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Ciena Reports First Quarter Fiscal 2005 Results



LINTHICUM, Md.--(BUSINESS WIRE)--Feb. 23, 2005--

16% Sequential Revenue Growth Fueled by Growth From Product Lines

Targeting Core Networking, Data Networking and Broadband Applications

Ciena(R) Corporation (NASDAQ:CIEN), the network specialist, today reported its fiscal first quarter 2005 results for the period ending January 31, 2005. Revenue for the first quarter totaled $94.7 million, representing a 16% sequential increase, and an increase of 43% over the same period a year ago.

On the basis of generally accepted accounting principles (GAAP), Ciena's reported net loss for the fiscal first quarter was $57.0 million, or a net loss of $0.10 per share. This loss compares to a GAAP net loss of $76.7 million, or a net loss of $0.16 per share, in the same period a year ago.

"Strong growth from a number of application areas, including core optical transport, core switching and data networking, fueled revenue growth in our fiscal first quarter," said Gary Smith, Ciena's president and CEO. "While our traditional specialty of core networking continues to be a focus for us, one of the most telling signs of the scope and progress of our efforts to become a more strategic provider is that we have increased the number of customers purchasing from multiple product lines by 73 percent compared to the first quarter of 2004 and we're looking to build on that momentum."

   First Quarter 2005 Highlights

   --  Delivered sequential revenue growth of 16% and year-over-year
       revenue growth of 43%.

   --  Reduced research and development, sales and marketing and