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November 22, 2009

Brocade Q4 revenues up 31% to $398.5m

Posts net income of $33.6m, compared to $35.5m for same period last year

By CBR Staff Writer

Networking gear maker Brocade has reported revenues of $521.8m for the fourth quarter of fiscal 2009, an increase of 31% compared to $398.5m for the same period last year. Revenues rose by 6% on sequential basis.

Operating income for the quarter was $47.06m, compared to $50.3m for the fourth quarter of 2008. Gross margin increased to $270.8m from $245.1m.

Michael Klayko, CEO of Brocade, said: “Fiscal 2009 was a transformational year as Brocade became one of only two end-to-end networking solutions providers in the industry. Brocade also delivered exceptionally strong year-over-year revenue growth and increased its account penetration in the ethernet networking market while growing share in the storage networking market.

The company has posted a net income of $33.6m for the fourth quarter of 2009, a decrease compared to $35.5m for the same period last year. Earnings per share decreased from $0.09 to 0.07 for the quarter.

Global services revenue remained unchanged for the quarter, while the ethernet product revenue increased by 25% from 0% for the same period last year. Domestic revenues and International revenues were almost flat. OEM revenues and data storage revenues were 65% and 58%, compared to 88% and 84%, respectively. Total storage area networking (SAN) port shipments were approximately 1m.

For fiscal year 2009, revenues were $1.9 billion, an increase of 33% compared to $1.4 billion for the same period last year. Income from operations decreased to $28.2m from $28.7m for the same period last year. Net loss totaled to $76.5m, compared to net income of $167.07m for the same period last year.

Mr Klayko, added: “In addition, Q4 saw tremendous momentum as we exceeded the street’s consensus non-GAAP EPS estimates for the seventeenth consecutive quarter, delivered the fastest sequential revenue growth of any large networking vendor, and generated strong cash flows. Looking at 2010, we expect to continue our momentum as we execute our strategy of delivering the highest levels of performance, quality, innovation and choice to the IT market.”

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