McDATA Q4 profits drop as revenues rise
BROOMFIELD, Michigan, Jan 24 (Reuters) - Computer network storage company McDATA Corp. (NasdaqNM:MCDT - news) on Thursday said pro forma net income dropped sharply in the fourth quarter on a 19 percent rise in revenues.
Pro forma net income, which excluded non-cash compensation charges, as well as charges for inventory and other items, was $3.2 million, or 3 cents a share, the company said in a news release. In the same quarter in 2000, pro forma net income was $14.3 million, or 12 cents a share.
On a reported basis, the company lost $6 million, or 5 cents a share, in the quarter. Net income in the last three months of 2000 was $12.3 million, or 10 cents a share.
Quarterly revenues rose 19 percent to $93.5 million.
McDATA said current quarter sales should be between $85 million and $95 million, or as much as 14 percent over the year-ago quarter. First-quarter pro forma is expected to be break-even to 2 cents a share. Pro forma share profits for all of 2002 should fall between 13 cents and 20 cents, with revenues seen 11 percent to 20 percent higher than during 2001, the company said. |
