 % 1.2 % 9.6 %

* Denotes % change, or in the case of margin, absolute change

Revenue by Segment (unaudited)
Q4 FY 2015 Q3 FY 2015 Q4 FY 2014
Revenue % Revenue % Revenue %
Converged Packet Optical $ 484.3 70.0 $ 408.0 67.7 $ 383.3 64.9
Packet Networking 63.8 9.2 57.2 9.5 56.4 9.5
Optical Transport 16.7 2.4 17.5 2.9 26.5 4.5
Software and Services 127.2 18.4 120.2 19.9 124.8 21.1
Total $ 692.0 100.0 $ 602.9 100.0 $ 591.0 100.0

Additional Performance Metrics for Fiscal Fourth Quarter 2015

Revenue by Geographic Region (unaudited)
Q4 FY 2015 Q3 FY 2015 Q4 FY 2014
Revenue % Revenue % Revenue %
North America $ 480.0 69.4 $ 389.6 64.6 $ 340.5 57.6
Europe, Middle East and Africa 94.0 13.6 93.2 15.5 133.7 22.6
Caribbean and Latin America 45.7 6.6 65.1 10.8 51.8 8.8
Asia Pacific 72.3 10.4 55.0 9.1 65.0 11.0
Total $ 692.0 100.0 $ 602.9 100.0 $ 591.0 100.0

Business Outlook for Fiscal First Quarter 2016

Statements relating to business outlook are forward-looking in nature and actual results may differ materially. These statements should be read in the context of the Notes to Investors below.

Ciena expects financial performance for fiscal first quarter 2016 to include:

Ciena expects financial performance for fiscal year 2016 to include:

Live Web Broadcast

Ciena will host a conference call today, Thursday, December 10, 2015 at 8:30 a.m. (Eastern), with investors and financial analysts to discuss its unaudited fiscal fourth quarter 2015 and year-end results, as well as to provide a new next-stage financial milestone for the company.

The live broadcast of the discussion can be accessed via Ciena's homepage at http://www.ciena.com/, and an archived version will be available shortly following the conclusion of the live broadcast on the Investor Relations page of Ciena's website at http://www.ciena.com/investors.

About Ciena

Ciena (NYSE: CIEN) is the network specialist. We collaborate with customers worldwide to unlock the strategic potential of their networks and fundamentally change the way they perform and compete. Ciena leverages its deep expertise in packet and optical networking and distributed software automation to deliver solutions in alignment with its OPn architecture for next-generation networks. We enable a high-scale, programmable infrastructure that can be controlled and adapted by network-level applications, and provide open interfaces to coordinate computing, storage and network resources in a unified, virtualized environment. For updates on Ciena news, follow us on Twitter @Ciena or on LinkedIn at http://www.linkedin.com/company/ciena. Investors are encouraged to review the Investors section of our website at http://www.ciena.com/investors, where we routinely post press releases, SEC filings, recent news, financial results, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use.

Notes to Investors

Forward-looking statements. This press release contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Forward-looking statements in this release include: “Our strong financial performance in fiscal 2015 included substantial increases in gross and operating margin as well as meaningful cash generation, which enabled us to exceed the longer-term financial milestones that we established several years ago”; “We believe that our proven ability to drive operating leverage from the business, when combined with strong market drivers from the next phase of network transformation, positions us well to deliver continued growth and profitability in fiscal 2016 and beyond"; "Ciena expects financial performance for fiscal first quarter 2016 to include revenue in the range of $555 million to $590 million, adjusted (non-GAAP) gross margin of approximately 44 percent, adjusted (non-GAAP) operating expense of approximately $220 million"; "Ciena expects financial performance for fiscal year 2016 to include revenue growth in the range of 8 to 9 percent, adjusted (non-GAAP) gross margin in the mid-40s percent range; adjusted (non-GAAP) operating expense of approximately $225 million per quarter, adjusted (non-GAAP) operating margin in the range of 11 to 12 percent."

Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our customers and their business; changes in network spending or network strategy by our customers; seasonality and the timing and size of customer orders, including our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; supply chain disruptions and the level of success relating to efforts to optimize Ciena's operations; changes in foreign currency exchange rates affecting revenue and operating expense; and the other risk factors disclosed in Ciena's Report on Form 10-Q filed with the Securities and Exchange Commission on September 9, 2015. Ciena assumes no obligation to update any forward-looking information included in this press release.

Non-GAAP Presentation of Quarterly Results. This release includes non-GAAP measures of Ciena's gross profit, operating expense, income (loss) from operations, net income (loss) and net income (loss) per share. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. These items share one or more of the following characteristics: they are unusual and Ciena does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of Ciena's control. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. The presentation of these non-GAAP financial measures should be considered in addition to Ciena's GAAP results and these measures are not intended to be a substitute for the financial information prepared and presented in accordance with GAAP. Ciena's non-GAAP measures and the related adjustments may differ from non-GAAP measures used by other companies and should only be used to evaluate Ciena's results of operations in conjunction with our corresponding GAAP results. To the extent not previously disclosed in a prior Ciena financial results press release, Appendixes A and B to this press release sets forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release.

CIENA CORPORATION
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Quarter Ended October 31, Year Ended October 31,
2014 2015 2014 2015
Revenue:
Products $ 476,175 $ 574,281 $ 1,865,826 $ 2,002,395
Services 114,788 117,692 422,463 443,274
Total revenue 590,963 691,973 2,288,289 2,445,669
Cost of goods sold:
Products 305,171 323,090 1,083,022 1,120,373
Services 64,955 65,895 256,915 249,733
Total cost of goods sold 370,126 388,985 1,339,937 1,370,106
Gross profit 220,837 302,988 948,352 1,075,563
Operating expenses:
Research and development 98,506 107,859 401,180 414,201
Selling and marketing 84,396 93,003 328,325 333,836
General and administrative 28,560 33,804 126,824 123,402
Amortization of intangible assets 11,019 36,454 45,970 69,511
Acquisition and integration costs 22,084 25,539
Restructuring costs 171 366 349 8,626
Total operating expenses 222,652 293,570 902,648 975,115
Income (loss) from operations (1,815 ) 9,418 45,704 100,448
Interest and other income (loss), net (11,031 ) (6,232 ) (25,262 ) (25,505 )
Interest expense (13,559 ) (12,688 ) (47,115 ) (51,179 )
Income (loss) before income taxes (26,405 ) (9,502 ) (26,673 ) 23,764
Provision (benefit) for income taxes 4,298 4,330 13,964 12,097
Net income (loss) $ (30,703 ) $ (13,832 ) $ (40,637 ) $ 11,667
Net Income (loss) per Common Share
Basic net income (loss) per common share $ (0.29 ) $ (0.10 ) $ (0.38 ) $ 0.10
Diluted net income (loss) per potential common share $ (0.29 ) $ (0.10 ) $ (0.38 ) $ 0.10
Weighted average basic common shares outstanding 106,931 134,097 105,783 118,416
Weighted average diluted potential common shares outstanding 1 106,931 134,097 105,783 120,101
1. Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per common share for fiscal 2015 includes 1.7 million shares underlying certain stock options and restricted stock units.
CIENA CORPORATION
CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
October 31,
2014 2015
ASSETS
Current assets:
Cash and cash equivalents $ 586,720 $ 790,971
Short-term investments 140,205 135,107
Accounts receivable, net 518,981 550,792
Inventories 254,660 191,162
Prepaid expenses and other 192,624 196,178
Total current assets 1,693,190 1,864,210
Long-term investments 50,057 95,105
Equipment, building, furniture and fixtures, net 126,632 191,973
Goodwill, net 256,434
Other intangible assets, net 128,677 202,673
Other long-term assets 74,076 84,656
Total assets $ 2,072,632 $ 2,695,051
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 209,777 $ 222,140
Accrued liabilities and other short-term obligations 276,608 316,283
Deferred revenue 104,688 126,111
Current portion of long-term debt 190,063 2,500
Total current liabilities 781,136 667,034
Long-term deferred revenue 40,930 62,962
Other long-term obligations 45,390 72,540
Long-term debt, net 1,274,791 1,271,639
Total liabilities 2,142,247 2,074,175
Stockholders’ equity (deficit):
Preferred stock — par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding
Common stock — par value $0.01; 290,000,000 shares authorized; 106,979,960 and 135,612,217 shares issued and outstanding 1,070 1,356
Additional paid-in capital 5,954,440 6,640,436
Accumulated other comprehensive loss (14,668 ) (22,126 )
Accumulated deficit (6,010,457 ) (5,998,790 )
Total stockholders’ equity (deficit) (69,615 ) 620,876
Total liabilities and stockholders’ equity (deficit) $ 2,072,632 $ 2,695,051
CIENA CORPORATION
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended October 31,
2014 2015
Cash flows from operating activities:
Net income (loss) $ (40,637 ) $ 11,667
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements 55,616 55,901
Share-based compensation costs 42,930 55,340
Amortization of intangible assets 57,151 79,866
Provision for inventory excess and obsolescence 32,332 26,846
Provision for warranty 22,129 17,881
Other 25,668 (1,023 )
Changes in assets and liabilities:
Accounts receivable (33,164 ) (9,496 )
Inventories (37,889 ) 49,501
Prepaid expenses and other (7,931 ) (21,988 )
Accounts payable, accruals and other obligations (59,837 ) (29,195 )
Deferred revenue 33,448 26,812
Net cash provided by operating activities 89,816 262,112
Cash flows used in investing activities:
Payments for equipment, furniture, fixtures and intellectual property (48,216 ) (62,109 )
Restricted cash 2,060 (40 )
Purchase of available for sale securities (245,196 ) (245,323 )
Proceeds from maturities of available for sale securities 195,000 205,000
Settlement of foreign currency forward contracts, net (10,041 ) 24,133
Purchase of cost method investment (2,000 )
Acquisition of business, net of cash acquired 37,212
Net cash used in investing activities (106,393 ) (43,127 )
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net 248,750
Payment of long-term debt (625 ) (29,867 )
Payment of debt and equity issuance costs (4,227 ) (421 )
Payment of capital lease obligations (3,034 ) (8,038 )
Proceeds from issuance of common stock 17,663 30,275
Net cash provided by (used in) financing activities 258,527 (8,051 )
Effect of exchange rate changes on cash and cash equivalents (1,717 ) (6,683 )
Net increase in cash and cash equivalents 240,233 204,251
Cash and cash equivalents at beginning of fiscal year 346,487 586,720
Cash and cash equivalents at end of fiscal year $ 586,720 $ 790,971
Supplemental disclosure of cash flow information
Cash paid during the fiscal year for interest $ 36,276 $ 40,772
Cash paid during the fiscal year for income taxes, net $ 11,396 $ 10,668
Non-cash investing and financing activities
Purchase of equipment in accounts payable $ 4,961 $ 20,922
Equipment acquired under capital leases $ 10,424 $ 464
Building subject to capital lease $ $ 14,939
Construction in progress subject to build-to-suit lease $ $ 18,663
Non-cash financing activities
Conversion of 4.0% convertible senior notes, due March 15, 2015 into 8,898,387 shares of common stock $ $ 180,645
Conversion of 8.0% convertible senior notes, due December 15, 2019, assumed from the Cyan acquisition, into 4,589,626 shares of common stock $ $ 117,140
Fair value of shares issued related to acquisition of business $ $ 302,114
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measurements (unaudited)
Quarter Ended
October 31,
2014 2015
Gross Profit Reconciliation (GAAP/non-GAAP)
GAAP gross profit $ 220,837 $ 302,988
Share-based compensation-products 547 589
Share-based compensation-services 496 573
Amortization of intangible assets 2,201 3,438
Fair value adjustment of acquired inventory 3,069
Total adjustments related to gross profit 3,244 7,669
Adjusted (non-GAAP) gross profit $ 224,081 $ 310,657
Adjusted (non-GAAP) gross profit percentage 37.9 % 44.9 %
Operating Expense Reconciliation (GAAP/non-GAAP)
GAAP operating expense $ 222,652 $ 293,570
Share-based compensation-research and development 1,960 3,850
Share-based compensation-sales and marketing 2,759 4,468
Share-based compensation-general and administrative 3,025 5,860
Share-based compensation-acquisition and integration 7,588
Amortization of intangible assets 11,019 36,454
Acquisition and integration costs, excluding share-based compensation 14,496
Restructuring costs 171 366
Total adjustments related to operating expense 18,934 73,082
Adjusted (non-GAAP) operating expense $ 203,718 $ 220,488
Income (Loss) from Operations Reconciliation (GAAP/non-GAAP)
GAAP income (loss) from operations $ (1,815 ) $ 9,418
Total adjustments related to gross profit 3,244 7,669
Total adjustments related to operating expense 18,934 73,082
Adjusted (non-GAAP) income from operations $ 20,363 90,169
Adjusted (non-GAAP) operating margin percentage 3.4 % 13.0 %
Net Income (Loss) Reconciliation (GAAP/non-GAAP)
GAAP net loss $ (30,703 ) $ (13,832 )
Total adjustments related to gross profit 3,244 7,669
Total adjustments related to operating expense 18,934 73,082
Non-cash interest expense 351 362
Adjusted (non-GAAP) net income (loss) $ (8,174 ) $ 67,281
Weighted average basic common shares outstanding 106,931 134,097
Weighted average dilutive potential common shares outstanding1 106,931 177,054
Net Income (Loss) per Common Share
GAAP diluted net loss per common share $ (0.29 ) $ (0.10 )
Adjusted (non-GAAP) diluted net income (loss) per common share2 $ (0.08 ) $ 0.42
APPENDIX B - Reconciliation of Adjusted (Non- GAAP) Annual Measurements (unaudited)
Year Ended
October 31,
2014 2015
Gross Profit Reconciliation (GAAP/non-GAAP)
GAAP gross profit $ 948,352 $ 1,075,563
Share-based compensation-products 2,531 2,400
Share-based compensation-services 2,216 2,156
Amortization of intangible assets 11,181 10,039
Fair value adjustment of acquired inventory 3,069
Total adjustments related to gross profit 15,928 17,664
Adjusted (non-GAAP) gross profit $ 964,280 $ 1,093,227
Adjusted (non-GAAP) gross profit percentage 42.1 % 44.7 %
Operating Expense Reconciliation (GAAP/non-GAAP)
GAAP operating expense $ 902,648 $ 975,115
Share-based compensation-research and development 9,682 10,665
Share-based compensation-sales and marketing 14,958 15,539
Share-based compensation-general and administrative 13,568 17,018
Share-based compensation-acquisition and integration 7,588
Amortization of intangible assets 45,970 69,511
Acquisition and integration costs, excluding share-based compensation 17,951
Restructuring costs 349 8,626
Settlement of patent litigation 2,000 500
Total adjustments related to operating expense 86,527 147,398
Adjusted (non-GAAP) operating expense $ 816,121 $ 827,717
Income (Loss) from Operations Reconciliation (GAAP/non-GAAP)
GAAP income from operations $ 45,704 $ 100,448
Total adjustments related to gross profit 15,928 17,664
Total adjustments related to operating expense 86,527 147,398
Adjusted (non-GAAP) income from operations $ 148,159 265,510
Adjusted (non-GAAP) operating margin percentage 6.5 % 10.9 %
Income (Loss) Reconciliation (GAAP/non-GAAP)
GAAP net income (loss) $ (40,637 ) $ 11,667
Total adjustments related to gross profit 15,928 17,664
Total adjustments related to operating expense 86,527 147,398
Non-cash expense associated with the conversion of convertible notes 768
Non-cash interest expense 1,273 1,491
Change in fair value of embedded redemption feature 2,740
Adjusted (non-GAAP) net income $ 65,831 $ 178,988
Weighted average basic common shares outstanding 105,783 118,416
Weighted average dilutive potential common shares outstanding3 120,950 163,308
Net Income (Loss) per Common Share
GAAP diluted net income (loss) per common share $ (0.38 ) $ 0.10
Adjusted (non-GAAP) diluted net income per common share4 $ 0.59 $ 1.31

1. Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the fourth quarter of fiscal 2015 includes 2.7 million shares underlying certain stock options and restricted stock units, 13.0 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017, 17.4 million shares underlying Ciena's 3.75% convertible senior notes, due October 15, 2018, 0.7 million shares underlying the 8.0% convertible senior notes, due December 15, 2019 assumed from the Cyan acquisition and 9.2 million shares underlying Ciena's 4.0% convertible senior notes, due December 15, 2020.

2. The calculation of Adjusted (non-GAAP) diluted net income per common share for the fourth quarter of fiscal 2015 requires adding back interest expense of approximately $1.4 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017, approximately $3.6 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018, approximately $0.1 million associated with Ciena's 8.0% convertible senior notes, due December 15, 2019 assumed from the Cyan acquisition and approximately $2.8 million associated with Ciena's 4.0% convertible senior notes, due December 15, 2020 to the Adjusted (non-GAAP) net income in order to derive the numerator for the Adjusted earnings per common share calculation.

3. Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for fiscal 2014 includes 2.1 million shares underlying certain stock options and restricted stock units and 13.1 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017.

Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for fiscal 2015 includes 1.7 million shares underlying certain stock options and restricted stock units, 3.4 million shares underlying Ciena's 4.0% convertible senior notes (which were paid at maturity during the second quarter of fiscal 2015), 13.1 million shares underlying Ciena's 0.875% convertible senior notes, due June 15, 2017, 17.4 million shares underlying Ciena's 3.75% convertible senior notes, due October 15, 2018, 0.2 million shares underlying Ciena's 8.0% convertible senior notes assumed from the Cyan acquisition, due December 15, 2019, and 9.2 million shares underlying Ciena's 4.0% convertible senior notes, due December 15, 2020.

4. The calculation of Adjusted (non-GAAP) diluted net income per common share for fiscal 2014 requires adding back interest expense of approximately $5.5 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017 to the Adjusted (non-GAAP) net income in order to derive the numerator for the Adjusted earnings per common share calculation.

The calculation of Adjusted (non-GAAP) diluted net income per common share for fiscal 2015 requires adding back interest expense of approximately $3.2 million approximately associated with Ciena's 4.0% convertible senior notes (which were paid at maturity during the second quarter of fiscal 2015), approximately $5.5 million associated with Ciena's 0.875% convertible senior notes, due June 15, 2017, approximately $14.3 million associated with Ciena's 3.75% convertible senior notes, due October 15, 2018, approximately $0.1 million associated with Ciena's 8.0% convertible senior notes, due December 15, 2019 assumed from the Cyan acquisition and approximately $11.4 million associated with Ciena's 4.0% convertible senior notes, due December 15, 2020 to the Adjusted (non-GAAP) net income in order to derive the numerator for the Adjusted earnings per common share calculation.

* * *

The adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items:

Press Contact:

Ciena Corporation

Nicole Anderson, 877-857-7377

[email protected]

or

Investor Contact:

Ciena Corporation

Gregg Lampf, 877-243-6273

[email protected]

Source: Ciena Corporation

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