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    Earnings Review; Ciena spikes to Gains

    Earnings Review; Ciena spikes to Gains

    Shares of Ciena Corp. (NASDAQ: CIEN) soared to more than 18% gains shortly after market open, moving on the company’s third-quarter financial results. At last check, Ciena shares were trading 18.63% higher at $14.52, with volume up from daily average of 6.82 million to 12.43 million.

    Ciena reported third-quarter revenue of $435.3 million, compared with $389.7 million reported for the same period in the previous year. The company’s net loss for the third quarter was $31.5 million, or $(0.33) per share, compared with a net loss of $109.9 million, or $(1.18) per share reported for the same period in the previous year.

    On a non-GAAP basis, the company reported net income of $8.3 million, or $0.08 per share for the third quarter, compared with non-GAAP net loss of $8 million, or $(0.09) per share reported for the same period in the previous year.

    The company’s non-U.S. customers contributed 48% to its total third-quarter revenue. Its average days’ sales outstanding for the quarter were 86. The company’s cash and investments at the end of the quarter totaled $536.6 million.

    For the fourth quarter of fiscal 2011, the company expects revenue to come in between $440 million and $460 million. The company’s adjusted gross margin percentage is expected to be in the low 40s range in the fourth quarter of fiscal 2011.

    Gary Smith, president and CEO of Ciena, said that the company’s third-quarter financial results demonstrate its early progress in delivering additional operating leverage from the business.

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