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November 17, 2005

Brocade beats guidance

Under a something of a cloud and keen to share any good news, Brocade Communications Systems Inc has announced that it has beaten its revenue guidance for its latest fiscal quarter.

By CBR Staff Writer

The SAN switch and director maker has recently been at risk of de-listing from the Nasdaq exchange, for reasons only indirectly related to an investigation of its accounts by the US Securities and Exchange Commission and the Department of Justice. This summer the company also missed its guidance for its third fiscal quarter, ended in July.

This week however Brocade at last made the financial filings needed to ensure its continued listing on Nasdaq. The filings were delayed by the distraction of the SEC and DoJ investigation. Brocade also yesterday announced that it had beaten its own guidance by a small margin for its latest fiscal quarter ended in October.

For its fourth fiscal quarter ended October Brocade had forecast $140m to $145m revenue, with non-GAAP diluted EPS of $0.03 to $0.04. Yesterday it said it will report $146m revenue, and GAAP diluted EPS of $0.00 to $0.01.

Although the company said that its gross margin for the quarter is expected to be between 55% and 56%, compared to guidance of 55% to 57%, it said it was not yet able to confirm non-GAAP earnings.

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