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Brocade posts 3Q profit, revenue gain falls short

Wed, 08/18/2010 - 1:05pm
The Associated Press

Network computing gear maker Brocade Communications Systems Inc. said Wednesday that it posted third-quarter net income of $22 million, reversing a loss as revenue grew.

But its revenue gains fell short of analyst forecasts and shares fell nearly 5 percent in after-hours trading Wednesday.

Net income for the three months to July 31 came to 5 cents per share, reversing a loss of 6 cents per share, or $23.5 million, in the same period a year ago.

Revenue rose 2 percent to $503.5 million from $493.3 million.

That was short of the $508.4 million expected by analysts polled by Thomson Reuters.

Adjusted earnings per share of 13 cents was met analysts' forecast.

Shares fell 31 cents, or 6 percent, to $4.83 in after-hours trading Wednesday after gaining 17 cents, or 3.4 percent, to close at $5.14 during the regular session.

CEO Michael Klayko said in a statement the company had better-than expected results in its storage area networking business and expects a "strong finish" through the end of fiscal 2010.

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