Shares of Ciena Corp. (NASDAQ: CIEN), a manufacturer of dense wavelength division multiplexing systems, rose sharply in trading today after the company announced its fourth-quarter financial results.
For the fourth quarter ended October 31, 2012, CIEN reported revenue of $465.5 million, compared to $455.5 million reported for the same period in the previous year. The company’s revenue for the fiscal year 2012 was $1.8 billion, up from $1.7 billion reported in fiscal 2011.
CIEN reported a GAAP net loss of $38.8 million, or $0.39 per share for the fourth quarter, compared to $22.3 million, or $0.23 per share reported for the same period in the previous year. Excluding one-time items, CIEN’s net loss for the fourth quarter was $6.7 million, or $0.07 per share, compared to net income of $3.3 million reported for the same period in the previous year.
For fiscal 2012, CIEN’s GAAP net loss was $144 million, or $1.45 per share, compared to $195.5 million, or $2.04 per share reported for fiscal 2011. On a non-GAAP basis, the company’s net loss for fiscal 2012 was $23.5 million, or $0.24 per share, compared to $24.2 million, or $0.25 per share reported in fiscal 2011.
Gary Smith, President and CEO of Ciena, said that with five percent annual revenue growth and fourth-quarter financial performance in line with the expectations, CIEN continued to significantly outpace the market and take share in 2012 despite the challenging environment. Smith further said that the momentum resulted in record order flow and year-end backlog.
For the first quarter of fiscal 2013, CIEN expects revenue to be between $435 million and $460 million.
CIEN shares rose to an intra-day high of $16.43 today before paring some of the gains to finish the day 1.48% higher at $15.80 on above average volume of 15.67 million.
Year-to-date, CIEN shares have gained 30.58%, compared to a gain of 12.86% for the S&P 500.
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