Brocade Beats Estimates, Touts Growth

Brocade Communications Systems, Inc. on Wednesday beat analyst expectations for its fiscal fourth quarter.

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Brocade Communications Systems, Inc. on Wednesday beat analyst expectations for its fiscal fourth quarter, and touted a growth in annual revenue.

The storage networking technology maker reported diluted pro forma net income of 5 cents per share or $10.9 million. Analysts were expecting earnings of 4 cents per share. In the same quarter last year Brocade reported net income of 11 cents per share or $27.2 million.

For fiscal year 2001, Brocade reported revenue of $513.0 million, an increase of $184.0 million, or 56 percent, from last year.

Brocade introduced its SilkWorm 3800 Enterprise Fabric Switch during the fourth quarter, which won a Best of Comdex award this year, and will roll out its more ambitious SilkWorm 12000 in the first quarter of 2002.

"We believe that our industry-first, next generation 2 Gbit/sec architecture will accelerate the market transition to 2 Gbit/sec technologies and further solidify Brocades leadership position as the worlds storage networking infrastructure of choice" said Greg Reyes, Brocade Chairman and CEO, in a prepared statement.