Tilburg, 17 februari 2006 - Brocade Communications Systems, Inc. heeft in het eerste kwartaal van het fiscale jaar 2006 een omzet van $170,1 miljoen gerealiseerd. Dit is een toename van 17 procent in vergelijking met het vierde kwartaal in het fiscale jaar 2005 en een toename van 5 procent ten opzichte van hetzelfde kwartaal in 2005.
De nettowinst (non-GAAP) in het eerste kwartaal van fiscaal jaar 2006 was $25,9 miljoen of $0,10 per aandeel. In het eerste kwartaal van fiscaal jaar 2005 was de nettowinst (non-GAAP) $28,3 miljoen of $0,11 per aandeel.
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Voor meer informatie:
Lammers van Toorenburg Benelux PR
Paul Maris
Telefoon: +31 (0)30 656 50 70
E-mail:
brocade@lvtpr.nlBrocade Communications Systems
Piet Giesbers
Telefoon: +31 (0)13 590 01 88
E-mail:
pgiesbers@brocade.com###
BROCADE REPORTS STRONG FIRST QUARTER FISCAL YEAR 2006 RESULTS
Record First Quarter Revenues of $170.1 Million; Increase 17% Sequentially and 5% Year-Over-Year
SAN JOSE, Calif. - 17 February, 2006 - Brocade Communications Systems, Inc. (Brocade®) (Nasdaq: BRCD) today reported financial results for its first quarter of fiscal year 2006 (Q1 06), which ended January 28, 2006. Net revenues for Q1 06 were a record $170.1 million. Revenues for the quarter increased 17 percent from $145.5 million reported in the fourth quarter of fiscal year 2005 (Q4 05) and increased 5 percent from $161.6 million reported in the first quarter of fiscal year 2005 (Q1 05).
Reporting on a GAAP basis, net income for Q1 06 was $12.6 million, or $0.05 per share basic and diluted. This compares to GAAP net income for Q4 05 of $1.1 million, or $0.00 per share basic and diluted, and GAAP net income for Q1 05 of $27.9 million, or $0.10 per share basic and diluted.
Non-GAAP net income for Q1 06 was $25.9 million or $0.10 per share basic and diluted, as compared to non-GAAP net income for Q4 05 of $19.0 million, or $0.07 per share basic and diluted, and non-GAAP net income for Q1 05 of $28.3 million, or $0.11 per share basic and $0.10 per share diluted. Non-GAAP net income for Q1 06 excludes net stock-based compensation expenses, amortization of deferred stock compensation expense related to prior acquisitions, costs associated with the completed internal review and ongoing SEC investigation, provision for an estimated settlement with the SEC, and associated tax effects of non-GAAP adjustments. Non-GAAP net income for Q4 05 excludes net stock-based compensation expenses (benefit), amortization of deferred stock compensation expense related to prior acquisitions, costs associated with the completed internal review and ongoing SEC investigation, a reduction of previously recorded restructuring costs, taxes and other fees in connection with the repatriation of foreign earnings, loss on investments primarily associated with the defeasance of the Company's 2% Convertible Notes, and associated tax effects of non-GAAP adjustments. Non-GAAP net income for Q1 05 excludes a one time warranty benefit, net stock-based compensation benefit, amortization of deferred stock compensation expense related to a prior acquisition, gains related to repurchases of convertible subordinated debt, costs associated with the completed internal review, and associated tax effects of non-GAAP adjustments. A reconciliation between GAAP and non-GAAP information is contained in the tables below.
During the quarter the Company began active settlement discussions with the staff of the SEC regarding its restatements related to stock option accounting. As a result of these discussions, in Q1 06, the Company booked a $5.0 million provision for an estimated settlement expense. This amount is the Company's best estimate at this time and is subject to change as discussions with the staff of the SEC continue.
"Our first quarter results were outstanding and exceeded our expectations in our seasonally strongest quarter," said Michael Klayko, Brocade Chief Executive Officer. "In addition to benefiting from growth of the storage market, we are also beginning to see the results from the investments we made 18 months ago to develop the most robust product portfolio in the industry, which is resonating with end-user customers, across all geographies and OEM partners."
Certain reclassifications have been made to prior year balances in order to conform to the current year presentation.
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