Fri. Jan 24th, 2020

Ciena® Corporation (NYSE: CIEN)

16 min read

Ciena® Corporation (NYSE: CIEN), networking systems, services, and software company, stated its unaudited financial results for its fiscal 4th-quarter and year finished October 31, 2k19.

  • Q4 Revenue: $968.00M, increasing 7.60 percent year over year
  • Q4 Net Income for each Share: $0.510 GAAP; $0.580 adjusted (non-GAAP)
  • Share Repurchases: Repurchased approximately 1.00M shares of common stock for an aggregate price of $38.20M throughout the quarter

For the fiscal 4th-quarter 2k19, Ciena reported revenue of $968.00M as compared to $899.40M for the fiscal 4th-quarter 2k18. For fiscal year 2k19, Ciena reported revenue of $3.570B, as compared to $3.090B for financial year 2k18.

Ciena’s GAAP net income for the fiscal 4th-quarter 2k19 was $80.30M or $0.510 for each diluted common share, which compares to a GAAP net income of $64.00M, or $0.340 for each diluted common share, for the fiscal 4th-quarter 2k18. For financial year 2k19, Ciena’s GAAP net income was $253.40M, or $1.610 for each diluted common share, as compared to a GAAP net loss of $(344.70)M, or $(2.490) for each diluted common share for financial year 2k18.

Ciena’s adjusted (non-GAAP) net income for the fiscal 4th-quarter 2k19 was $90.40M, or $0.580 for each diluted common share, which compares to an adjusted (non-GAAP) net income of $81.00M, or $0.530 for each diluted common share, for the fiscal 4th-quarter 2k18. For financial year 2k19, Ciena’s adjusted (non-GAAP) net income was $331.80M, or $2.110 for each diluted common share, as compared to an adjusted (non-GAAP) net income of $210.60M, or $1.390 for each diluted common share for financial year 2k18.

  • One 10.00 percent-plus customer represented a total of 15.10 percent of revenue for the financial quarter
  • Three 10.00 percent-plus customers represented a total of 34.10 percent of revenue for the financial year
  • Cash and investments totalled $1,024.00M
  • Cash flow from operations totalled $240.00M and $413.10M for the financial quarter and year, respectively
  • Average days’ sales outstanding (DSOs) were 75 and 82 for the fiscal quarter and year, respectively
  • Accounts receivable balance was $724.90M
  • Unbilled contract asset balance was $84.00M
  • Inventories totalled $345.00M, including:
    • Raw materials: $99.00M
    • Work in process: $13.70M
    • Finished goods: $226.60M
    • Deferred cost of sales: $53.00M
    • Reserve for excess and obsolescence: $(47.30)M
  • Product inventory turns were 5.4 and 5.0 for the fiscal quarter and year, respectively
  • Headcount totalled 6,383

Share Repurchase Program

Throughout fiscal year 2k19, Ciena repurchased approximately 3.80M shares of its common stock at an average price of $39.10 for each share for an aggregate purchase price of $150.10M.

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