Tilburg, 23 november 2006 - Brocade Communications Systems, Inc. heeft in het vierde kwartaal van het fiscale jaar 2006, dat eindigde op 28 oktober 2006, een omzet van $208,8 miljoen gerealiseerd. Dit is een toename van 11 procent in vergelijking met het derde kwartaal van het fiscale jaar 2006 en een toename van 44 procent ten opzichte van hetzelfde kwartaal in 2005. De omzet over het volledige boekjaar 2006 steeg 31% tot $750,6 miljoen.
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www.brocade.com/news/2006/11_21_q4results.jspVoor 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 Fourth Quarter and Fiscal Year 2006 Results:
Q4 06 Record Revenue of $208.8 Million Increases 11% Sequentially and 44% Year-Over-Year
SAN JOSE, Calif., Nov. 21 - Brocade Communications Systems, Inc. (Brocade(R)) (Nasdaq: BRCD) today reported financial results for its fourth quarter of fiscal year 2006 (Q4 06), which ended October 28, 2006. Revenues for Q4 06 were a record $208.8 million. Revenues for Q4 06 increased 11% from $188.9 million reported in the third quarter of fiscal year 2006 (Q3 06) and increased 44% from $145.5 million reported in the fourth quarter of fiscal year 2005 (Q4 05). Revenues for fiscal year 2006 (FY 06) were $750.6 million, an increase of 31% from $574.1 million reported in fiscal year 2005 (FY 05).
Commenting on the Company's fourth quarter and fiscal year 2006 results, Michael Klayko, Brocade CEO, said, "Our fourth quarter was outstanding and a very strong finish to fiscal 2006. Throughout the year we have continued to execute well and I am proud of our team. Overall, we gained share across our product family and solidified our leadership position. The success in our Storage Area Network (SAN) business has helped us to drive returns this year while at the same time allowing us to invest for future growth."
Reporting on a GAAP basis, net income for Q4 06 was $20.0 million, or $0.07 per share basic and diluted. This compares to GAAP net income for Q3 06 of $24.5 million, or $0.09 per share basic and diluted, and GAAP net income for Q4 05 of $1.1 million, or $0.00 per share basic and diluted. Net income for FY 06 was $67.6 million, or $0.25 per share basic and diluted as compared to net income for FY 05 of $43.1 million, or $0.16 per share basic and diluted.
Non-GAAP net income for Q4 06 was $39.4 million or $0.15 per share basic and $0.14 per share diluted, as compared to non-GAAP net income for Q3 06 of $31.0 million, or $0.11 per share basic and diluted, and non-GAAP net income for Q4 05 of $19.0 million, or $0.07 per share basic and diluted. Non-GAAP net income for FY 06 was $122.8 million, or $0.46 per share basic and $0.45 per share diluted as compared to non-GAAP net income for FY 05 of $69.3 million, or $0.26 per share basic and diluted. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A detailed reconciliation between GAAP and non-GAAP information is contained in the tables included herein.
Certain reclassifications have been made to prior year balances in order to conform to the current year presentation.
Q4 06 Financial Highlights
- Q4 06 non-GAAP gross margin was 62.1%, compared to non-GAAP gross margin of 60.2% in Q3 06 and 55.3% in Q4 05.
- Q4 06 non-GAAP operating margin was 21.5%, compared to non-GAAP operating margin of 17.4% in Q3 06 and non-GAAP operating margin of 9.2% in Q4 05.
- Q4 06 cash flow from operations was $52.8 million, compared to $26.3 million in Q3 06 and $39.4 million in Q4 05. Historically, the Company's cash flows are seasonally stronger in the second and fourth fiscal quarters and seasonally weaker in the first and third fiscal quarters due to the timing of employee compensation programs.
- Cash and investments at the end of Q4 06 were $582.6 million. This compares to the cash and cash equivalents and investments balance, including restricted short-term investments, net of the Company's convertible debt at the end of each period, of $518.6 million and $485.5 million as of the end of Q3 06 and Q4 05, respectively. In Q4 06, the Company redeemed its outstanding 2% convertible notes using restricted short-term investments and no longer has outstanding debt.
- Day sales outstanding in accounts receivable for Q4'06 were 43 days, compared to 38 days in Q3 06 and 44 days in Q4 05.
- For Q4 06, three customers, EMC, HP, and IBM, each accounted for 10% or more of total revenues and together represented approximately 74% of total revenues. The same three customers each accounted for 10% or more of total revenues and together represented approximately 74% in Q3 06 and 71% in Q4 05 of total revenues.
- As of October 28, 2006, the Company had 1,440 employees, compared with 1,399 employees as of July 29, 2006 and 1,160 employees as of October 29, 2005.
Q4 06 Business Highlights
During the quarter, news announcements highlighted the Company's continued progress of its strategy for growth and diversification through product and technology leadership.
- Brocade announced that it had entered into a definitive agreement to acquire McDATA Corporation. The acquisition is subject to obtaining approval from both Brocade and McDATA stockholders, regulatory approvals and certain other closing conditions.
- Brocade announced two new executive appointments - Regan McGrath, as Vice President of North America Sales and Senya Rahmil as Vice President of Worldwide Customer Support. The new VP appointments underscore the Company's continued and growing commitment to customer satisfaction.
- Brocade introduced more than 20 new and enhanced products and services that allow customers to more efficiently access corporate information, consolidate resources, and manage their data center infrastructure. These new and enhanced products cross over Brocade's SAN solutions, Brocade's file management software solutions that address the emerging File Area Network (FAN) market segment, and Brocade's growing professional services business.
- Brocade announced successful completion of the latest FICON qualification for the Brocade SilkWorm(R) 48000 and Brocade SilkWorm(R) 4100.
- Brocade was recognized for outstanding innovation in SAN product design, delivering on its commitment to offer the most high-performance and innovative storage networking products in the industry. The Brocade SilkWorm(R) 4900 Switch claimed the Big Bytes award for the best storage networking product in the SAN category.
- Brocade announced the expansion of the Brocade SAN Health family. The expanded SAN Health family provides SAN administrators with highly effective tools and services for fast, easy, and comprehensive data analysis and reporting to help optimize their Brocade and McDATA SAN environments.