Extreme Networks Announces Fourth Quarter Results
Quarterly Revenues Increase 25% to $115M; Annual Revenues Increase 88% To $491M
SANTA CLARA, Calif., Jul 18, 2001 /PRNewswire via COMTEX/ -- Extreme Networks, Inc., (Nasdaq: EXTR chart, msgs), a leader in Ethernet broadband networking solutions, today announced financial results for its fourth fiscal quarter and fiscal year ended June 30, 2001.
Revenue for the fourth quarter of fiscal 2001 increased 25 percent to $115 million, compared to $92 million in the fourth quarter of fiscal 2000. Fiscal year net revenue increased 88 percent to $491 million, compared to $262 million for the previous fiscal year.
Pro forma net income for the fourth quarter of fiscal 2001, was $1.3 million, or $0.01 per share, compared with fourth quarter of fiscal 2000 net income of $5.0 million, or $0.04 per share, and pro forma net loss of $7.1 million, or ($0.07) per share, in the third quarter of fiscal 2001. All per share amounts are computed on a diluted basis.
The fourth quarter GAAP loss, which includes the effects of acquisition related charges, deferred stock compensation, restructuring costs and charges for inventory and other impairments, was $11.4 million or ($0.10) per share, compared with the fourth quarter of fiscal 2000 net income of $589,000 or $0.01 per share.
"We're very pleased with our financial results and how we're managing our business during these economic times," said Gordon Stitt, CEO and president of Extreme Networks. "Our growing customer base reflects market validation for our Ethernet networking solutions, especially in the emerging regions such as Asia. Going forward we'll be introducing a variety of high performance solutions, resulting from our strong commitment to R&D, that provide customers around the world with a simplified migration path to the revolution of Ethernet networking." |
