Last Close

20.74 (USD)
August 26, 2014
NEW YORK Exchange
Avg Daily Vol
2.5M
52-Week High
27.94
Trailing PE
--
Annual Div
--
ROE
-2992%
LTG Forecast
16.7%
1-Mo Return
5.7%
Market Cap
2.1B
52-Week Low
18.00
Forward PE
17.3
Dividend Yield
--
Annual Rev
2.2B
Inst Own
>100%
3-Mo Return
2.9%
VERUS OPINION
Hold
The Verus Opinion, provided by Verus Analytics Inc,
is an empirically-derived and historically back-tested
stock rating system with buy, hold, and sell opinions.
To develop a rating, the quantitative system analyzes
a company's earnings quality, balance sheet, and
income statement, conducts technical and valuation
analysis and evaluates the transactions made by the
firm's management and directors (i.e. insiders).
The Verus Opinion covers 4123 companies, with 15.5% rated
Buy, 66.2% rated Hold, and 18.2% rated Sell as of 08/22/14.
Verus Analytics Inc is a private independent research firm,
unaffiliated with Thomson Reuters, that specializes in
engineering institutional ratings systems.
THOMSON REUTERS I/B/E/S MEAN
Buy
Mean recommendation from all analysts covering
the company as provided to Thomson Reuters
and then standardized to a 5-point scale.
22 Analysts
Sell Reduce Hold Buy
Strong
Buy
Strong Buy
Buy
Hold
Reduce
Sell
7
10
5
0
0
PRICE AND VOLUME CHARTS
1-Year Return: -2.0% 5-Year Return: 55.7%
BUSINESS SUMMARY
Ciena Corporation (Ciena) is a provider of communications networking equipment, software and services that support the transport, switching,
aggregation and management of voice, video and data traffic. The Company's packet-optical transport, packet-optical switching and carrier Ethernet
service delivery products are used, individually or as part of an integrated solution, in networks operated by communications service providers, cable
operators, governments and enterprises globally. Its communications networking products, through their embedded software and its network
management software suites enable network operators to deliver enterprise communication services. The Company operates in four segments: packet-
optical transport, packet-optical switching, carrier Ethernet Service delivery, and software and services. On March 19, 2010, the Company acquired
optical networking and Carrier Ethernet assets of Nortel's Metro Ethernet Networks business (MEN Business).
CIENA CORPORATION (CIEN-N)
Technology Equipment / Communications & Networking / Communications & Networking
COMPANY IN CONTEXT REPORT
Report Date: August 27, 2014
Page 1 of 6
2014 Thomson Reuters. All rights reserved.
PEER ANALYSIS Currency in USD
PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS
Verus
Opinion Ticker
Price
(08/26/14)
1-Mo
Return
3-Mo
Return
1-Yr
Return
Market
Cap
Trailing
PE
Forward
PE
Dividend
Yield
Net
Margin
LTG
Forecast
I/B/E/S
Mean
#of
Analysts
Hold RVBD 18.74 2.0% -4.9% 18.2% 3.0B 144.2 14.9 -- 2.6% 15.2% Hold 32
Hold J DSU 11.94 0.8% 10.6% -11.5% 2.7B -- 19.4 -- 22.0% 15.7% Buy 18
Hold VSAT 57.00 -2.8% 3.7% -15.4% 2.7B -- 57.2 -- -1.9% 41.0% Hold 11
Hold SATS 49.71 -2.5% -2.0% 20.2% 2.2B 82.9 31.8 -- 3.8% 5.0% Strong Buy 5
Hold ARUN 20.24 11.8% 13.1% 16.1% 2.2B -- 20.7 -- -3.4% 19.5% Buy 33
Hold CIEN 20.74 5.7% 2.9% -2.0% 2.1B -- 17.3 -- -1.8% 16.7% Buy 22
Hold FNSR 20.68 4.2% -16.2% -2.5% 2.0B 19.2 14.5 -- 9.4% 24.2% Buy 16
Hold PLT 47.50 1.6% 6.1% 7.2% 2.0B 17.9 15.2 1.3% 13.2% 15.7% Buy 8
Hold PLCM 13.16 -1.7% 3.1% 26.9% 1.8B -- 16.1 -- 2.6% 15.0% Hold 14
Hold IDCC 43.99 -1.8% 16.7% 19.8% 1.7B 15.3 35.5 1.8% 40.6% -- Buy 4
Hold LORL 75.34 3.6% 6.2% 13.2% 1.6B -- -- -- 2.6% -- -- --
-- Average 34.46 1.9% 3.6% 8.2% 2.2B 55.9 24.2 1.5% 8.2% 18.7% Buy 16.3
PEER COMPANIES
RVBD RIVERBED TECHNOLOGY INC FNSR FINISAR CORPORATION
J DSU J DS UNIPHASE CORPORATION PLT PLANTRONICS INC
VSAT VIASAT INC PLCM POLYCOM INC
SATS ECHOSTAR CORPORATION IDCC INTERDIGITAL INC PA
ARUN ARUBA NETWORKS INC LORL LORAL SPACE & COMMUNICATIONS
EARNINGS HIGHLIGHTS PRICE TARGET
- CIEN's current quarter consensus estimate has remained relatively
unchanged over the past 90 days at 0.29. Estimates within its Industry
have moved an average of -1.0% during the same time period.
- During the past four weeks, analysts covering CIEN have made no
upward or downward EPS estimate revisions for the current quarter.
- There have been no upward or downward broker recommendation
changes for CIENA CORPORATION over the past 120 days.
The chart indicates where analysts predict the stock price will be within
the next 12 months, as compared to the current price.
40.00
36.00
32.00
28.00
24.00
20.00
Current Price Price Target
20.74
MEAN
HIGH
LOW
12-Month Price Target
Mean 28.40
High 34.00
Low 21.00
Target vs. Current 36.9%
#of Analysts 19
EARNINGS PER SHARE Currency in USD
Earnings per share (EPS) is calculated
by dividing a company's earnings by the
number of shares outstanding. Analysts
tend to interpret a pattern of increasing
earnings as a sign of strength and flat
or falling earnings as a sign of
weakness.
The charts provide a comparison
between a company's actual and
estimated EPS, including the high and
low forecasts.
0.600
0.500
0.400
0.300
0.200
0.100
07-13 10-13 01-14 04-14 07-14 10-14
Actuals Estimates
0.230
0.160
0.130
0.170
MEAN
HIGH
LOW
Quarterly 07-14 10-14
Mean 0.285 0.361
High 0.340 0.520
Low 0.250 0.230
#of Analysts 20 20
4.000
3.000
2.000
1.000
0.000
-1.000
2012 2013 2014 2015
Actuals Estimates
-0.240
0.540
MEAN
HIGH
LOW
Annual 2014 2015
Mean 0.954 1.400
High 1.130 1.860
Low 0.800 1.000
#of Analysts 21 21
CIENA CORPORATION (CIEN-N)
Technology Equipment / Communications & Networking / Communications & Networking
COMPANY IN CONTEXT REPORT
Report Date: August 27, 2014
Page 2 of 6
2014 Thomson Reuters. All rights reserved.
ANALYST REVISIONS MEAN ESTIMATE TREND
Last 120 Days Last 30 Days
#Broker Upgrades 0 #Up Revisions 0
#Broker Downgrades 0 #Down Revisions 0
Avg Up Revisions 0.0%
Avg Down Revisions 0.0%
Q
07-14
Q
10-14
Y
2014
Y
2015
Price
Target
Current 0.285 0.361 0.954 1.400 28.40
30 Days Ago 0.285 0.363 0.956 1.403 28.50
90 Days Ago 0.283 0.364 0.957 1.401 27.80
% Change (90 Days) 0.7% -0.8% -0.3% -0.1% 2.2%
Next Expected Report Date: 09/04/14
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a
surprise, it is often followed by more of the same surprise type.
Surprise Detail (Last 6 Periods)
Surprise
Type
Announce
Date
Period End
Date
Actual
EPS
Mean
EPS
Surprise
(%)
POSITIVE 06/05/14 04/30/14 0.170 0.130 30.8%
POSITIVE 03/06/14 01/31/14 0.130 0.058 124.1%
NEGATIVE 12/12/13 10/31/13 0.160 0.241 -33.6%
POSITIVE 09/04/13 07/31/13 0.230 0.162 42.0%
POSITIVE 06/06/13 04/30/13 0.020 -0.010 300.0%
POSITIVE 03/07/13 01/31/13 0.120 -0.134 189.6%
Surprise Summary (Last 12 Quarters)
Surprise Type Amount Percent
Positive Quarters (>2%) 7 63.6%
Negative Quarters (<-2%) 4 36.4%
In-Line Quarters (within 2%) 0 --
ANNUAL REVENUE
A pattern of increasing sales in
conjunction with a rising EPS may
influence a buy recommendation, while
flat or falling sales and faltering
earnings may explain a sell
recommendation. A rising EPS with flat
or falling sales may result from
increased cost efficiency and margins,
rather than market expansion. This
chart shows the sales forecast trend of
all analysts and the highest and lowest
projections for the current and next
fiscal year.
2.8B
2.6B
2.4B
2.2B
2.0B
1.8B
2012 2013 2014 2015
Actuals Estimates
1.8B
2.1B
MEAN
HIGH
LOW
2014 2015
Mean 2.3B 2.6B
High 2.4B 2.7B
Low 2.3B 2.4B
Forecasted Growth 11.7% 22.8%
#of Analysts 20 20
FUNDAMENTAL HIGHLIGHTS
- CIEN's debt-to-capital of 107.3% is the highest within its
Communications & Networking Industry.
- CIEN's ROE is lowest within its Communications & Networking
Industry.
- The company's days sales in receivables has been higher than its
Industry average for each of the past five years.
- The company does not currently pay a dividend. Of the 78 firms within
the Communications & Networking Industry, it is among the 56
companies without a dividend.
FUNDAMENTAL METRICS
Profitability
CIEN
Industry
Avg
Revenue Growth 16.6% 6.4%
For year over year
ending 04/14
Gross Margin 40.4% 41.9%
For trailing 4 qtrs
ending 04/14
Return on Equity -2992% 2.5%
For trailing 4 qtrs
ending 04/12
Net Margin -1.8% 2.5%
For trailing 4 qtrs
ending 04/14
Debt
CIEN
Industry
Avg
Current Ratio 1.8 2.6
For year over year
ending 04/14
Debt-to-Capital 107.3% 2.6%
For trailing 4 qtrs
ending 10/13
Interest Funding -155.7% 0.0%
For trailing 4 qtrs
ending 04/14
Interest Coverage 0.6 2.9
For trailing 4 qtrs
ending 04/14
Dividend
CIEN
Industry
Avg
Div. Growth Rate -- 12.5%
For year over year
ending --
Dividend Funding 0.0% 0.0%
For trailing 4 qtrs
ending 10/13
Dividend Coverage -- 4.3
For trailing 4 qtrs
ending --
Current Div. Yield -- 0.0%
For trailing 4 qtrs
ending --
CIENA CORPORATION (CIEN-N)
Technology Equipment / Communications & Networking / Communications & Networking
COMPANY IN CONTEXT REPORT
Report Date: August 27, 2014
Page 3 of 6
2014 Thomson Reuters. All rights reserved.
RELATIVE VALUATION HIGHLIGHTS
- Compared to the Communications & Networking Industry, CIEN is
currently trading at a significant discount based on both Trailing P/E
and Forward PEG.
- CIEN's current Forward P/E of 17.3 represents a 36% Discount to its
Communications & Networking Industry average.
- CIEN's current Forward PEG of 1.0 represents a 44% Discount to its
Communications & Networking Industry average.
TRAILING PE
The most recent week's close price divided by
the sum of the four most recently reported
quarterly earnings.
Trailing PE: --
5-Year Average: --
S&P 500 Index Average: 25.7
Industry Average: 30.9
26
28
30
32
34
36
38
40
42
44
46
2014 2013 2012 2011 2010
FORWARD PE
The most recent week's close price divided by
the sum of the four upcoming quarterly
consensus estimates.
Forward PE: 17.3
5-Year Average: 45.7
S&P 500 Index Average: 20.0
Industry Average: 26.9
0
5
10
15
20
25
30
35
40
45
>50
2014 2013 2012 2011 2010
5-Yr Average
FORWARD PEG
The Forward P/E divided by the five-year
forecasted growth rate.
Forward PEG: 1.0
5-Year Average: 2.6
S&P 500 Index Average: 1.9
Industry Average: 1.9
0
5
10
15
20
25
30
35
40
45
>50
2014 2013 2012 2011 2010
5-Yr Average
RISK HIGHLIGHTS
- On days when the market is up, CIEN tends to perform in-line
with the S&P 500 COMPOSITE index. However, on days when
the market is down, the shares generally decrease by more
than the S&P 500 COMPOSITE index does.
- In the short term, CIEN has shown average correlation (>=0.2
and <0.4) with the S&P 500 COMPOSITE index. The stock
has, however, shown high correlation (>=0.4) with the market
in the long term.
- Over the last 90 days, CIEN's Standard Deviation has been 2.8
while that of the S&P 500 COMPOSITE index has been 0.5.
RISK ANALYSIS
Last 90 Days Last 60 Months
Peers
Best
Daily
Return
Worst
Daily
Return
#
Days
Up
#
Days
Down
Largest
Intra-Day
Swing
Best
Monthly
Return
Worst
Monthly
Return
CIEN 18.4% -4.1% 27 37 6.2% 39.1% -31.3%
ARUN 7.2% -3.9% 35 30 7.2% 41.3% -37.8%
FNSR 9.7% -21.9% 29 35 6.5% 55.5% -40.0%
PLT 2.9% -2.2% 32 33 5.1% 25.2% -21.5%
SATS 3.1% -2.8% 27 38 6.6% 27.3% -27.2%
S&P 500 1.2% -2.0% 39 25 1.8% 10.8% -8.2%
RISK METRICS
Magnitude of Returns
Daily Returns (Last 90 Days)
Best 18.4%
Worst -4.1%
Monthly Returns (Last 60 Months)
Best 39.1%
Worst -31.3%
Volatility
Standard Deviation
Last 90 Days 2.80
Last 60 Months 15.14
Intra-Day Swing (Last 90 Days)
Last 90 Days Avg 2.4%
Last 90 Days Largest 6.2%
Beta (1-Year)
Beta vs. S&P 500 1.79
Positive Days Only 1.06
Negative Days Only 2.29
Beta vs. Group 1.75
Positive Days Only 1.70
Negative Days Only 1.85
Correlation
Correlation vs. S&P 500
Last 90 Days 28%
Last 60 Months 54%
Correlation vs. Group
Last 90 Days 55%
Last 60 Months 61%
PRICE ANALYSIS
Relative Strength Indicator (scale 1-100, 100 is best)
CIEN Industry Avg
Last 1 Month 49 51
Last 3 Months 48 49
Last 6 Months 49 50
SEASONALITY
Average Monthly Return (Last 10 Years)
AUG SEP OCT
Company Avg -6.1% 3.0% -1.6%
Industry Avg -0.6% 2.4% -0.2%
Industry Rank 76 of 117 40 of 117 70 of 117
CIENA CORPORATION (CIEN-N)
Technology Equipment / Communications & Networking / Communications & Networking
COMPANY IN CONTEXT REPORT
Report Date: August 27, 2014
Page 4 of 6
2014 Thomson Reuters. All rights reserved.
PRICE PERFORMANCE Currency in USD
Daily close prices are used to calculate the
performance of the stock as compared to a
relevant index over five time periods.
CIEN
S&P 500
1-Week
1-Month
3-Month
YTD
1-Year
7.6%
0.9%
5.7%
1.1%
2.9%
5.2%
-13.3%
8.2%
-2%
20.7%
CIEN S&P 500
Close Price (08/26/14) 20.74 2000
52-Week High 27.94 2000
52-Week Low 18.00 1633
- On 08/26/14, CIEN closed at 20.74, 25.8% below its 52-week
high and 15.2% above its 52-week low.
- CIEN shares are currently trading 1.8% above their 50-day
moving average of 20.37, and 4.4% below their 200-day
moving average of 21.69.
- The S&P 500 COMPOSITE is currently trading at its 52-week
high of 2000.
INSIDER TRADING HIGHLIGHTS
- Since the beginning of the current quarter, sales by CIENA
CORPORATION executives have totaled $290,175. Over the past five
years, the average sell total for Q3 has been $1,505,714.
MONTHLY BUYS AND SELLS
0
S O N D J F M A M J J A
BUYS
SELLS
2510
2510
5020
5020
$ Market Value - 1000s
Excludes
derivative
and option
exercises
MOST RECENT BUYS AND SELLS
Insider buys and sells with the most recent transaction dates during the last 90 days.
Name Role Tran Date Tran Type Shares Market Value
Alexander, Stephen B CTO 08/15/14 Sale 3,500 67,130
Dodd, J ames Richard J r Officer 08/14/14 Sale 1,500 28,185
Moylan, J ames E J r CFO 07/30/14 Sale 1,000 20,000
Dodd, J ames Richard J r Officer 07/17/14 Sale 1,500 30,000
Moylan, J ames E J r CFO 07/16/14 Sale 1,000 20,500
TOP INSTITUTIONAL HOLDERS
The top five institutional holders based on the total number of shares
held.
Institution
Inst.
Type
#Shares
Held
Reported
Date
BlackRock Institutional Inv Mgmt 7.8% 8.22M
06/30/14 Platinum
Investment
Inv Mgmt 7.3%
7.72M 06/30/14 The
Vanguard
Group Inc
Inv Mgmt
6.5% 6.89M 06/30/14 J P Morgan
Asset
Inv Mgmt 6.5% 6.88M 06/30/14
TIAA-CREF Inv Mgmt 5.9% 6.24M
06/30/14
Updated weekly as of 08/23/14
TOP EXECUTIVE HOLDERS
The top five insider holders based on the total number of direct holdings.
Indirect holdings are excluded.
Insider Name Role
#Direct
Shares Value
Reported
Date
Smith, Gary Brian CEO 0.42M 7.82M 06/23/14
Nettles, Patrick H D 0.40M 7.55M 04/10/14
Moylan, J ames E J r CFO 0.37M 6.93M 07/30/14
Rothenstein, David M GC 0.24M 4.50M 07/15/14
Morin, Philippe O 0.22M 4.07M 06/23/14
Updated monthly as of 08/17/14
CIENA CORPORATION (CIEN-N)
Technology Equipment / Communications & Networking / Communications & Networking
COMPANY IN CONTEXT REPORT
Report Date: August 27, 2014
Page 5 of 6
2014 Thomson Reuters. All rights reserved.
REPORT TIPS
The Company in Context Report provides a comprehensive company analysis
based on industry-leading market data from Thomson Reuters and a proprietary
rating from Verus Analytics. The report is updated daily, although some of the data
elements and the ratings are updated weekly.
Peer Anal ysis
The Thomson Reuters Business Classification (TRBC) system is used for
industry comparisons. It is designed to track and display the primary business of
a corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
The Peer Analysis section of the report compares the company to its ten closest
peers, selected based on similar market capitalization. The peer listing may have
fewer than ten companies if there are fewer classified within that industry.
Highlights
The Thomson Reuters proprietary automated text-generation system creates
highlights summarizing the most noteworthy data. The bullets will vary by company
and will change from week to week as different criteria are met.
Earnings
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Earnings Surprises
The surprise summary includes the total number of quarters (and percentage) in the
past 12 quarters in which earnings surprises were positive, negative, or in-line. In
order to be recognized as a positive or negative surprise, the percent must be
greater than 2% above or 2% below the consensus, respectively.
Fundamental
Profitability
Revenue Growth: (Net Sales Previous Net Sales) / Previous Net Sales
Gross Margin: Gross Profit / Net Sales
Return on Equity: Net Income / Total Equity
Net Margin: Net Profit / Net Sales
Debt
Current Ratio: Current Assets / Current Liabilities
Debt-to-Capital: Total Debt / Total Capital
Interest Funding: Interest Expense / Operating Cash Flow
Interest Coverage: (Pre-Tax Income +Interest Expense) / Interest Expense
Dividend
Dividend Growth Rate: (Dividends per Share Previous Dividends per Share) /
Previous Dividends per Share
Dividend Funding: Dividends / Operating Cash Flow
Dividend Coverage: (Pre-Tax Income +Interest Expense) / (Interest Expense +
Dividends)
Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Relative Valuation
A discount occurs when the companys ratio is valued more favorably (lower) than
that to which it is compared.
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, and a maximum value of 5 is placed
on Forward PEG when calculating the averages. Higher values are rounded down
to the maximum for the averages.
Risk
Magnitude of Returns
The best / worst daily returns in the past 90 days and the best / worst monthly
returns in the past 60 months.
Volatility
The standard deviation of the stock price over the last 90 days and last 60 months,
along with the average and largest intra-day stock swing.
Beta
Measures the tendency of a securitys returns to respond to swings in the market,
based on the beta of the company versus the relevant index.
Correlation
Determines how closely the returns of the stock and the relevant index move
together, measured over the last 90 days and last 60 months.
Price Momentum
Relative Strength
Measures the speed and change of price movements. A value above 70 is
considered overbought while a value below 30 is considered oversold.
Seasonality
The average monthly return for the current month and next 2 months for the
company and industry, over the past 10 years. A lower industry rank indicates a
higher return.
Insider Trading
Monthl y Buys and Sells
The total market value of open-market buying and selling is displayed by month in
the chart for easy comparison. Transactions by trusts and corporations are
excluded, along with buys greater than $10 million and sales greater than $50
million.
Institutional Holders
The top five institutional holders of the company are listed in descending order,
based on their total share holdings. Possible values for the institution type include
Brokerage, Funds, Inv Mgmt, or Strategic.
Executive Holders
The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
holdings are excluded, as the owner may not actually have investment discretion
over these shares. Insiders who have not filed any transactions or holdings over the
past two years are excluded as this may indicate that the individual is no longer
associated with the company. Additionally, direct shares held must be greater than
1,000 to be considered.
Insider Roles
r e c i f f O - O e t a i l i f f A - F A
B - Beneficial Owner OH - Other
CB - Chairman P - President
CEO - Chief Executive Officer R - Retired
CFO - Chief Financial Officer SH - Shareholder
CM - Committee Member SVP - Senior Vice President
CO - Chief Operating Officer T - Trustee
CT - Chief Technology Officer TR - Treasurer
n a m r i a h C e c i V - C V r o t c e r i D - D
EVP - Exec Vice President VP - Vice President
GC - General Counsel
VERUS ANALYTICS
Verus Analytics, Inc is a private firm specializing in engineering rating systems for
institutional clients, wealth managers and self-directed investors. Their ratings
include MSN Moneys StockScouter and numerous institutional stock ratings
systems. They also provide proprietary ratings of earnings quality, fundamental and
valuation elements directly to institutional clients. Verus Analytics (previously
Camelback Research Alliance, Inc and the quantitative business unit of Gradient
Analytics, Inc) was founded in 1996 by two former tenured professors, Dr. Carr
Bettis and Dr. Donn Vickrey. Today the core team consists of financial engineers,
business analysts and technology personnel. Verus Analytics does not engage in
investment banking services.
DISCLAIMER
All information in this report is assumed to be accurate to the best of our ability.
Past performance is not a guarantee of future results. The information contained in
this report is not to be construed as advice and should not be confused as any sort
of advice. Investors should consider this report as only a single factor in making
their investment decision. Verus Analytics Inc. is a private independent research
firm, unaffiliated with Thomson Reuters, and is solely responsible for the Verus
Opinion. The Verus Opinion contained herein is solely attributable to Verus
Analytics Inc. and is not endorsed or approved by Thomson Reuters.
CIENA CORPORATION (CIEN-N)
Technology Equipment / Communications & Networking / Communications & Networking
COMPANY IN CONTEXT REPORT
Report Date: August 27, 2014
Page 6 of 6
2014 Thomson Reuters. All rights reserved.