Extreme Falls Short

Shares slip in after-hours trading.
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Extreme Networks (EXTR) - Get Report came up short on its fiscal fourth quarter financial performance.

The Santa Clara, Calif., networking gearmaker posted an adjusted net income of $400,000, or less than a penny a share, for the quarter ended July 2. That number was roughly flat with pro forma results from the year-ago quarter.

Sales for the most recent quarter fell to $82.4 million from $96 million in the same quarter a year ago.

Analysts were looking for adjusted profit of 4 cents a share on $88.3 million in revenue, according to Reuters Research.

Extreme booked $358.6 million in revenue for the fiscal year, down from $383.3 million in fiscal 2005. Full fiscal year net income was $11 million. Excluding $7 million in stock-based pay expense, adjusted profit was $18 million, or 15 cents a share. That is up from $13.3 million, or 11 cents a share, in fiscal 2005.

"We are pleased with the year-over-year improvement in our non-GAAP profitability," CEO Gordon Stitt said in a press release Wednesday.

Extreme shares fell 13 cents, or 3%, to $3.60 in after-hours trading Wednesday.