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March 29, 2010

3Com Q3 revenue up 6.5% to $345.9m

All regions except China deliver double-digit revenue growth

By CBR Staff Writer

Network equipment maker 3Com has reported revenue of $345.9m in the third quarter of fiscal 2010, an increase of 6.5% compared to a revenue of $324.7m in the same period last year. Revenue rose 7.3% sequentially.

The company has achieved a gross margin 60.4% in the third quarter of fiscal 2010, compared to 57.2% for the same period last year. Operating profit margin was 6.5% and cash from operations was $89.7m in the third quarter.

For the third quarter ended February 26, 2010, the company posted a net income of $41.4m or $0.1 per diluted share, compared to $1.9m in the same period last year.

Geographically, all regions reported double-digit revenue growth over the same fiscal year 2009 quarter, except China. Total revenue in China based operations was down 1.3% from the same period a year ago, primarily the result of a 77.9% decline in sales to Huawei, which were $12.4m in the quarter. China direct sales were $165.9m in the quarter, a 29.7% increase over the corresponding prior year period.

Bob Mao, chief executive officer of 3Com, said: “We are very pleased with 3Com’s continued strong performance in the quarter. We delivered strong sequential and year-over-year revenue growth while improving gross and operating margins, and generating almost ninety million dollars in cash from operations.

“I am particularly gratified by our China direct business, which achieved year-over-year growth of almost thirty percent, essentially offsetting the reduced sales to Huawei.”

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