SAN JOSE, Calif. -- Brocade (NASDAQ:BRCD - News) today reported financial results for its first fiscal quarter, which ended January 24, 2009. Brocade reported Q1 revenues of $431.6 million, GAAP net loss of $26.0 million or $(0.07) per share diluted, and net income of $63.6 million or $0.15 per share diluted on a non-GAAP basis.
Commenting on Brocade's first quarter financial results, Michael Klayko, Brocade CEO, said:
"Brocade achieved another strong quarter in terms of revenues and better-than-expected operating margins. These results were fueled by a healthy mix of products and services, including IP networking solutions from our recently integrated Foundry business. In addition, with our combined product portfolio and roadmap, we believe Brocade is well-positioned to take advantage of opportunities in key, growing market segments within the networking industry."
Brocade began the integration of Foundry upon the close in late December. The process is progressing ahead of schedule with the vast majority of the Foundry employee base and key members of the executive team still in place. The product and engineering teams have finalized Brocades highly competitive, combined product roadmap. In addition, application of Brocades supply chain optimization, Life Cycle Management and quality processes to Foundrys products and services is saving costs and improving reliability. Brocade has realigned its business to focus on three market segments: Enterprise Data Center solutions, Enterprise LAN Campus and Service Providers.
Regarding the integration, Michael Klayko continued: