Just 10 months ago, Inrange spun off from electronics manufacturer SPX Corp. (NYSE:SPW)
through an initial public offering. Inrange now intends to become even more
focused by exiting the telecommunications business by the end of this year.
The company will then concentrate on open storage networking, where
revenue grew 151 percent over the year and 28 percent sequentially over the
March quarter to $27 million. The storage networking units key product is
the FC9000 Fibre Channel director.
During the quarter, IDC
forecasted Inrange will be the fastest growing Fibre Channel switching
company in 2001, with a director-class switch market share of 23 percent by
year end. Thats partly due to IBM
Corp.s (NYSE: IBM)
agreement to resell the companys 128-port FC9000, as well as strong
sales through Hitachi
Ltd. (NYSE: HIT; Paris: PHA).
In Wednesday morning trading, Inrange was at $13, down $1.10 a share.
Tom Davey, special to Byte and Switch, http://www.byteandswitch.com
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