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Ciena reports Q2 loss, promotes execs

Wed, 05/16/2001 - 8:00pm
Anne Kerven

Ciena Corp. reported net income losses of $50.7 million, compared to a profit of $18.4 million a year ago, it says in its second-quarter results, released today.

The company also reported current Chair and CEO Patrick Nettles would become executive chairman and present President and COO Gary Smith would become President and CEO, effective immediately.

Its adjusted net income of $65.4 million or 20 cents a diluted share excludes roughly $75.7 million in charges related to its acquisition of Cyras Systems Inc., as well as payroll taxes on stock option exercises and amortization of intangibles and goodwill, it reports. The earnings beat First Call estimates of 16 cents per diluted share, Ciena says.

Revenue reached $425.4 million, up from $185.7 million a year ago.

Nettles cited economic conditions and cautious spending by service providers for the losses, but added that the company's results depict a "shift in carrier spending — from costly, hard-to-scale legacy networks to more capital efficient, operationally effective intelligent next-generation optical networks."

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