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Brocade Reports Q1

SAN JOSE, Calif. -- Brocade(R) (Nasdaq: BRCD), the leader in data center networking solutions that help enterprises connect and manage their information, today reported financial results for its first fiscal quarter, which ended January 26, 2008.

Commenting on the Company's first quarter financial results, Michael Klayko, Brocade CEO, said, "We are pleased with Brocade's continued operational execution and performance. In the quarter, we recorded top line growth, improvements in our margins, and continued our strong cash flow generation. We extended our market leadership position and launched our new DCX Backbone ahead of schedule in January, which we believe will afford us a strong advantage in the marketplace."

First Fiscal Quarter 2008 Business Highlights

  • The Company had a record revenue quarter with its enterprise director family, led by strong demand for the Brocade 48000.
  • In addition, Brocade achieved a record quarter in sales of its bladed switch products, which enable SAN connectivity for bladed servers in enterprises.
  • On January 22, Brocade introduced the Brocade DCX(TM) Backbone, the first in a new class of high-performance data center networking products designed to address the demanding requirements of the evolving data center. The DCX supports up to 8 times the number of virtual servers as competitive products, while delivering 5 times the bandwidth and 10 times the power efficiency of competitive offerings. The DCX has already been recognized with industry awards, winning the top product honors in the Enterprise category at the recent Nikkei ITpro EXPO 2008 in Tokyo, Japan .
  • Two OEM partners have committed to qualify and resell Brocade's upcoming HBA products. Hitachi Data Systems will be among the first to qualify the Company's new HBAs, and Fujitsu-Siemens in Europe has stated that they will qualify and include Brocade's HBA products in certain segments of their server portfolio.
  • Certification Magazine named Brocade Certification Training as the #1 most valuable among all IT certifications worldwide.

Revenues for Q1 08 were $347.8 million, up 55% from the same period a year ago. Reporting on a GAAP basis, net income for Q1 08 was $19.8 million, $0.05 per share diluted. This represents a 38% decrease from GAAP net income of $32.0 million, or $0.08 per share diluted from the prior quarter, which included a one time gain of $11 million.

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