Brocade Communications Q3 net income increases
Aug 16, 2013 (MarketLine via COMTEX) --
Brocade Communications Systems, Inc., a supplier of networking equipment, including internet protocol-based ethernet networking solutions, has reported that net income for the third quarter ended July 27, 2013 was $118.7 million, or $0.26 per share, compared to $43.3 million, or $0.09 per share, for the same quarter ended July 28, 2012.
Total net revenues for the third quarter ended July 27, 2013 were $536.55 million, compared to $555.33 million for the same quarter ended July 28, 2012.
Net income for the nine months ended July 27, 2013 was $144.39 million, or $0.31per diluted share, compared to $141.18 million, or $0.30 per diluted share, for the same period ended July 28, 2012.
Total net revenues for the nine months ended July 27, 2013 were $1.66 billion, compared to $1.66 billion for the same period ended July 28, 2012.
Lloyd Carney, CEO of Brocade said: "In Q3, Brocade exceeded our guidance for revenue, non-GAAP operating margin, non-GAAP EPS, and cash flow. The storage market is recovering more quickly than we had anticipated entering our third quarter and, coupled with continued strong adoption of Gen 5 Fibre Channel, contributed to good Storage Area Networking (SAN) revenue results. In IP Networking, our Federal sales were disappointing while Brocade VDX switch revenue showed continued strong growth in Q3, underscoring our leadership in Ethernet fabrics. We are making great progress toward our spending-reduction goal, and are already seeing the benefits in our financial results and cash flow."
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