Fibre Channel switch maker Brocade Communications Systems Inc. (Nasdaq: BRCD) squeezed out a penny-per-share profit for its third quarter, as it struggled to ward off competitive pressure from McData Corp. (Nasdaq: MCDTA) and Cisco Systems Inc. (Nasdaq: CSCO) (see Brocade Posts Q3 Results).
"We were able to grow our business in a difficult environment," Greg Reyes, Brocade's chairman and CEO, said on a conference call yesterday. "We are very confident of our market position and of our ability to compete going forward."
In morning trading today, the San Jose, Calif., company saw its stock price skip up half a percent, to $5.54 per share.
Brocade posted third-quarter earnings of $2 million, or $0.01 per share, excluding deferred acquisition-related stock compensation. That was well below the company's profit for the same quarter last year of $18.3 million, or 8 cents per share. However, the results were a significant improvement over the company's second-quarter pro forma loss of $1 million; including acquisition-related charges, Brocade reported a loss of $146 million, or 57 cents a share, in its second quarter this year (see Brocade Hit With Q2 Loss).
The company posted third-quarter revenues of $133.5 million, up sequentially over the $130.9 million it reported in the previous period but substantially lower than its year-ago revenues of $151.2 million.
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