Brocade Reports Fourth Quarter and Fiscal 2012 Earnings

Achieved Record Fourth Quarter and Full Year Results

Marketwired

SAN JOSE, CA--(Marketwire - Nov 19, 2012) - Brocade® (NASDAQ: BRCD) today reported financial results for its fourth quarter and full fiscal year 2012 ended October 27, 2012. Brocade reported record fourth quarter revenue of $578 million, representing an increase of 5% year-over-year and 4% quarter-over-quarter. Revenue for fiscal year 2012 was $2,238 million, a record for the company, up 4% year-over-year. The resulting GAAP diluted earnings per share (EPS) was $0.11 for Q4 and $0.41 for fiscal 2012, on record annual net income of $195 million. Non-GAAP diluted EPS was $0.17 for Q4, the fifth consecutive quarter of year-over-year EPS growth, and $0.66 for the year.

"Q4 was an excellent quarter for Brocade and a strong ending for fiscal year 2012 during which we established a number of company records including revenue, net income, and operating cash flow," said Michael Klayko, CEO of Brocade. "Our product portfolio across all areas of our business is the strongest it has ever been and we are driving industry transformation in emerging areas of growth including virtualized data centers, cloud computing, and software-defined networking. We believe Brocade is well-positioned for continued growth in fiscal 2013."

Summary of Q4 and fiscal 2012 results:

  • Q4 2012 Storage Area Networking (SAN) business revenue, including products and services, was $394 million, up 9% year-over-year and 4% quarter-over-quarter. SAN product revenue increased 12% year-over-year and 5% quarter-over-quarter, in a seasonally strong quarter for the Company. Brocade's 16 Gbps Fibre Channel products represented nearly 35% of director and switch revenue in the quarter. Fiscal 2012 SAN business revenue was $1,578 million, up 7% year-over-year.

  • Q4 2012 IP Networking business revenue, including products and services, was $184 million, down 3% year-over-year and up 4% quarter-over-quarter. Ethernet switch revenue was up 5% year-over-year and 1% quarter-over-quarter, while routing revenue was down 10% year-over-year and up 9% quarter-over-quarter. From a customer standpoint, Federal and Service Provider revenues were both up sequentially, while Enterprise revenue was lower. Fiscal 2012 IP Networking business revenue was $659 million, down slightly year-over-year.

  • Q4 2012 GAAP gross margin was 62.4% and non-GAAP gross margin was 64.8%, compared with 59.5% and 62.9% in Q4 2011, respectively. The year-over-year improvement in gross margin was due to higher revenue, favorable product mix, and lower fixed costs. Fiscal 2012 GAAP and non-GAAP gross margin improved to 61.8% and 64.5%, respectively, compared with 59.8% and 62.5% in fiscal 2011, due to higher revenue and favorable product mix.

  • GAAP operating margin was 14.9% and non-GAAP operating margin was 22.5% in Q4 2012, compared with 9.9% and 21.0% in Q4 2011, respectively. Operating margin expanded both year-over-year and quarter-over-quarter on higher revenue and improved gross margin. Fiscal 2012 GAAP operating margin was 12.4% and non-GAAP operating margin was 20.5%, compared with 8.3% and 17.6% in fiscal 2011, respectively. The improvement in operating margin for the full year was a result of higher gross margin and lower operating expenses as a percentage of revenue.

  • Fiscal 2012 GAAP EPS of $0.41 was up 310% year-over-year on net income of $195 million, up more than 280% year-over-year. Fiscal 2012 non-GAAP EPS of $0.66 was up 33% year-over-year on non-GAAP net income of $311 million, up 26% year-over-year.

  • Average diluted shares outstanding for Q4 2012 were lower by 11.7 million from Q4 2011, principally from share repurchases during the past year, including 11.2 million shares ($60 million) repurchased during Q4 2012.

  • Operating cash flow was $210 million in Q4 2012 and $591 million in fiscal 2012, both records. During the quarter, the Company paid the remaining $30 million of its term loan and ended the year with a cash balance of $713 million and cash, net of debt, of $108 million.

Brocade management will host a conference call today at 2:30 p.m. PT (5:30 p.m. ET) to discuss fiscal fourth quarter and full year results, as well as a fiscal first quarter 2013 outlook. To access the webcast please go to www.brcd.com/events.cfm. A replay of the conference call and the prepared comments and slides will be available at www.brcd.com.

Other Q4 2012 product, customer, and partner announcements are available at http://newsroom.brocade.com/.

Financial Highlights and Additional Financial Information

                   
    Q4 2012     Q3 2012     Q4 2011  
Revenue   $ 578M     $ 555M     $ 550M  
GAAP net income (loss)   $ 54M     $ 43M     $ (4M )
Non-GAAP net income   $ 78M     $ 67M     $ 79M  
GAAP net income (loss) per share -- diluted   $ 0.11     $ 0.09     $ (0.01 )
Non-GAAP EPS -- diluted   $ 0.17     $ 0.14     $ 0.16  
GAAP gross margin     62.4 %     61.3 %     59.5 %
Non-GAAP gross margin     64.8 %     63.7 %     62.9 %
GAAP operating income   $ 86M     $ 70M     $ 55M  
Non-GAAP operating income   $ 130M     $ 108M     $ 116M  
GAAP operating margin     14.9 %     12.6 %     9.9 %
Non-GAAP operating margin     22.5 %     19.5 %     21.0 %
Adjusted EBITDA (1)   $ 153M     $ 131M     $ 138M  
Cash provided by operations   $ 210M     $ 113M     $ 206M  
                         
  • Q4 2012 effective GAAP tax rate was 25.1% and effective non-GAAP tax rate was 32.4%.
  • Q4 2012 total SAN port shipments were approximately 1.13 million.

Please see important note of explanation on Non-GAAP measures below, including a detailed reconciliation between GAAP and Non-GAAP information in the tables included herein.

                   
    Q4 2012     Q3 2012     Q4 2011  
As a % of total revenues                        
OEM revenues     65 %     67 %     62 %
Channel/Direct revenues     35 %     33 %     38 %
10% or greater customer revenues     46 %     55 %     41 %
Domestic revenues     63 %     64 %     62 %
International revenues     37 %     36 %     38 %
SAN product revenues     59 %     58 %     55 %
IP Networking product revenues     26 %     26 %     29 %
Global Services revenue     15 %     16 %     16 %
SAN business revenues (2)     68 %     68 %     66 %
IP Networking business revenues (2)     32 %     32 %     34 %
Estimates as a % of IP Networking business revenues:                        
  Enterprise, excluding Federal     45 %     52 %     57 %
  Federal     24 %     19 %     18 %
  Service Provider     31 %     29 %     25 %
                         
                         
    Q4 2012     Q3 2012     Q4 2011  
Cash, cash equivalents and short-term investments   $ 713M     $ 581M     $ 415M  
Deferred revenues   $ 293M     $ 280M     $ 270M  
Capital expenditures   $ 17M     $ 18M     $ 20M  
Total debt, net of discount   $ 601M     $ 630M     $ 789M  
Days sales outstanding     37 days       38 days       41 days  
Employees at end of period     4,536       4,597       4,546  
                         

(1) Adjusted EBITDA is as defined in the Term Debt Credit Agreement.
(2) SAN and IP Networking business revenues include product and global services revenues.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures. In evaluating Brocade's performance, management uses certain non-GAAP financial measures to supplement consolidated financial statements prepared under GAAP.

Management believes that non-GAAP financial measures used in this press release allow management to gain a better understanding of Brocade's comparative operating performance both from period to period, and to its competitors' operating results. Management also believes these non-GAAP financial measures help indicate Brocade's baseline performance before gains, losses or charges that are considered by management to be outside ongoing operating results. Accordingly, management uses these non-GAAP financial measures for planning and forecasting of future periods and in making decisions regarding operations performance and the allocation of resources. Management believes these non-GAAP financial measures, when read in conjunction with Brocade's GAAP financials, provide useful information to investors by offering:

  • the ability to make more meaningful period-to-period comparisons of Brocade's ongoing operating results;

  • the ability to make more meaningful comparisons of Brocade's operating performance against industry and competitor companies;

  • the ability to better identify trends in Brocade's underlying business and to perform related trend analysis;

  • a better understanding of how management plans and measures Brocade's underlying business; and

  • an easier way to compare Brocade's most recent results of operations against investor and analyst financial models.

Management excludes certain gains or losses and benefits or costs in determining non-GAAP net income that are the result of infrequent events or arise outside the ordinary course of Brocade's continuing operations. Management believes that it is appropriate to evaluate Brocade's operating performance by excluding those items that are not indicative of ongoing operating results or limit comparability. Such items include: (i) provision or benefit from certain pre-acquisition litigation (ii) legal fees associated with certain pre-acquisition litigation, (iii) legal fees associated with indemnification obligations and other related costs, net, (iv) acquisition and integration costs, (v) loss on sale of property, (vi) interest expense related to the adoption of new standards relating to convertible debt instruments, (vii) original issue discount and debt issuance costs of debt related to lenders that did not participate in refinancing, and (viii) loss on sale of a subsidiary.

Management also excludes the following non-cash charges in determining non-GAAP net income (i) stock-based compensation expense and (ii) amortization of purchased intangible assets. Because of varying available valuation methodologies, subjective assumptions and the variety of award types, management believes that the exclusion of stock-based compensation allows for more accurate comparisons of our operating results to our peer companies. Management believes that the expense associated with the amortization of acquisition-related intangible assets is appropriate to be excluded because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have short lives and exclusion of the amortization expense allows comparisons of operating results that are consistent over time for Brocade's newly acquired and long-held businesses.

Finally, management believes that it is appropriate to exclude the tax effects of the items noted above in order to present a more meaningful measure of non-GAAP net income.

Limitations These non-GAAP financial measures have limitations, however, because they do not include all items of income and expense that impact the Company. Management compensates for these limitations by also considering Brocade's GAAP results. The non-GAAP financial measures that Brocade uses are not prepared in accordance with, and should not be considered an alternative to measurements required by GAAP, such as operating income, net income and net income per share, and should not be considered measurements of Brocade's liquidity. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. In addition, these non-GAAP financial measures may not be comparable to similar measurements reported by other companies.

Cautionary Statement

This press release contains statements that are forward-looking in nature, including statements regarding Brocade's future financial performance. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, changes in IT spending levels in one or more of our target markets, including the government sector, Brocade's ability to capitalize on new Brocade sales and marketing initiatives, including expanded go-to-market activities in our IP Networking business, customer acceptance of Brocade's Ethernet fabric solutions, Brocade's ability to continue to successfully innovate new products and services on a timely basis and achieve widespread market acceptance, and the effect of increasing market competition and changes in the industry. Certain of these and other risks are set forth in more detail in our Form 10-Q for the fiscal quarter ended July 28, 2012 and in "Item 1A. Risk Factors" in Brocade's Annual Report on Form 10-K for the fiscal year ended October 29, 2011. Brocade does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

About Brocade

Brocade (NASDAQ: BRCD) is the pure-play networking company that innovates to make high-performance networks easier to deploy, manage, and scale in the most demanding environments.

ADX, Brocade, Brocade Assurance, Brocade One, the B-wing symbol, DCX, Fabric OS, ICX, MLX, MyBrocade, SAN Health, VCS, and VDX are registered trademarks, and AnyIO, HyperEdge, NET Health, OpenScript, and The Effortless Network are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. Other brands, products, or service names mentioned may be trademarks of their respective owners.

© 2012 Brocade Communications Systems, Inc. All Rights Reserved.

   
BROCADE COMMUNICATIONS SYSTEMS, INC.  
CONSOLIDATED STATEMENTS OF OPERATIONS  
(Unaudited)  
   
    Three Months Ended     For the Year Ended  
    October 27,
2012
    October 29,
2011
    October 27,
2012
    October 29,
2011
 
    (In thousands, except per share amounts)  
Net revenues                                
  Product   $ 491,169     $ 460,993     $ 1,890,856     $ 1,789,814  
  Service     87,188       89,479       346,914       357,628  
    Total net revenues     578,357       550,472       2,237,770       2,147,442  
Cost of revenues                                
  Product     176,635       179,184       689,856       677,196  
  Service     41,032       43,773       164,895       186,712  
    Total cost of revenues     217,667       222,957       854,751       863,908  
Gross margin     360,690       327,515       1,383,019       1,283,534  
Operating expenses:                                
  Research and development     90,310       83,733       363,090       354,401  
  Sales and marketing     150,581       145,523       608,502       608,513  
  General and administrative     18,831       16,330       74,583       69,506  
  Amortization of intangible assets     14,737       14,476       59,204       60,713  
  Restructuring, integration and indemnification costs (recoveries)     (89 )     --       (89 )     125  
  Loss on sale of subsidiary     --       12,756       --       12,756  
    Total operating expenses     274,370       272,818       1,105,290       1,106,014  
Income from operations     86,320       54,697       277,729       177,520  
Interest expense     (14,684 )     (13,481 )     (52,488 )     (97,838 )
Interest and other income (expense), net     531       (81 )     (814 )     (378 )
Gain (loss) on sale of investments and property, net     (26 )     (13 )     (26 )     124  
Income before income tax     72,141       41,122       224,401       79,428  
Income tax expense     18,140       45,446       29,220       28,818  
Net income (loss)   $ 54,001     $ (4,324 )   $ 195,181     $ 50,610  
Net income (loss) per share -- basic   $ 0.12     $ (0.01 )   $ 0.43     $ 0.11  
Net income (loss) per share -- diluted   $ 0.11     $ (0.01 )   $ 0.41     $ 0.10  
Shares used in per share calculation -- basic     459,333       474,975       456,629       474,259  
Shares used in per share calculation -- diluted     474,213       474,975       472,343       497,030  
   
   
BROCADE COMMUNICATIONS SYSTEMS, INC.  
CONSOLIDATED BALANCE SHEETS  
(Unaudited)  
   
    October 27,
2012
    October 29,
2011
 
    (In thousands, except par value)  
Assets                
Current assets:                
  Cash and cash equivalents   $ 713,226     $ 414,202  
  Short-term investments     --       774  
    Total cash, cash equivalents and short-term investments     713,226       414,976  
  Accounts receivable, net of allowances for doubtful accounts of $827 and $1,388 at October 27, 2012 and October 29, 2011, respectively     233,139       249,141  
  Inventories     68,179       74,172  
  Deferred tax assets     91,539       53,604  
  Prepaid expenses and other current assets     49,496       52,308  
    Total current assets     1,155,579       844,201  
Property and equipment, net     518,940       532,384  
Goodwill     1,624,089       1,630,967  
Intangible assets, net     109,265       214,697  
Non-current deferred tax assets     136,175       210,028  
Other assets     37,213       42,031  
    Total assets   $ 3,581,261     $ 3,474,308  
Liabilities and Stockholders' Equity                
Current liabilities:                
  Accounts payable   $ 117,350     $ 109,471  
  Accrued employee compensation     182,597       118,298  
  Deferred revenue     216,283       201,421  
  Current liabilities associated with facilities lease losses     976       1,456  
  Current portion of long-term debt     1,977       40,539  
  Other accrued liabilities     91,285       94,802  
    Total current liabilities     610,468       565,987  
Long-term debt, net of current portion     599,203       748,904  
Non-current liabilities associated with facilities lease losses     1,606       2,496  
Non-current deferred revenue     76,907       69,024  
Non-current income tax liability     47,370       63,593  
Other non-current liabilities     9,887       10,166  
    Total liabilities     1,345,441       1,460,170  
Commitments and contingencies                
Stockholders' equity:                
  Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued and outstanding     --       --  
  Common stock, $0.001 par value, 800,000 shares authorized: Issued and outstanding: 456,913 and 448,022 shares at October 27, 2012 and October 29, 2011, respectively     457       448  
  Additional paid-in capital     2,009,190       1,984,830  
  Accumulated other comprehensive loss     (9,864 )     (11,996 )
  Retained earnings     236,037       40,856  
    Total stockholders' equity     2,235,820       2,014,138  
    Total liabilities and stockholders' equity   $ 3,581,261     $ 3,474,308  
   
   
BROCADE COMMUNICATIONS SYSTEMS, INC.  
CONSOLIDATED STATEMENTS OF CASH FLOWS  
(Unaudited)  
   
    Three Months Ended  
    October 27,
2012
    October 29,
2011
 
    (In thousands)  
Cash flows from operating activities:                
  Net income (loss)   $ 54,001     $ (4,324 )
  Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Excess tax benefits from stock-based compensation     (3,803 )     (393 )
    Depreciation and amortization     47,535       50,899  
    Loss on disposal of property and equipment     479       279  
    Loss on sale of subsidiary     --       12,756  
    Amortization of debt issuance costs and original issue discount     4,021       1,259  
    Net (gains) losses on investments     (144 )     8  
    Provision for doubtful accounts receivable and sales allowances     1,768       1,286  
    Non-cash compensation expense     18,423       19,671  
  Changes in assets and liabilities:                
    Accounts receivable     (3,753 )     39,759  
    Inventories     6,755       4,258  
    Prepaid expenses and other assets     1,312       2,381  
    Deferred tax assets     1,075       (2,181 )
    Accounts payable     (756 )     (7,043 )
    Accrued employee compensation     42,125       22,400  
    Deferred revenue     13,367       6,280  
    Other accrued liabilities     28,315       59,755  
    Liabilities associated with facilities lease losses     (228 )     (817 )
      Net cash provided by operating activities     210,492       206,233  
Cash flows from investing activities:                
  Proceeds from maturities and sale of short-term investments     952       --  
  Purchases of property and equipment     (16,792 )     (20,136 )
  Proceeds from sale of subsidiary     --       3,905  
      Net cash used in investing activities     (15,840 )     (16,231 )
Cash flows from financing activities:                
  Payment of principal related to the term loan     (30,000 )     (50,001 )
  Payment of fees related to the term loan     --       (77 )
  Proceeds from term loan     --       1  
  Payment of principal related to capital leases     (477 )     (450 )
  Common stock repurchases     (60,056 )     (200,654 )
  Proceeds from issuance of common stock     22,319       3,819  
  Excess tax benefits from stock-based compensation     3,803       393  
      Net cash used in financing activities     (64,411 )     (246,969 )
Effect of exchange rate fluctuations on cash and cash equivalents     2,359       (1,390 )
Net increase (decrease) in cash and cash equivalents     132,600       (58,357 )
Cash and cash equivalents, beginning of period     580,626       472,559  
Cash and cash equivalents, end of period   $ 713,226     $ 414,202  
   
   
BROCADE COMMUNICATIONS SYSTEMS, INC.  
CONSOLIDATED STATEMENTS OF CASH FLOWS  
(Unaudited)  
   
    For the Year Ended  
    October 27,
2012
    October 29,
2011
 
    (In thousands)  
Cash flows from operating activities:                
  Net income   $ 195,181     $ 50,610  
  Adjustments to reconcile net income to net cash provided by operating activities:                
    Excess tax benefits from stock-based compensation     (5,141 )     (312 )
    Depreciation and amortization     192,218       206,352  
    Loss on disposal of property and equipment     883       2,325  
    Loss on sale of subsidiary     --       12,756  
    Amortization of debt issuance costs and original issue discount     7,788       13,183  
    Write-off of debt issuance costs and original issue discount on debt extinguishment     --       25,465  
    Net gains on investments     (179 )     (340 )
    Provision for doubtful accounts receivable and sales allowances     11,301       9,343  
    Non-cash compensation expense     77,169       83,076  
  Changes in assets and liabilities:                
    Accounts receivable     4,701       53,561  
    Inventories     4,656       1,327  
    Prepaid expenses and other assets     3,987       (1,688 )
    Deferred tax assets     1,256       (2,158 )
    Accounts payable     7,720       (38,917 )
    Accrued employee compensation     47,679       216  
    Deferred revenue     22,744       19,579  
    Other accrued liabilities     20,277       20,878  
    Liabilities associated with facilities lease losses     (1,370 )     (6,024 )
      Net cash provided by operating activities     590,870       449,232  
Cash flows from investing activities:                
  Purchases of short-term investments     --       (38 )
  Proceeds from maturities and sale of short-term investments     952       1,604  
  Purchases of property and equipment     (72,797 )     (96,797 )
  Proceeds from sale of subsidiary     35       3,905  
      Net cash used in investing activities     (71,810 )     (91,326 )
Cash flows from financing activities:                
  Payment of principal related to the term loan     (190,000 )     (359,898 )
  Payment of fees related to the term loan     --       (1,167 )
  Proceeds from term loan     --       198,950  
  Payment of principal related to capital leases     (1,866 )     (1,761 )
  Common stock repurchases     (130,209 )     (210,698 )
  Proceeds from issuance of common stock     98,791       97,152  
  Excess tax benefits from stock-based compensation     5,141       312  
      Net cash used in financing activities     (218,143 )     (277,110 )
Effect of exchange rate fluctuations on cash and cash equivalents     (1,893 )     (578 )
Net increase in cash and cash equivalents     299,024       80,218  
Cash and cash equivalents, beginning of year     414,202       333,984  
Cash and cash equivalents, end of year   $ 713,226     $ 414,202  
   
   
BROCADE COMMUNICATIONS SYSTEMS, INC.  
RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME  
(Unaudited)  
   
    Three Months Ended  
    October 27,
2012
    October 29,
2011
 
    (In thousands, except per share amounts)  
Net income (loss) on a GAAP basis   $ 54,001     $ (4,324 )
Adjustments:                
  Stock-based compensation expense included in cost of revenues     3,388       4,345  
  Amortization of intangible assets expense included in cost of revenues     10,713       14,090  
  Legal fees associated with certain pre-acquisition litigation     --       59  
    Total gross margin adjustments     14,101       18,494  
  Legal fees recovery associated with indemnification obligations and other related costs, net     (89 )     --  
  Stock-based compensation expense included in research and development     4,211       3,984  
  Stock-based compensation expense included in sales and marketing     8,311       8,987  
  Stock-based compensation expense included in general and administrative     2,513       2,355  
  Amortization of intangible assets expense included in operating expenses     14,737       14,476  
  Loss on sale of subsidiary     --       12,756  
    Total operating expense adjustments     29,683       42,558  
      Total operating income adjustments     43,784       61,052  
  Income tax effect of adjustments     (19,443 )     22,018  
Non-GAAP net income   $ 78,342     $ 78,746  
Non-GAAP net income per share -- basic   $ 0.17     $ 0.17  
Non-GAAP net income per share -- diluted   $ 0.17     $ 0.16  
Shares used in non-GAAP per share calculation -- basic     459,333       474,975  
Shares used in non-GAAP per share calculation -- diluted     474,213       485,895  
   
   
BROCADE COMMUNICATIONS SYSTEMS, INC.  
RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME  
(Unaudited)  
   
    For the Year Ended  
    October 27,
2012
    October 29,
2011
 
    (In thousands, except per share amounts)  
Net income on a GAAP basis   $ 195,181     $ 50,610  
Adjustments:                
  Stock-based compensation expense included in cost of revenues     15,433       15,606  
  Amortization of intangible assets expense included in cost of revenues     46,229       57,489  
  Benefit from certain pre-acquisition litigation     --       (14,335 )
  Legal fees (recovery) associated with certain pre-acquisition litigation     (465 )     443  
    Total gross margin adjustments     61,197       59,203  
  Legal fees (recovery) associated with indemnification obligations and other related costs, net     (89 )     125  
  Stock-based compensation expense included in research and development     17,952       18,959  
  Stock-based compensation expense included in sales and marketing     33,257       36,068  
  Stock-based compensation expense included in general and administrative     10,527       12,442  
  Amortization of intangible assets expense included in operating expenses     59,204       60,713  
  Loss on sale of subsidiary     --       12,756  
    Total operating expense adjustments     120,851       141,063  
      Total operating income adjustments     182,048       200,266  
  Debt issuance costs and original issue discount of debt related to lenders that did not participate in refinancing     --       25,465  
  Income tax effect of adjustments     (66,458 )     (29,886 )
Non-GAAP net income   $ 310,771     $ 246,455  
Non-GAAP net income per share -- basic   $ 0.68     $ 0.52  
Non-GAAP net income per share -- diluted   $ 0.66     $ 0.50  
Shares used in non-GAAP per share calculation -- basic     456,629       474,259  
Shares used in non-GAAP per share calculation -- diluted     472,343       497,030  
Contact:
BROCADE CONTACTS

Public Relations
John Noh
Tel: 408-333-5108
jnoh@brocade.com

Investor Relations
Robert Eggers
Tel: 408-333-8797
reggers@brocade.com

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