Commenting on the Company's fourth quarter and fiscal year 2007 results, Michael Klayko, Brocade CEO, said, "We are very pleased with our Q4 results. Brocade continues to execute exceptionally well and we have further strengthened both our profitability and business fundamentals. During fiscal year 2007, we continued to drive the key growth initiatives that will keep us at the forefront of the evolving data center market."
Reporting on a GAAP basis, net income for Q4 07 was $32.0 million, or $0.08 per share basic and diluted. This represents a 200% increase from GAAP net income of $10.7 million, or $0.03 per share basic and diluted in Q3 07, and a 60% increase from GAAP net income of $20.0 million, or $0.07 per share basic and diluted in Q4 06.
Non-GAAP net income for Q4 07 was $66.5 million, or $0.17 per share basic and $0.16 per share diluted. This represents a 34% increase from non-GAAP net income of $49.5 million, or $0.13 per share basic and $0.12 per share diluted in Q3 07, and a 69% increase from non-GAAP net income of $39.4 million, or $0.15 per share basic and $0.14 per share diluted in Q4 06. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A detailed reconciliation between GAAP and non-GAAP information is contained in the tables included herein.
Note: Periods prior to Q2 07 referenced in this press release do not include McData results.