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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

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Aug 24 5:00 PM EST

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To: George Dawson who wrote (21683)	5/7/1999 2:51:00 AM
From: Kerry Lee	Read Replies (1) of 29386

A quick and dirty sales analysis of Brocade's latest S-1A filing reveals the following: Latest 6 months sales = $18.5 million ( as of April 30/99 ) Sequent = 31% of 1999 first half revenues = $5.8 million McData = 25% of 1999 first half revenues = $4.6 million Data General ( Clariion ) = 15% = $2.8 million Top 3 accounts = 74% of Brocade total sales All Other accounts = $5.3 million ( STK, CPQ, DELL, Seimens, CMNT,NTAP,etc..) Sequent sales appear to have slowed by more than -50% vs YA, while other accounts are picking up the slack. How much of this sales ramp is filling the channel ( as opposed to switches ending up in actual installations/end users ) remains to be seen. Brocade appears to be on a $40 million annual run rate. This bodes very well for the reception to the upcoming BRCD IPO.

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