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February 22, 2010

Brocade Q1 revenues up 25% to $539.5m

Total SAN port shipments were about 1.2 million

By CBR Staff Writer

Networking gear maker Brocade has reported revenues of $539.5m for the first quarter of fiscal 2010, an increase of 25% compared to $431.6m for the same period last year. Product revenues were $449.09m and service revenue accounted for $90.4m for the quarter.

Adjusted EBITDA was $154.7m, up from $130m in Q4 and $136.7m in Q1 2009. The company posted an operating income of $83.2m for the first quarter of 2010, an increase 277.6% compared to $22.03m for the same period last year.

For first fiscal quarter ended January 30, 2010, the company reported a net income of $51.1m, or $0.11 for the first quarter of 2010, compared to a loss of $23.9m, or $0.06 for the same period a year ago.

Data storage revenues accounted for 65% of the revenues, down decreased seven percentage from 72% in the first quarter of 2009. Ethernet products revenue accounted for 18% of the total revenues, while domestic revenues and international revenues accounted for 63% and 37% of the total revenues, respectevely. Total Storage Area Networking (SAN) port shipments were approximately 1.2 million.

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Michael Klayko, CEO of Brocade, said: “Brocade’s Q1 performance exceeded consensus non-GAAP EPS expectations for the 18th consecutive quarter thanks to the balance and diversity of our business model, our highly variable cost structure and our ability to execute.

“At the same time, Q1 highlights the work ahead in building our Ethernet business to the levels we expect. Going forward, Brocade plans to reenergise our Ethernet business strategy, which targets opening hundreds of new direct enterprise Ethernet accounts each quarter. As one of two end-to-end networking companies worldwide, we believe Brocade is well-positioned and are optimistic about our ability to take advantage of the expected worldwide growth of networking spending in 2010 and beyond.”

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