2014 Q1 Form 10-Q Financial Statement

#000093639514000021 Filed on March 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $533.7M $453.1M
YoY Change 17.79% 8.74%
Cost Of Revenue $307.9M $257.3M
YoY Change 19.65% 3.36%
Gross Profit $225.9M $195.8M
YoY Change 15.35% 16.71%
Gross Profit Margin 42.32% 43.21%
Selling, General & Admin $108.4M $94.80M
YoY Change 14.4% 0.77%
% of Gross Profit 48.02% 48.42%
Research & Development $101.5M $89.13M
YoY Change 13.88% -0.6%
% of Gross Profit 44.94% 45.52%
Depreciation & Amortization $30.20M $14.75M
YoY Change 104.82% 0.16%
% of Gross Profit 13.37% 7.53%
Operating Expenses $222.5M $201.4M
YoY Change 10.47% 1.24%
Operating Profit $3.355M -$5.609M
YoY Change -159.81% -82.01%
Interest Expense $11.03M $10.73M
YoY Change 2.76% 12.14%
% of Operating Profit 328.7%
Other Income/Expense, Net
YoY Change
Pretax Income -$13.67M -$45.11M
YoY Change -69.69% -1.15%
Income Tax $2.265M $2.216M
% Of Pretax Income
Net Earnings -$15.94M -$47.32M
YoY Change -66.33% -0.69%
Net Earnings / Revenue -2.99% -10.44%
Basic Earnings Per Share -$0.15 -$0.47
Diluted Earnings Per Share -$0.15 -$0.47
COMMON SHARES
Basic Shares Outstanding 104.5M shares 101.2M shares
Diluted Shares Outstanding 104.5M shares 101.2M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $425.1M $637.2M
YoY Change -33.29% 6.08%
Cash & Equivalents $330.1M $552.3M
Short-Term Investments $95.00M $84.90M
Other Short-Term Assets $175.2M $124.7M
YoY Change 40.5% 9.29%
Inventory $284.1M $266.9M
Prepaid Expenses
Receivables $518.9M $394.8M
Other Receivables $13.70M $11.30M
Total Short-Term Assets $1.417B $1.435B
YoY Change -1.25% 4.33%
LONG-TERM ASSETS
Property, Plant & Equipment $119.4M $122.2M
YoY Change -2.26% 3.47%
Goodwill
YoY Change
Intangibles $168.9M $239.3M
YoY Change -29.4% -23.36%
Long-Term Investments $15.00M
YoY Change
Other Assets $80.23M $88.79M
YoY Change -9.64% -21.12%
Total Long-Term Assets $383.7M $450.3M
YoY Change -14.8% -17.06%
TOTAL ASSETS
Total Short-Term Assets $1.417B $1.435B
Total Long-Term Assets $383.7M $450.3M
Total Assets $1.801B $1.885B
YoY Change -4.49% -1.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $245.8M $182.7M
YoY Change 34.57% 3.35%
Accrued Expenses $274.1M $214.9M
YoY Change 27.53% 7.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $216.2M
YoY Change
Total Short-Term Liabilities $616.2M $693.7M
YoY Change -11.18% 51.88%
LONG-TERM LIABILITIES
Long-Term Debt $1.213B $1.209B
YoY Change 0.36% -16.2%
Other Long-Term Liabilities $34.01M $32.79M
YoY Change 3.74% 72.05%
Total Long-Term Liabilities $34.01M $32.79M
YoY Change 3.74% 72.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $616.2M $693.7M
Total Long-Term Liabilities $34.01M $32.79M
Total Liabilities $1.887B $1.964B
YoY Change -3.89% 1.26%
SHAREHOLDERS EQUITY
Retained Earnings -$5.986B -$5.932B
YoY Change 0.91% 2.48%
Common Stock $5.914B $5.855B
YoY Change 1.0% 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$86.86M -$78.64M
YoY Change
Total Liabilities & Shareholders Equity $1.801B $1.885B
YoY Change -4.49% -1.72%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$15.94M -$47.32M
YoY Change -66.33% -0.69%
Depreciation, Depletion And Amortization $30.20M $14.75M
YoY Change 104.82% 0.16%
Cash From Operating Activities -$37.16M -$45.73M
YoY Change -18.74% -454.99%
INVESTING ACTIVITIES
Capital Expenditures $15.78M $12.24M
YoY Change 28.86% 55.01%
Acquisitions
YoY Change
Other Investing Activities $30.40M -$34.30M
YoY Change -188.63% 11333.33%
Cash From Investing Activities $14.64M -$46.53M
YoY Change -131.46% 464.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.412M $5.820M
YoY Change 27.35% 2.66%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities $6.650M $1.907M
YoY Change 248.72% -66.36%
NET CHANGE
Cash From Operating Activities -$37.16M -$45.73M
Cash From Investing Activities $14.64M -$46.53M
Cash From Financing Activities $6.650M $1.907M
Net Change In Cash -$15.87M -$90.35M
YoY Change -82.44% -976.36%
FREE CASH FLOW
Cash From Operating Activities -$37.16M -$45.73M
Capital Expenditures $15.78M $12.24M
Free Cash Flow -$52.93M -$57.97M
YoY Change -8.69% -1263.34%

Facts In Submission

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CY2013Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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CY2013Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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CY2014Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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CY2013Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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960000 USD
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2013Q4 us-gaap Other Inventory Capitalized Costs
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CY2014Q1 us-gaap Other Inventory Capitalized Costs
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CY2014Q1 us-gaap Other Noncash Income Expense
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CY2013Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q1 us-gaap Preferred Stock Shares Authorized
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CY2014Q1 us-gaap Preferred Stock Value
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0 USD
CY2013Q4 us-gaap Preferred Stock Value
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0 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
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188848000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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186655000 USD
CY2013Q4 us-gaap Prepaid Taxes
PrepaidTaxes
101072000 USD
CY2014Q1 us-gaap Prepaid Taxes
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102886000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5820000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7412000 USD
CY2014Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
85441000 USD
CY2013Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
50000000 USD
CY2013Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
56303000 USD
CY2012Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
55132000 USD
CY2013Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
53490000 USD
CY2014Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
58089000 USD
CY2013Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
5671000 USD
CY2014Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6188000 USD
CY2014Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
7974000 USD
CY2013Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
4029000 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
106670000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
124354000 USD
CY2014Q1 us-gaap Property Plant And Equipment Gross
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414432000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
410821000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
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119729000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119446000 USD
CY2013Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
676000 USD
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
762000 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
89125000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
101497000 USD
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52000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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52000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2014Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2086000 USD
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
115000 USD
CY2013Q1 us-gaap Restructuring Charges
RestructuringCharges
5030000 USD
CY2014Q1 us-gaap Restructuring Reserve
RestructuringReserve
1918000 USD
CY2013Q4 us-gaap Restructuring Reserve
RestructuringReserve
2016000 USD
CY2012Q4 us-gaap Restructuring Reserve
RestructuringReserve
5049000 USD
CY2013Q1 us-gaap Restructuring Reserve
RestructuringReserve
4795000 USD
CY2014Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
679000 USD
CY2013Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
3981000 USD
CY2013Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
674000 USD
CY2014Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
1239000 USD
CY2013Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
814000 USD
CY2013Q1 us-gaap Restructuring Reserve Settled Without Cash1
RestructuringReserveSettledWithoutCash1
619000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2013Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
353057000 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
100762000 USD
CY2013Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
100036000 USD
CY2013Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
66588000 USD
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
78348000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8320000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11392000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
45.84
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
280000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2102000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1801000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.75
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.46
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5849000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.27
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.94
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
1801000 shares
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
55.79
CY2014Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P2Y5M5D
CY2014Q1 us-gaap Short Term Investments
ShortTermInvestments
94993000 USD
CY2013Q4 us-gaap Short Term Investments
ShortTermInvestments
124979000 USD
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
21000 shares
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-82677000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
-86861000 USD
CY2013Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
15677000 USD
CY2014Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
14490000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements and related disclosures in conformity with accounting principles generally</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">accepted in the United States requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are used for selling prices for multiple element arrangements, shared-based compensation, convertible notes payable valuations, bad debts, valuation of inventories and investments, recoverability of intangible assets, other long-lived assets, income taxes, warranty obligations, restructuring liabilities, derivatives, incentive compensation, contingencies and litigation. Ciena bases its estimates on historical experience and assumptions that it believes are reasonable. Actual results may differ materially from management&#8217;s estimates.</font></div></div>
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101204000 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104501000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104501000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101204000 shares
CY2014Q1 cien Amortization Of Intangible Assets Excluding Amortization Included In Property Plant And Equipment
AmortizationOfIntangibleAssetsExcludingAmortizationIncludedInPropertyPlantAndEquipment
16890000 USD
CY2013Q1 cien Amortization Of Intangible Assets Excluding Amortization Included In Property Plant And Equipment
AmortizationOfIntangibleAssetsExcludingAmortizationIncludedInPropertyPlantAndEquipment
17838000 USD
CY2013Q1 cien Debt Issuance Costs Incurred But Not Yet Paid
DebtIssuanceCostsIncurredButNotYetPaid
219000 USD
CY2014Q1 cien Debt Issuance Costs Incurred But Not Yet Paid
DebtIssuanceCostsIncurredButNotYetPaid
0 USD
CY2013Q1 cien Depreciation And Amortization Of Intangible Assets Included In Property Plant And Equipment
DepreciationAndAmortizationOfIntangibleAssetsIncludedInPropertyPlantAndEquipment
14745000 USD
CY2014Q1 cien Depreciation And Amortization Of Intangible Assets Included In Property Plant And Equipment
DepreciationAndAmortizationOfIntangibleAssetsIncludedInPropertyPlantAndEquipment
13328000 USD
CY2013Q1 cien Depreciation Of Product Demonstration Equipment
DepreciationOfProductDemonstrationEquipment
1800000 USD
CY2014Q1 cien Depreciation Of Product Demonstration Equipment
DepreciationOfProductDemonstrationEquipment
2000000 USD
CY2013Q1 cien Interest And Other Financial Charges Net
InterestAndOtherFinancialChargesNet
10869000 USD
CY2014Q1 cien Interest And Other Financial Charges Net
InterestAndOtherFinancialChargesNet
17026000 USD
CY2014Q1 cien Interest And Other Income Net
InterestAndOtherIncomeNet
-5998000 USD
CY2013Q1 cien Interest And Other Income Net
InterestAndOtherIncomeNet
-137000 USD
CY2014Q1 cien Maintenance Spare Parts Amortization Period
MaintenanceSparePartsAmortizationPeriod
P4Y
CY2013Q4 cien Maintenance Spares Inventory Net Non Current
MaintenanceSparesInventoryNetNonCurrent
61305000 USD
CY2014Q1 cien Maintenance Spares Inventory Net Non Current
MaintenanceSparesInventoryNetNonCurrent
57177000 USD
CY2013Q4 cien Number Of Customers Accounting For Greater Than Ten Percent Of Accounts Receivable
NumberOfCustomersAccountingForGreaterThanTenPercentOfAccountsReceivable
2 customer
CY2014Q1 cien Number Of Customers Accounting For Greater Than Ten Percent Of Accounts Receivable
NumberOfCustomersAccountingForGreaterThanTenPercentOfAccountsReceivable
2 customer
CY2014Q1 cien Product Demonstration Equipment Net
ProductDemonstrationEquipmentNet
33622000 USD
CY2013Q4 cien Product Demonstration Equipment Net
ProductDemonstrationEquipmentNet
33382000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--10-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-01-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000936395
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
105028191 shares
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
CIENA CORP
CY2014Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

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