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July 9, 2009

3Com swings to profit in Q4

Revenue slid 8.2% to $295.1m from $321.3m in same period last year

By CBR Staff Writer

Network equipment maker 3Com has posted a net income of $20.2m, or $0.05 per diluted share, reversing a loss of $166.7m or $(0.41) per share it made during the same period last year. The fiscal year 2008 fourth quarter results also included a $158m goodwill impairment charge.

The company has posted a revenue of $295.1m in the fourth quarter of fiscal 2009, down 8.2% compared to a revenue of $321.3m for the same period last year.

For the full fiscal year 2009, the company posted a revenue of $1317m, up 1.7% compared with a revenue of $1294.9m for the previous year. Its net income was $114.7m, or $0.29 per diluted share, compared with a net loss of $228.8m, or $(0.57) per share, for the prior fiscal year.

3Com said that it has generated $84.1m in cash from operations in the fourth quarter and $280.5m for the fiscal year 2009.

Bob Mao, chief executive officer of 3Com, said: “I am very pleased with 3Com’s performance in the fourth quarter as well as the full fiscal year 2009. We had a very good year, delivering on all three of our key goals: revenue growth, operating margin improvement and positive cash generation from operations. We have a clear, articulated strategy that we are successfully implementing.”

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