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June 9, 2004 Stock Pick: CIENA Corporation (CIEN)

Stock Price: $3.39

CIENA Corporation delivers network solutions to cable operators and major business enterprises, increasing the cost-efficiency of services by enabling the creation of new data services on top of existing network infrastructure. Data services include virtual private networks (VPN), storage, voice over internet protocol (VoIP), and video on demand (VOD) services.

CIENA was a major player in the fiber optics industry before the industry suffered heavily during the recession. The company is still at the core of networks throughout the world. Their equipment and services address market segments even where Cisco is not yet a player.

Over the last 3 years CIENA has been under a restructuring including 4 acquisitions in 12 months. Now, the company has introduced their business plan, “Core to the Door”. They plan to transform broadband delivery platforms and access business as well as residential markets.

The CEO has said that “CEINA is going to be a player”. With $310 million on the balance sheet there is no doubt that the company is well positioned.

CIEN has a book value of $2.79. CIEN is becoming undervalued, yet it is a very promising company in a hot industry. It doesn’t look like CIEN shares will stay at this depressed level for long.

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