Revenue in the third quarter of 2012 increased by more than 10% from the prior year to $555 million, including healthy growth in both our Storage and Ethernet businesses. Storage revenue grew 16% year-over-year, driven by the strong ramp of our 16-gig products, which now accounts for nearly 30% of our total SAN revenue.
Ethernet product revenue in Q3 was the second highest in the company's history, with improved revenue from our Federal segment and our growth in the Enterprise customer segment, led by our new ICX products for the campus LAN.
We're also very pleased to report that our non-GAAP earnings per share in the third quarter were $0.14, increasing nearly 60% from the prior year and representing our fourth consecutive quarter of year-over-year EPS growth of 20% or more.
On the balance sheet, our improvements were extraordinary. With strong cash flows, we continue to pay down our debt and expect to exit the fiscal year in a net cash position 1 year earlier than previously communicated. Further, leveraging our cash generated from operations, we repurchased $45 million or roughly 8.7 million shares during the quarter. Over the past 12 months, we bought back 60 million shares, representing nearly 12% of the shares outstanding as of Q3 2011.For the fourth quarter, we continue to see healthy demand across our product portfolio and remain highly focused on our profitability. But Dan will give you more specific details on our fourth quarter guidance in a moment. I can tell you that we're projecting that our full year revenues will grow by 3% to 4% and our EPS will increase by 26% to 28% from fiscal 2011. Further, I firmly believe that the strength of our product line has never been better and our results show that great products can trump a difficult macro environment. We will continue to make investments in strategic areas such as Ethernet fabrics, storage area networking, software-defined networking and 100-gigabit Ethernet, and look forward to showing you where our portfolio can go from here. Read the rest of this transcript for free on seekingalpha.com
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