Ciena reports net loss for fiscal third quarter

Loss partly due to costs related to acquisition of Nortel division

September 08, 2010|By Hanah Cho, The Baltimore Sun

Ciena Corp., a Linthicum-based maker of telecommunications networking equipment, said Wednesday its loss widened in the fiscal third quarter partly because of costs associated with the purchase of Nortel's Metro Ethernet Networks division.

Net loss for the quarter ending July 31 was $109.9 million, or $1.18 per share, compared with a loss of $26.5 million, or 29 cents per share, in the corresponding period last year.

Revenue for the quarter was $389.7 million, which includes $221.8 million from the Metro Ethernet Networks business. The purchase closed in March.

"We're pleased with our progress and believe our financial performance this quarter is evidence of both the strategic value and market acceptance of the combined company. Our focus remains on the execution of our integration plan, and in the third quarter we were able to achieve certain integration milestones sooner than expected," Gary Smith, Ciena president and CEO, said in a statement. "We are confident in the strength of our market position and believe we are well-positioned to capitalize on future growth opportunities."

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