…Approximately $46.2 million2 Kanata, Ontario, Canada Storage over SONET for longer-distance applications of enterprise customers & carriers. WaveSmith April 9, 2003 June 16, 2003 Approximately $178 million (excluding investment).2 Acton, MA ATM Based, MultiService Edge Switch-MPLS features ONI February…

…agreement under which Ciena will acquire privately-held WaveSmith Networks, Inc. Based in Acton, Mass., WaveSmith is a leading innovator of multiservice switching. Ciena was an investor in WaveSmith’s third round of financing and resells WaveSmith’s equipment under a previously announced worldwide…

…new revenue-generating opportunities. In addition, Ciena will highlight the expected network benefits of the Company’s pending merger with WaveSmith Networks® and existing partnership with Équipe Communications™. Ciena also will host Optical University seminars to discuss the next…

…performance, important customer wins and a significant step toward our goal of expanding our addressable market with the announced acquisition of WaveSmith Networks,” said Gary Smith, Ciena’s president and CEO. “We continue to make progress toward profitability, for the third sequential…

…said Gary Smith, Ciena’s president and CEO. “This quarter we recognized meaningful revenue from our recently completed acquisition of WaveSmith, improved our gross margin and achieved our operating expense targets a quarter ahead of plan. “ Ciena is a very different company than it was…

…-expected research and development, sales and marketing, and general and administrative operating expenses, despite the addition of a full quarter of WaveSmith-related expenses and the addition of Akara-related expenses. Fourth Quarter 2003 Solution and Strategic Highlights * Entered the extended SONET/SDH…

…expense unrelated to normal operations arising from acquisitions of intangible assets, principally developed technology acquired in the Cyras, ONI, WaveSmith and Akara acquisitions which Ciena is required to amortize over its expected useful life. * Restructuring costs - non-recurring charges, unrelated…

…expense unrelated to normal operations arising from acquisitions of intangible assets, principally developed technology acquired in the Cyras, ONI, WaveSmith, and Akara acquisitions, which Ciena is required to amortize over its expected useful life. * Accelerated amortization of leasehold improvements…