BROOMFIELD, Colo., May 23 /PRNewswire-FirstCall/ --
McDATA Corporation (NASDAQ:MCDTA; MCDT), a global leader in open storage
networking solutions, today announced the reaffirmation of its second quarter
2002 guidance, which it issued on April 18, 2002. McDATA continues to
anticipate that revenue for the second quarter will be roughly comparable to
its $64.5 million first quarter revenue results and pro forma fully diluted
EPS will be in the range of a loss of ($.06) to ($.08). Pro forma EPS
estimates exclude non-cash deferred compensation charges and amortization
charges related to intangible SANavigator assets. McDATA will report actual
second quarter results in mid-July.
"We are pleased with our revenue and operating results thus far in the
quarter," said Jack McDonnell, chairman and CEO of McDATA. "We have announced
the general availability of our 2Gb/s product line, and our first announced
OEM/Reseller, IBM, is expected to begin shipments on May 31st. We remain on
track with our expectations regarding OEM/Reseller partners' qualification
announcement schedules. While we are cautiously optimistic about our early
second quarter results, it is important to recognize that we continue to
anticipate that approximately 50 percent of our quarterly revenue will be
recognized in the month of June, due to normal and expected quarterly
linearity."
McDATA also announced the appointment of Ernest J. Sampias as its chief
financial officer, effective June 1, 2002. Sampias was most recently vice
president finance and controller at McDATA, and joined the company in
September 2001.
Prior to joining McDATA, Sampias was with US West for fifteen years in
various financial management positions. His last assignment for US West was
as vice president and chief financial officer of US West DEX, the Yellow Pages
Directory subsidiary of US West with annual revenues of $1.6 billion. In this
role, he also had responsibility for strategy, business development and real
estate.
Sampias has more than 25 years of related experience in financial
management roles at a number of companies, including Convergent
Communications, Inc., Aerojet-General Corporation, and Nimbus, Inc. Sampias
is a Certified Public Accountant and holds a masters degree in taxation from
DePaul University.
"We are pleased to appoint Ernie Sampias as McDATA's new CFO," said John
Kelley, president and chief operating officer of McDATA. "Ernie is a seasoned
finance executive with a proven track record. We are confident that he will
play an instrumental role in McDATA's growth as we realize our vision of
global market leadership in open SAN solutions and increase value for our
shareholders. McDATA also recognizes and appreciates Janet Cooper's valuable
contributions over the past 17 months and wishes her the best in her future
endeavors."
Sampias succeeds Janet Cooper as McDATA's chief financial officer.
Cooper, who has been McDATA's chief financial officer since January 2001, has
resigned from the company effective June 1 to pursue financial management
opportunities at a larger company. |
