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DAILY NEWS AND INFORMATION
FOR THE GLOBAL GRID COMMUNITY / AUGUST 4, 2003; VOL. 2 NO. 31
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Breaking News -
Networking:
Foundry Networks Reports Q2 2003
Revenues Of $95.7M
Foundry Networks has reported financial results for its second quarter
ended
June 30, 2003.
Revenues for the second quarter of 2003 increased to $95.7 million,
compared
to $91.1 million in the previous quarter, and $75.0 million in the same period
last year, an increase of 5% and 28% respectively. Foundry earned net income
of $16.8 million, or $0.13 per diluted share in the second quarter, compared
to net income of $13.4 million, or $0.11 per diluted share, in the prior
quarter, and net income of $4.0 million, or $0.03 per diluted share, for the
same period in 2002.
Revenues for the first six months of 2003 were $186.9 million, which
compares
to $137.4 million for the first six months of 2002, an increase of 36%. Net
income for the first six months of 2003 was $30.2 million or $0.23 per diluted
share, compared to net income of $5.1 million or $0.04 per diluted share for
the same period in 2002.
"As we guide Foundry towards long-term success, the Company continues to
reach
its short-term milestones," stated Bobby Johnson, president and CEO of Foundry
Networks. "Solid execution during the second quarter was evident in many
areas, including successful product ramps, improved gross margins, and a
significant increase in our cash position.
"Our overall business with domestic enterprise customers rebounded from the
seasonally slow first quarter, while the Federal government remained our most
active vertical at roughly 30% of revenues in the June quarter. Always central
to Foundry's strategy has been the pursuit of product leadership in both
features and performance. This was demonstrated again in the second quarter
with the announcement of the Terathon-based Mucho Grande platforms: the
BigIron MG-8 and NetIron 40G for large enterprise and service providers, and
initial shipments of our Power over Ethernet switches: the 2402PoE and 4802PoE
for enterprise customers looking to deploy voice-over-IP or wireless
solutions," concluded Johnson.
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