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Technology Stocks : Son of SAN - Storage Networking Technologies
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To: Douglas Nordgren who started this subject8/15/2001 7:09:28 PM
From: Gus  Read Replies (2) of 4808
 
Switch Vendor Comparison
BRCD vs INRG vs MCDTA

          Brocade           Inrange        McDATA
          Revenue   Y/Y     Revenue  Y/Y  Revenue   Y/Y

1Q2000  $  42.7M    434%  $  6.3M     NM  $  47.1M  257%
2Q2000     62.1M    491%    10.7M     NM     56.5M  428% 
3Q2000     92.1M    358%    14.3M     NM     66.8M  194%
4Q2000    132.1M    338%    17.7M     NM     78.3M  104%
1Q2001    165.0M    286%    21.1M    235%    83.0M   76%
2Q2001    115.2M     85%    26.9M    151%    81.3M   44%   
3Q2001    116.3M     26%   ~29.6M    107%   ~82.0M   23%
4Q2001   ~120.0M    ( 9%)  ~47.5M    168%   ~90.0M   15%


Brocade guidance: 4Q2001 Revenue - $120M; Modest 1H2002, accelerating 2H2002.

Inrange guidance: 3Q2001 Revenue - 110% of 2Q2001 revenue or $29.6M; FY2001 Revenue - $125M so 4Q2001 Revenue - $47.5M or 168% Y/Y.

McDATA guidance: 3Q2001 Revenue - $82M to $86M or 23-29% Y/Y; FY2001 Revenue - $336M to $361M or 35-45% Y/Y so 4Q2001 Revenue - $90M to $115M or 15-47% Y/Y.

Notes:

IBM's GA (General Availability) date for FICON is 9/28/2001.

That may explain the year-end uptick in Inrange (168%) and McDATA (15%-47%) guidance. Mainframe MIPs shipments by IBM increased by 100% Y/Y in 4Q2000, 25% Y/Y in 1Q2001 and 40% Y/Y in 2Q2001 so the demand for FICON SANs is certainly there.

Note how the combined revenues of McData and Inrange start to outstrip Brocade revenue in 4Q2001. Both McData and Inrange are selling directors and fabric switches while Brocade is only selling fabric switches.
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