Following an estimated 78% sales decline for CIEN in 2002, hurt by significant weakness in traditional long-haul optical transport products. ...
On September 20, CIENA announced a restructuring to include a 17% staffing reduction to better align resources with its end-customer demand and to take steps to return to profitability. In association with the approximate 450-employee workforce reduction, CIENA anticipates 4QFY02 one-time charges of approximately $75-$80 million. Staffing reduction is a good initial step toward better aligning CIENA’s cost structure with current demand dynamics, we believe that additional steps may need to be taken, particularly if the end-market demand continues to be lackluster. ... CIENA anticipates the majority of savings to be fully in place by end of 4QFY02. ... As of 3QFY02, CIENA’s solid balance sheet contained $2. ... CIENA’s book value is $6. ... Based on CIENA’s restructuring announcement, we have made preliminary revisions to our estimates. ... CIENA currently is essentially fairly valued. ... CIENA enables any-time, any-size, any-priority optical services where they are needed-while dramatically reducing the cost of deploying and operating networks.
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