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McData Corp. (Nasdaq: MCDTA) posted a 60 percent increase in its first-quarter revenues compared with the year-ago quarter, beating its already raised guidance (see McData Posts Q1 Results).
The company said its revenues rose to $103.2 million from $64.54 million the first quarter of 2003. McData raised its revenue guidance earlier this month to between $102 million and $103 million (see McData Raises Q1 Guidance).
"We have continued to execute very well, and the long-term future continues to look right for McData," said John Kelley, McData's CEO and president, on a conference call today. "SANs are on a roll."
The storage switch maker also reported net income in line with the guidance it issued earlier this month, posting a profit of $5.3 million, or 5 cents a share, for the quarter, which ended on April 30. That's up from a net loss of $17.1 million, or 15 cents a share, from its first quarter of 2002. McData rolled its fiscal year back a month at the beginning of 2003, so the first quarter of 2002 ended on March 31.
The results continued McData's winning streak, and, although sales were down slightly sequentially, Kelley noted that seasonality and the war in Iraq had less effect than the company had expected. For the quarter ended Dec. 31, 2002, it reported $105.5 million in sales and net income of $8.6 million (see McData, Emulex Rake It In).
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