INRANGE's Fourth Quarter Revenues to Exceed Analysts' Expectations;
Expected Record Revenues Fueled by Strong Fibre Channel Director Shipments
LUMBERTON, N.J., Jan 11, 2001 /PRNewswire via COMTEX/ -- INRANGE Technologies
(Nasdaq: INRG), a leader in high-end storage networking solutions, announced
today that preliminary review of the fourth quarter period ending 12/31/2000 was
strong in all INRANGE business segments, and revenues will exceed analysts'
expectations.
Shipments and revenues in the Open Storage Networking line of business, which
includes the company's industry-leading, 64-port IN-VSN(TM) FC/9000(TM) Fibre
Channel Director and optical networking products, continued to gain traction,
contributing greatly to what should be record fourth quarter revenues. The
company expects revenue growth in Open Storage Networking for the fourth quarter
year-over-year period to exceed previous guidance of 200%. In addition, the
company expects total quarterly revenue growth of approximately 47% for the same
fourth quarter year-over-year period.
"We are very pleased with our preliminary review of Q4 results," stated INRANGE
President and CEO Greg Grodhaus. "Our FC/9000 revenues were bolstered by
shipments from several key business partners in the fourth quarter. We believe
that our expected fourth quarter revenues confirm that the guidance which we
previously provided for the 2001 Fiscal Year will be exceeded."
INRANGE is expected to announce fourth quarter and 2000 results on February 13,
2001.
About INRANGE Technologies (www.inrange.com)
INRANGE Technologies designs, manufactures, markets and services networking and
switching products for storage, data and telecommunications networks. Our
products provide fast and reliable connections among networks of computers and
related devices and are used in global 2000 businesses and other enterprises
that operate large-scale and heterogeneous systems where open connectivity,
reliability, and continuous availability are critical. Our products are designed
to be compatible with various vendors' products and multiple communication
standards and protocols.
INRANGE and the INRANGE logo are registered trademarks of INRANGE Technologies
Corporation. IN-VSN and FC/9000 are trademarks of INRANGE Technologies
Corporation. All other trademarks and product names are the property of their
respective owners.
Forward-Looking Statement
This press release contains a discussion of our expectations for our product
introduction and capabilities, and other forward-looking statements, in addition
to historical facts. Statements regarding our product introduction and
capabilities, competitive strengths, business strategy, future financial
position, the markets and market growth for our products, and our plans and
objectives, are forward-looking statements and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements in our release can also be identified generally by
the use of forward-looking terminology such as "may", "will", "expect",
"should", "intend", "estimate", "anticipate", "believe", "continue" and the
like. Due to the risks and uncertainties of our business, including, but not
limited to those described in the "Risk Factors", "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and "Business"
sections of our prospectus, and the other reports we file from time to time with
the Securities and Exchange Commission, readers are cautioned not to rely on
these forward-looking statements, which speak only as of the date of this
release. In particular, the timing of the introduction and the capabilities of
the products we are developing are subject to the risks and uncertainties of our
business, described in those sections and other reports. We can give no
assurance that our expectations, as reflected in these forward- looking
statements, will prove to have been correct and our actual results could differ
substantially from those anticipated.
SOURCE INRANGE Technologies
CONTACT: Media, Lou Martelli, 609-518-4179, or Investors, Nelson Viola,
609-518-4435, both for INRANGE Technologies
URL: inrange.com
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