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DAILY NEWS AND INFORMATION
FOR THE GLOBAL GRID COMMUNITY /
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Breaking News -
Networking:
Foundry Networks Reports Fourth
Quarter, Year End Results
Foundry Networks Inc reported financial results for its fourth quarter and
year ended Dec. 31.
Revenues for the fourth quarter of 2003 increased to $111.1 million, up 9
percent from $101.7 million in the previous quarter, and up 28 percent from
$86.7 million in the fourth quarter last year. Foundry earned net income of
$24.1 million, or 17 cents per diluted share, in the fourth quarter, compared
to net income of $20.8 million, or 15 cents per diluted share, in the prior
quarter, and net income of $10.5 million, or 8 cents per diluted share, for
the same period in 2002.
Revenues for the year ended Dec. 31 were $399.6 million, compared to $300.7
million in 2002, an increase of 33 percent. Net income for 2003 was $75.1
million, or 55 cents per diluted share, compared to net income of $22.5
million, or 18 cents per diluted share, in 2002.
"Extending Foundry's international reach was a key emphasis for the Company
in
2003 and remains an important ongoing initiative in 2004," said Bobby Johnson,
president and CEO of Foundry Networks. "Success abroad was particularly
evident in the fourth quarter, with record sales in several countries in both
Europe and Asia. We were equally pleased with our execution in the U.S.
government vertical, with Q4 representing our best quarter and 2003
representing our best year ever.
"Although 2003 was a landmark year for Foundry, we anticipate a more
competitive environment in 2004. However, by continuing our focus on
delivering profitable growth, maintaining our product leadership in features
and performance, and developing strategic customer relationships, we expect to
achieve our long-term objectives," concluded Johnson.
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