Actual diluted earning =$0.12/share, 2-1 stock split.
Well Neville looks like we got it. Pheeeeew!
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Brocade Reports Record Earnings for First Quarter Fiscal 2000 and Announces Two-for-One Stock Split
SAN JOSE, Calif., Feb. 17 /PRNewswire/ -- Brocade Communications Systems, Inc. (BROCADE©) (Nasdaq: BRCD - news), the leading supplier of Fibre Channel fabric solutions for Storage Area Networking, reported today net revenues for the first quarter of fiscal 2000 (Q1 00) of $42.7 million, a 434 percent increase over $8.0 million reported for the first quarter of fiscal 1999 (Q1 99), and a 42 percent increase over the $30.1 million reported in the fourth quarter of fiscal 1999 (Q4 99).
Net income was $7.3 million in Q1 00, a $9.1 million increase over the net loss of $1.8 million reported for the same period in fiscal 1999, and more than double the $3.6 million reported in Q4 99. Diluted net income per share for Q1 00 was $0.12 compared to a net loss of $.04 per share in Q1 99 and net income per share of $.06 in Q4 99.
During Q1 00, BROCADE generated $7.1 million of cash, increasing total cash and short-term investments at January 29, 2000 to $96.4 million. Accounts receivable days sales outstanding were 51 days at the end of Q1 00, compared to 52 days at the end of Q4 99. Inventory represents approximately 9 days of sales on hand (annualized turns of 41 times per year) compared to 23 days (annualized turns of 16 times per year) for Q4 99. Annualized quarterly return on stockholder's equity increased from 16.9 percent in Q4 99 to 31.4 percent in Q1 00.
Gross margins increased during Q1 00 to 53.0 percent of net revenues from the 50.8 percent reported in Q4 99. The margin improvements were principally due to an increased level of shipments of the BROCADE SilkWorm 2400 and 2800 products and an increased level of sales to the system integration channel. Operating income as a percentage of net revenues improved from 8.5 percent of revenues in Q4 99 to 18.9 percent in Q1 00. Financial results also reflect an increase in the effective tax rate from 2 percent in Q4 99 to 21 percent in Q1 00.
BROCADE also announced today a two-for-one split of BROCADE Common Stock in the form of a stock dividend. Stockholders of record at the close of business on February 28, 2000 will receive one additional share for each one share of Common Stock held on that date. The stock will begin trading on a split-adjusted basis on March 14, 2000.
``BROCADE's results for the first quarter of 2000 reflect our leadership as the networking foundation of choice for storage area networking infrastructure and the substantial growth of the storage area networking market,' said Greg Reyes, BROCADE President and Chief Executive Officer. ``Information storage and data availability requirements are increasing at staggering rates, driven by data-intensive eBusiness applications and '24 by 7' operations. Implementing a flexible, scalable infrastructure for storage is now at the forefront of every company's information technology strategy.'
Reyes continued, ``BROCADE's first quarter growth reflects the market momentum and our continued investment in channel expansion. We signed two additional OEM partners in the first quarter, Amdahl and HP, which increased our OEM channel penetration to more than 90 percent. In addition, we further expanded our worldwide systems integration channel to more than 40 highly qualified, BROCADE-certified Fabric integrators.'
With these announcements, the majority of the industry's leading systems, applications, and storage vendors have selected BROCADE as their Fibre Channel networking connectivity standard, including Amdahl, CNT, Compaq Computer, Data General, Dell Computer, Fujitsu Siemens Computers, Groupe Bull, HP, IBM, NEC, Network Appliance, SGI, and StorageTek.
During Q1, BROCADE also delivered to market the SilkWorm 2000 family of entry-level fabric switches. These switches offer a high-performance, reliable, and manageable networking solution for entry-level SANs as a cost-effective alternative to managed hubs. With the addition of the SilkWorm 2000 product line, BROCADE now offers a broad range of Fibre Channel networking connectivity solutions that scale to meet all storage environment needs, from the entry-level to the enterprise.
``The storage area networking market is entering the next phase of its evolution; ultimately storage will become a virtual business resource. Our customers will be connecting SAN based islands of data over high-speed public and private networks, creating a single integrated business information network. Our partnerships with companies such as Optical Networks are facilitating the cost-effective interconnection of SANs across a wide geographic area. The emergence of new types of services, such as outsourced storage on demand, is also expanding the market for storage area networking based solutions. Through partnerships with innovative storage service providers such as StorageNetworks, BROCADE is working to accelerate the availability of these exciting new information services worldwide,' added Reyes.
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