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Technology Stocks : Brocade Communications Systems,Inc. (Nasdaq-BRCD)
BRCD 12.730.0%Nov 20 4:00 PM EST
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To: Lizzie Tudor who wrote (1346)1/23/2003 9:42:50 AM
From: John Carragher  Read Replies (1) of 1583
 
Brocade Communications to Take 1st-Quarter
Charge
Thursday January 23, 9:23 am ET

WASHINGTON (Dow Jones)--Brocade Communications Systems Inc. (NasdaqNM:CSII -
News) said it will take an $8 million to $12 million charge in its fiscal first quarter for its
restructuring program.

The program, first announced in
November, included a work-force
reduction, consolidation of excess
facilities, and the restructuring of
business functions, according to the
company's annual report for the year
ended Oct. 26, filed late Wednesday
with the Securities and Exchange
Commission.

Brocade Communications said it
reduced its work force by about 12%,
or about 150 employees, during the
quarter. The company had said it
expected restructuring efforts to
save $8 million in expenses in the
first quarter.

Brocade Communications had said it expects to break even in its first quarter, excluding
items, on revenue of $120 million to $125 million.
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