Brocade Meets Lowered Targets

For the quarter ended July 30, revenue totaled $122.3 million.
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Brocade

(BRCDE)

reported third-quarter financial results that were basically in line with the lowered guidance the company offered earlier this month, including a year-over-year revenue decline of 19%.

For the quarter ended July 30, revenue totaled $122.3 million, down from $150 million a year ago. Sell-through, a measure of OEM and partner sales to end-users, was $143.2 million for the quarter.

When calculated by generally accepted accounting principles, Brocade lost $8.6 million, or 3 cents a share, in the third quarter. Before items, the maker of data storage networking products would have earned $2.8 million, or 1 cent a share.

On Aug. 2, Brocade said third-quarter revenue would be $121 million to $122 million, while its GAAP loss would be 3 cents to 4 cents a share. Excluding items, the company forecast its adjusted results would range from the break-even line to a profit of roughly 1 cent a share.

Brocade also said

Nasdaq

has granted the company a conditional extension until Sept. 30 to file its 10-Qs for the quarters ended April 30 and July 30, along with all restatements.

Shares of Brocade rose 17 cents, or 4.4%, to $4.03 in after-hours trading.