Net revenue for the first quarter of 2001 was $82.6 million, compared to $70.0 million for the first quarter of 2000. Pro forma net income for the first quarter of 2001, which excludes non-cash charges for amortization of deferred stock compensation, was $5.3 million or $0.04 per diluted share, compared to pro forma net income of $19.3 million or $0.15 per diluted share for the first quarter of 2000.
We view the current economic environment as one which invites enormous opportunity for us to continue to leverage our price/performance benefits and extend our global reach, said Bobby Johnson, President and CEO of Foundry Networks. We are pleased to deliver our ninth consecutive profitable quarter while continuing to diversify our customer base with many new enterprise and metropolitan area network (MAN) wins.
