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Brocade Communications Systems Inc. (Nasdaq: BRCD) posted a stronger-than-expected quarter of earnings today, primarily on the strength of new product releases and OEMs.
For its fiscal first quarter, Brocade saw revenues of $161.6 million, a bump of 4 percent sequentially from $155.6 million and 11 percent year-over-year from $145 million.
Net income was $27.9 million ($0.10 per share), besting consensus EPS of $0.08 per share. This compares with a net income of $20.4 million ($0.08 per share) in the previous quarter and a net loss of $68.8 million ($0.27 per share) in the year-ago quarter.
"We're very pleased with the results," said CEO Michael Klayko in his first earnings call at the helm of the company. Klayko abruptly replaced Greg Reyes last month amid a financial audit and restatement (see Brocade to Restate and Brocade Switches CEOs, Restates ).
The company attributes the gains to growth across several product segments, including enterprise directors and midrange switches and blades. In the quarter, Brocade introduced the Silkworm 4100 4-Gbit/s Fibre Channel switch and added OEMs for other products (see Brocade & HP: Blade Brothers, IBM Offers 4-Gig SAN Switch, and Fujitsu Sells Brocade Router ).
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