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Technology Stocks : Brocade Communications Systems,Inc. (Nasdaq-BRCD)

BRCD 12.73

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Nov 20 4:00 PM EST

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From: Sr K	8/16/2012 4:58:20 PM
	of 1583

August 16, 2012, 4:08 P.M. ET Brocade FYQ3 Rev, EPS Beat; CEO Steps Down By Tiernan Ray Storage networking firm Brocade this afternoon reported fiscal Q3 revenue and profit that topped consensus expectations. CEO Michael Klayko announced he is stepping down. Revenue in the three months ended in July rose to $555 million, yielding EPS of 14 cents, beating the average analyst estimate of $536.5 million and 12 cents. CEO Michael Klayko remarked, in a separate release, that he “intends to resign from his role as CEO once a successor is identified by the Board and a transition is completed.” The board of directors has formed a search committee. Klayko remarked, “Decisions like these are never easy, but I believe it is the right time. The Company is in a great position financially, and our product pipeline will continue to strengthen and clearly separate Brocade from other networking providers.” As regards Q3's results, Klayko said the performance was “great” and that the company “were able to overcome many issues in the current challenging macroeconomic environment.” Brocade management will host a conference call with analysts at 5:30 pm, Eastern time, this evening, and you can catch the webcast of it here. barrons.com

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