BROOMFIELD, Colo., Jan. 16 /PRNewswire-FirstCall/ --
McDATA(R) Corporation (NASDAQ:MCDTA, MCDT), the worldwide leader in open,
ultra-high availability storage networking solutions, today announced that its
board of directors has approved a resolution changing the company's fiscal
year from December 31 to January 31. The change will become effective
February 1, 2003, and the company's fiscal year 2003 will begin February 1,
2003 and end January 31, 2004. Financial information for the one-month
transition period ending January 31, 2003 will be presented in the company's
Form 10-Q for the first quarter ending April 30, 2003.
"Adopting a January 31 fiscal year end will improve our visibility on
quarterly sales results and normalize our manufacturing cycles," said Ernest
Sampias, senior vice president and chief financial officer of McDATA.
"Historically, our quarter end was concurrent with that of our two largest
OEM/Reseller customers and we typically realized approximately 50 percent or
greater of our quarterly revenue in the third month of the quarter. Shifting
our fiscal year forward by one month allows McDATA to realize more sales
activity earlier in the quarter and allows us to better support our channel
partners during their quarter-end peak." |
