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Ciena Reports Fiscal Second Quarter 2014 Financial Results

Ciena® Corporation (NYSE: CIEN), the network specialist, today announced unaudited financial results for its fiscal second quarter ended April 30, 2014.

For the fiscal second quarter 2014, Ciena reported revenue of $560.0 million as compared to $507.7 million for the fiscal second quarter 2013.

On the basis of generally accepted accounting principles (GAAP), Ciena's net loss for the fiscal second quarter 2014 was $(10.2) million, or $(0.10) per common share, which compares to a GAAP net loss of $(27.1) million, or $(0.27) per common share, for the fiscal second quarter 2013.

Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2014 was $19.4 million, or $0.17 per diluted common share, which compares to an adjusted (non-GAAP) net income of $2.2 million, or $0.02 per diluted common share, for the fiscal second quarter 2013.

“As a direct result of our expanding role and reach in the industry, we delivered strong financial results in both our second quarter and first half of fiscal 2014, including continued revenue growth and increased operating leverage,” said Gary B. Smith, president and CEO, Ciena. “As the shift continues toward on-demand networking models and as we continue to diversify our business, we expect to deliver steadily improving financial performance, including performance in the second half of the year that is stronger than the first half.”

Fiscal Second Quarter 2014 Performance Summary

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

 
GAAP Results
Q2   Q1   Q2   Period Change
FY 2014 FY 2014 FY 2013 Q-T-Q*   Y-T-Y*
Revenue $ 560.0 $ 533.7 $ 507.7 4.9 % 10.3 %
Gross margin 42.4 % 42.3 % 41.3 % 0.1 % 1.1 %
Operating expense $ 230.5 $ 222.5 $ 220.1 3.6 % 4.7 %
Operating margin 1.3 % 0.6 % (2.1 )% 0.7 % 3.4 %
 
 
Non-GAAP Results
Q2   Q1   Q2   Period Change
FY 2014 FY 2014 FY 2013 Q-T-Q*   Y-T-Y*
Revenue $ 560.0 $ 533.7 $ 507.7 4.9 % 10.3 %
Adj. gross margin 43.1 % 43.4 % 42.5 % (0.3 )% 0.6 %
Adj. operating expense $ 206.3 $ 199.8 $ 197.4 3.3 % 4.5 %
Adj. operating margin 6.2 % 5.9 % 3.7 % 0.3 % 2.5 %
 
 
Revenue by Segment
Q2 FY 2014   Q1 FY 2014   Q2 FY 2013
Revenue   % Revenue   % Revenue   %
Converged Packet Optical $ 356.8 63.7 $ 333.4 62.5 $ 294.3 57.9
Packet Networking 66.5 11.9 51.7 9.7 54.2 10.7
Optical Transport 29.6 5.3 40.1 7.5 57.4 11.3
Software and Services 107.1 19.1 108.5 20.3 101.8 20.1
Total $ 560.0 100.0 $ 533.7 100.0 $ 507.7 100.0
 

*

 

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

 

Additional Performance Metrics for Fiscal Second Quarter 2014

  • Non-U.S. customers contributed 42% of total revenue
  • One customer accounted for greater than 10% of revenue and represented 21.5% of total revenue
  • Cash and investments totaled $430.2 million
  • Cash flow from operations totaled $2.0 million
  • Average days' sales outstanding (DSOs) were 83
  • Accounts receivable balance was $515.0 million
  • Inventories totaled $294.0 million, including:
    • Raw materials: $56.7 million
    • Work in process: $7.9 million
    • Finished goods: $181.0 million
    • Deferred cost of sales: $95.9 million
    • Reserve for excess and obsolescence: $(47.5) million
  • Product inventory turns were 3.5
  • Headcount totaled 4,998

Business Outlook for Fiscal Third Quarter 2014

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 fiscal third quarter 2014 financial performance to include:

  • Revenue in the range of $585 to $615 million
  • Adjusted (non-GAAP) gross margin in the low to mid 40s percent range
  • Adjusted (non-GAAP) operating expense to be approximately $210 million range

Live Web Broadcast of Unaudited Fiscal Second Quarter 2014 Results

Ciena will host a discussion of its unaudited fiscal second quarter 2014 results with investors and financial analysts today, Thursday, June 5, 2014 at 8:30 a.m. (Eastern). The live broadcast of the discussion will be available via Ciena's homepage at www.ciena.com. An archived transcript of the discussion will be available shortly following the conclusion of the live broadcast on the Investor Relations page of Ciena's website at www.ciena.com/investors.

To accompany its live broadcast, Ciena has posted to the Investor Relations page of its website at www.ciena.com/investors a presentation that includes certain highlighted information to be discussed on the call and certain historical results of operations.

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 Ciena's "Business Outlook for Fiscal Third Quarter of 2014" as well as: "Diversifying business drives continued growth and differentiated performance"; “As a direct result of our expanding role and reach in the industry, we delivered strong financial results in both our second quarter and first half of fiscal 2014, including continued revenue growth and increased operating leverage.”; “As the shift continues toward on-demand networking models and as we continue to diversify our business, we expect to deliver steadily improving financial performance, including performance in the second half of the year that is stronger than the first half.”

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 large communication service providers; 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, which Ciena filed with the Securities and Exchange Commission on March 7, 2014. 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, Appendix A to this press release sets forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release.

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 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.

 
CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
   
Quarter Ended April 30, Six Months Ended April 30,
2013   2014 2013   2014
Revenue:
Products $ 413,217 $ 460,821 $ 766,274 $ 893,762
Services 94,495   99,240   194,531   200,002  
Total revenue 507,712   560,061   960,805   1,093,764  
Cost of goods sold:
Products 239,441 257,632 435,962 502,848
Services 58,758   64,738   119,535   127,374  
Total cost of goods sold 298,199   322,370   555,497   630,222  
Gross profit 209,513   237,691   405,308   463,542  
Operating expenses:
Research and development 100,787 103,492 189,912 204,989
Selling and marketing 74,475 83,662 141,063 162,010
General and administrative 30,883 31,882 59,091 61,979
Amortization of intangible assets 12,439 11,493 24,892 23,932
Restructuring costs 1,509     6,539   115  
Total operating expenses 220,093   230,529   421,497   453,025  
Income (loss) from operations (10,580 ) 7,162 (16,189 ) 10,517
Interest and other income (loss), net (2,716 ) (1,905 ) (2,853 ) (7,903 )
Interest expense (11,392 ) (11,020 ) (22,124 ) (22,048 )
Loss on extinguishment of debt     (28,630 )  
Loss before income taxes (24,688 ) (5,763 ) (69,796 ) (19,434 )
Provision for income taxes 2,391   4,395   4,607   6,660  
Net loss $ (27,079 ) $ (10,158 ) $ (74,403 ) $ (26,094 )
Basic net loss per common share $ (0.27 ) $ (0.10 ) $ (0.73 ) $ (0.25 )
Diluted net loss per potential common share $ (0.27 ) $ (0.10 ) $ (0.73 ) $ (0.25 )
Weighted average basic common shares outstanding 101,913   105,451   101,560   104,977  
Weighted average dilutive potential common shares outstanding 101,913   105,451   101,560   104,977  
 
 
CIENA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
   
October 31, April 30,
2013 2014
ASSETS
Current assets:
Cash and cash equivalents $ 346,487 $ 325,083
Short-term investments 124,979 90,049
Accounts receivable, net 488,578 514,973
Inventories 249,103 293,952
Prepaid expenses and other 186,655   207,279  
Total current assets 1,395,802 1,431,336
Long-term investments 15,031 15,042
Equipment, furniture and fixtures, net 119,729 119,876
Other intangible assets, net 185,828 155,117
Other long-term assets 86,380   74,093  
Total assets $ 1,802,770   $ 1,795,464  
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 254,849 $ 229,498
Accrued liabilities 271,656 254,436
Deferred revenue 88,550 118,473
Convertible notes payable   187,647  
Total current liabilities 615,055 790,054
Long-term deferred revenue 23,620 23,820
Other long-term obligations 34,753 35,789
Long-term convertible notes payable 1,212,019   1,026,641  
Total liabilities $1,885,447   $1,876,304  
Commitments and contingencies
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; 103,705,709 and 105,584,958 shares issued and outstanding 1,037 1,056
Additional paid-in capital 5,893,880 5,926,276
Accumulated other comprehensive loss (7,774 ) (12,258 )
Accumulated deficit (5,969,820 ) (5,995,914 )
Total stockholders’ equity (deficit) (82,677 ) (80,840 )
Total liabilities and stockholders’ equity (deficit) $ 1,802,770   $ 1,795,464  
 
 
CIENA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 

 

Six Months Ended April 30,
2013   2014
Cash flows used in operating activities:
Net loss $ (74,403 ) $ (26,094 )
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on extinguishment of debt 28,630
Depreciation of equipment, furniture and fixtures, and amortization of leasehold improvements 28,857 27,143
Share-based compensation costs 18,147 23,443
Amortization of intangible assets 35,661 30,712
Provision for inventory excess and obsolescence 9,027 12,972
Provision for warranty 11,060 12,424
Other 5,068 10,164
Changes in assets and liabilities:
Accounts receivable (76,526 ) (27,548 )
Inventories 2,975 (57,821 )
Prepaid expenses and other (33,969 ) (19,054 )
Accounts payable, accruals and other obligations 24,805 (51,631 )
Deferred revenue 19,799   30,123  
Net cash used in operating activities (869 ) (35,167 )
Cash flows provided by (used in) investing activities:
Payments for equipment, furniture, fixtures and intellectual property (21,496 ) (26,485 )
Restricted cash 1,679 1,912
Purchase of available for sale securities (99,914 ) (95,033 )
Proceeds from maturities of available for sale securities 50,000 130,000
Settlement of foreign currency forward contracts, net   (4,029 )
Net cash provided by (used in) investing activities (69,731 ) 6,365  
Cash flows from financing activities:
Payment of long term debt (216,210 )
Payment for debt and equity issuance costs (3,661 )
Payment of capital lease obligations (1,427 ) (1,520 )
Proceeds from issuance of common stock 5,955   8,970  
Net cash provided by (used in) financing activities (215,343 ) 7,450  
Effect of exchange rate changes on cash and cash equivalents (3 ) (52 )
Net decrease in cash and cash equivalents (285,943 ) (21,352 )
Cash and cash equivalents at beginning of period 642,444   346,487  
Cash and cash equivalents at end of period $ 356,498   $ 325,083  
Supplemental disclosure of cash flow information
Cash paid during the period for interest $ 15,720 $ 17,047
Cash paid during the period for income taxes, net $ 5,136 $ 7,221
Non-cash investing and financing activities
Purchase of equipment in accounts payable $ 3,006 $ 4,799
Fixed assets acquired under capital leases $ 1,286 $
 
 
APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Quarterly Measurements
   
Quarter Ended
April 30,
2013   2014  
Gross Profit Reconciliation
GAAP gross profit $ 209,513   $ 237,691  
Share-based compensation-products 686 741
Share-based compensation-services 435 568
Amortization of intangible assets 5,384   2,328  
Total adjustments related to gross profit 6,505   3,637  
Adjusted (non-GAAP) gross profit $ 216,018   $ 241,328  
Adjusted (non-GAAP) gross profit percentage 42.5 % 43.1 %
 
Operating Expense Reconciliation
GAAP operating expense $ 220,093   $ 230,529  
Share-based compensation-research and development 2,204 2,782
Share-based compensation-sales and marketing 3,382 4,246
Share-based compensation-general and administrative 3,144 3,661
Amortization of intangible assets 12,439 11,493
Restructuring costs 1,509
Settlement of patent litigation   2,000  
Total adjustments related to operating expense 22,678   24,182  
Adjusted (non-GAAP) operating expense $ 197,415   $ 206,347  
 
Income (Loss) from Operations Reconciliation
GAAP income (loss) from operations $ (10,580 ) $ 7,162  
Total adjustments related to gross profit 6,505 3,637
Total adjustments related to operating expense 22,678   24,182  
Adjusted (non-GAAP) income from operations $ 18,603   34,981  
Adjusted (non-GAAP) operating margin percentage 3.7 % 6.2 %
 
Net Income (Loss) Reconciliation
GAAP net loss $ (27,079 ) $ (10,158 )
Total adjustments related to gross profit 6,505 3,637
Total adjustments related to operating expense 22,678 24,182
Non-cash interest expense 247 302
Change in fair value of embedded redemption feature (120 ) 1,460  
Adjusted (non-GAAP) net income $ 2,231   $ 19,423  
 
Weighted average basic common shares outstanding 101,913   105,451  
Weighted average dilutive potential common shares outstanding 1 103,165   120,628  
 
Net Income (Loss) per Common Share
GAAP diluted net loss per common share $ (0.27 ) $ (0.10 )
Adjusted (non-GAAP) diluted net income per common share 2 $ 0.02 $ 0.17
 
 
1. Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the second quarter of fiscal 2013 includes 1.3 million shares underlying certain stock options and restricted stock units.
 
Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per common share for the second quarter of 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.
 
2. The calculation of Adjusted (non-GAAP) diluted net income per common share for the second quarter of fiscal 2014 requires adding back interest expense of approximately $1.4 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 adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items:

  • Share-based compensation expense - a non-cash expense incurred in accordance with share-based compensation accounting guidance.
  • Amortization of intangible assets - a non-cash expense arising from the acquisition of intangible assets, principally developed technologies and customer-related intangibles, that Ciena is required to amortize over its expected useful life.
  • Restructuring costs - costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities.
  • Settlement of patent litigation - included in general and administrative expense during the second quarter of fiscal 2014 is a $2.0 million patent litigation settlement.
  • Non-cash interest expense - a non-cash debt discount expense amortized as interest expense during the term of Ciena's 4.0% senior convertible notes due December 15, 2020 relating to the required separate accounting of the equity component of these convertible notes.
  • Change in fair value of embedded redemption feature - a non-cash unrealized gain or loss reflective of a mark to market fair value adjustment of an embedded derivative related to the redemption feature of Ciena's outstanding 4.0% senior convertible notes due March 15, 2015.

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