Brocade: Fiscal 1Q11 Financial ResultsFlat
This is a Press Release edited by StorageNewsletter.com on 2011.02.18
|(in US$ millions)||1Q10||1Q11|
|Net income (loss)||51.1||27.2|
Brocade Communications Systems, Inc. reported financial results for its first fiscal quarter ended January 29, 2011. Brocade recorded quarterly revenues of $546 million, representing an increase of 1.2% year-over-year and resulting in diluted earnings per share (EPS) of $0.06 on a GAAP basis and $0.12 on a non-GAAP basis.
In the quarter, Brocade saw product revenue growth of nearly 5% sequentially in its storage networking business driven by strong Director product revenues and record Server product revenues. Brocade also saw its international Ethernet product revenue grow 30% sequentially led by its EMEA and Asia Pacific geographies, which helped offset the expected softness in Federal spending. Brocade exceeded its expectations for EPS and operating margin in the quarter.
"We are pleased with the results of Q1 and our ability to execute to our FY2011 Playbook," said Michael Klayko, CEO of Brocade. "The industry's first Ethernet fabric solutions that we began delivering in Q1 have been very well received by customers and the industry. These solutions will help enable our customers to rapidly migrate to virtualized data centers and serve as the building blocks for their cloud-based foundational architecture."