Earnings Call Excerpt
Ciena Q1 2006 Earnings Teleconference (CIEN)
March 2, 2006
Executives
Gary B. Smith, President and CEO
Joseph R. Chinnici, CFO
Stephen Alexander, CTO
Suzanne DuLong, Chief Communications Officer
Analysts
Ehud Geldblum, JP Morgan
Cobb Sadler, Deutsche Bank
Tim Daubenspeck, Pacific Crest Securities.
Nikos Theodosopolous, UBS
Simon Leopold, Morgan Keegan
Joe Chiasson, Susquehanna
Paul Silverstein, Credit Suisse
John Marschetti, Morgan Stanley
Subu Subrahmanyan, Sanders, Morris, Harris
Marcus Cooperschmidt, Lehman Brothers
Gina Sockolow, Buckingham Research
Todd Hoffman, Raymond James
Presentation:
Suzanne DuLong, Chief Communications Officer.
Thanks Gwen. Good morning and welcome everyone. I’m please to have with me Gary Smith, Ciena’s CEO and President, and Joe Chinnichi our CFO. In addition, Steve Alexander, our Chief Technology Officer will be joining us for the Q&A portion of today’s call. Gary will provide some brief introductory comments, Joe will review the quarter’s financial results, Gary will then discuss the business in the quarter and our outlook for our fiscal 2nd quarter and Joe will wrap up our prepared remarks with guidance for Q2. we’ll then open the call to questions from the analysts. To ensure we answer as many questions as possible during the time allotted for this call, we ask that sell-siders limit themselves to one question.
This morning’s press release is available on national business wire and persol and also on Ciena’s website at ciena.com.
Before I turn the call over to Gary, I’ll remind you that during this call we will be making some forward looking statements. Such statements are based on current expectations, forecasts and assumptions of the company and include risks and uncertainties that could cause auctual results to differe materially from the statements discussed today. These statements should be viewed in the context of the risk factors detailed in our 10K filed with the SEC on January 12. we have until Thursday March 9 to file our 10Q for first fiscal quarter. And we expect to do so by then or before.
Ciena assumes no obligation to update the information discussed in this conference call, whether as a result of new information, future events or otherwise. Gary?
Gary B. Smith, President and CEO
Thanks Suzanne and good morning everyone. With our Q1 results we again demonstrated evidence of our execution and focus on driving operating performance improvements. In addition to our 8th sequential quarter of revenue growth, we again delivered gross margin improvement and lowered our ongoing operating expenses. Overall, we’re tracking to plan and we continue to see signs of improving market strength across our portfolio and solution set and we believe that our strategy our investments and the resulting changes in our business have positioned us to take advantage of the market opportunity that for the first time in many years is growing as a result of fundamental demand drivers.
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