SAN JOSE, Calif., Brocade has reported what it calls “phenomenal” first quarter financial results. Revenues were a record $224.2 million (all figures U.S.) the company said, up 7 per cent from $208.8 million reported in the fourth quarter of fiscal year 2006 and 32 per cent from $170.1 million reported in the first quarter of fiscal 2006.
“Overall, we had a phenomenal quarter which culminated with shareholder approval of the McDATA acquisition,” said CEO Michael Klayko.
“We are starting the combined company from a position of strength with many opportunities to extend our leadership position in core SAN switching and to continue broadening our innovative solutions in the enterprise data center. It’s an
exciting time for Brocade and an exciting time for the industry.”
Reporting on a GAAP basis, net income for Q1 07 was $33.3 million, or $0.12 per share basic and diluted. This reflects an increase in GAAP net income of 67 per cent from $20.0 million, or $0.07 per share basic and diluted in Q4 06, and an increase of 245 per cent from GAAP net income of $9.7 million, or $0.04 per share basic and diluted in Q1 06.
During the quarter Brocade acquired privately held Silverback Systems, Inc., a provider of network acceleration technologies headquartered in Campbell, Calif.
Silverback develops network processors that help to accelerate the speed and performance of storage traffic in networked storage environments.
Brocade said this acquisition enables it to further deliver on its vision of extending the value of shared storage for enterprise customers.