|
|
Article: Ciena Narrows Loss, Boosting Hopes, Shares; Maryland Telecom Firm Sees an End to Decline
- Article from:
- The Washington Post
- Article date:
- December 13, 2002
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
|
Ciena Corp. reported another quarter of precipitous year-over-
year sales declines yesterday, but some modest optimism from the
fiber-optics maker at the end of a dismal year sparked a flurry of
trading in telecommunications stocks.
Ciena said its fourth-quarter loss was $754.8 million ($1.75 per
share) on revenue of $61.9 million. In the fourth quarter a year
earlier, Ciena posted a loss of $1.8 billion ($5.51) and sold $367.8
million of goods.
"This is a dislocation in the industry that's going on; it's not
business as usual," said Gary B. Smith, Ciena's president and chief
executive. "Clearly, the environment we're in right now is a very
challenging one."
But the Linthicum, Md.-based ...