CIEN misses, 26 cents, vs. consensus estimates of 29 cents, but guides rev's slightly above analyst targets. I cut the tables as they didn't maintain formatting but you can see them at the link provided. I closed my calls I sold expiring tomorrow at open.

finance.yahoo.com/ne...3.html

Ciena Reports Fiscal First Quarter 2017 Financial Results Business WireMarch 8, 2017

HANOVER, Md.--(BUSINESS WIRE)--

Ciena® Corporation (CIEN), a network strategy and technology company, today announced unaudited financial results for its fiscal first quarter ended January 31, 2017.

For the fiscal first quarter 2017, Ciena reported revenue of $621.5 million as compared to $573.1 million for the fiscal first quarter 2016.

On the basis of generally accepted accounting principles (GAAP), Ciena's net income for the fiscal first quarter 2017 was $3.9 million, or $0.03 per diluted common share, which compares to a GAAP net loss of $11.5 million, or $(0.08) per diluted common share, for the fiscal first quarter 2016.

Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2017 was $38.4 million, or $0.26 per diluted common share, which compares to an adjusted (non-GAAP) net income of $25.2 million, or $0.18 per diluted common share, for the fiscal first quarter 2016.

"Our overall first quarter performance demonstrates our ability to grow and capture market share across geographies, market segments and product lines, reflecting the investments we've made to diversify our business in these areas," said Gary B. Smith, president and CEO, Ciena. "Our strategic investments and differentiated portfolio are providing us strong momentum in the market, and as a result we believe that we are well-positioned to deliver on our fiscal 2017 financial targets."

Fiscal First Quarter 2017 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to prior periods, including sequential quarter and year-over-year changes. A reconciliation between the GAAP and adjusted (non-GAAP) measures contained in this release is included in Appendix A.

 

Additional Performance Metrics for Fiscal First Quarter 2017

    Revenue by Geographic RegionQ1 FY 2017 Q4 FY 2016 Q1 FY 2016Revenue % **Revenue % **Revenue % **North America$405.965.3$463.164.7$392.768.5Europe, Middle East and Africa91.514.7112.515.780.714.1Caribbean and Latin America35.25.746.86.543.87.6Asia Pacific88.9 14.3 93.8 13.1 55.9 9.8Total$621.5 100.0 $716.2 100.0 $573.1 100.0 

** Denotes % of total revenue

• U.S. customers contributed 61.1% of total revenue
• Two customer accounted for greater than 10% of revenue and represented 27% of total revenue
• Cash and investments totaled $1.05 billion
• Cash flow used in operations totaled $26.3 million
• Average days' sales outstanding (DSOs) were 86
• Accounts receivable balance was $595.7 million
• Inventories totaled $284.6 million, including:
  • Raw materials: $43.5 million
  • Work in process: $13.9 million
  • Finished goods: $197.7 million
  • Deferred cost of sales: $83.9 million
  • Reserve for excess and obsolescence: $(54.4) million
• Raw materials: $43.5 million
• Work in process: $13.9 million
• Finished goods: $197.7 million
• Deferred cost of sales: $83.9 million
• Reserve for excess and obsolescence: $(54.4) million
• Product inventory turns were 4.0
• Headcount totaled 5,613

Business Outlook for Fiscal Second Quarter 2017

Statements relating to business outlook are forward-looking in nature and actual results may differ materially. These statements should be read in the context of each of the "Forward-Looking Statements" and "Non-GAAP Presentation of Quarterly Results" found in the Notes to Investors below.

Ciena expects fiscal second quarter 2017 financial performance to include:

• Revenue in the range of $680 to $710 million
• Adjusted (non-GAAP) gross margin in the mid-40s percentage range
• Adjusted (non-GAAP) operating expense of approximately $240 million

Live Web Broadcast of Unaudited Fiscal First Quarter 2017 Results

Ciena will host a discussion of its unaudited fiscal first quarter 2017 results with investors and financial analysts today, Wednesday, March 8, 2017 at 8:30 a.m. (Eastern). The live broadcast will be available at  ciena.com , and an archived replay will be available shortly following the conclusion of the live broadcast on the Investor Relations page of Ciena's website at  ciena.com/investors . Ciena will also post to the Investor Relations page a presentation that includes certain highlighted information discussed on the call and certain historical results of operations.