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Brocade Reports Third Quarter Fiscal 2003 Financial Results
Storage Networking Leader Increases Revenue, Net Income, and EPS On a Sequential Basis
Non-GAAP net income for Q3 03 was $2.0 million, or $0.01 per share, as compared to a non-GAAP net loss of $1.0 million or $0.00 per share in Q2 03. Non-GAAP net income for Q3 03 excludes deferred stock compensation related to the acquisition of Rhapsody Networks, Inc. (Rhapsody) that was completed in Q2 03. A reconciliation between GAAP and non-GAAP information is contained in the tables below.
Reporting on a Generally Accepted Accounting Principles (GAAP) basis, net income for Q3 03 was $1.9 million, or $0.01 per share. This compares to a GAAP net loss for Q2 03 of $146.0 million, or $0.57 per share, and GAAP net income of $18.3 million or $0.08 per share in Q3 02. There was no difference between GAAP and non-GAAP net income in Q3 02.
"We are pleased with our results for our third fiscal quarter in which we delivered increased revenue, operating income, and earnings per share to our shareholders," said Greg Reyes, Brocade Chairman and CEO. "Although the economic environment continues to be challenging, storage area networking remains an important area of IT investment as companies optimize their storage, server and application infrastructures to reduce cost and improve productivity. The actions that we have taken over the last several quarters have resulted in a more efficient and flexible business model more closely aligned with our go to market strategy. Moving forward, we are confident of our market position, and believe that we are well positioned for continued revenue and earnings growth." Q3 03 Financial Highlights
-- Cash and investments were $909.1 million at the end of Q3 03, an increase of $4.4 million from Q2 03. -- Days sales outstanding (DSO) in accounts receivable at the end of Q3 03 were 52 days, compared to 46 days at the end of Q2 03. Brocade's historical range of DSO has been between 50 and 60 days. -- Brocade completed a voluntary stock option exchange program (Exchange Program) for employees. In accordance with the Exchange Program, during Q3 03 Brocade issued 26.6 million new stock options in exchange for 58.7 million stock options that were cancelled during Q1 03.
The non-GAAP, formerly pro forma, information provided in this press release is a supplement to, and not a substitute for, our financial results presented in accordance with GAAP. The non-GAAP results exclude certain expenses and income to provide what we believe is a more complete understanding of our underlying operational results and trends. Specifically, we believe the non-GAAP results provide useful information to both management and investors by excluding certain expenses relating to our acquisition of Rhapsody and the restructuring of business operations that we believe are not indicative of our core operating results. Further, these non-GAAP results are one of the primary indicators management uses for planning and forecasting of future periods. Brocade management refers to these non-GAAP financial measures in making decisions regarding the Company's operational performance and to facilitate internal comparisons to the Company's historical operating results and to competitors' operating results.
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