Brocade fourth quarter revenue decreased 3 percent to $559 million

Brocade fourth quarter revenue decreased 3 percent to $559 million year-over-year.

Revenue of Brocade for fiscal year 2013 declined 1 percent to $2,223 million.

Lloyd Carney, CEO of Brocade, said the networking company exceeded expectations for non-GAAP operating margin, non-GAAP EPS, and cash flow despite the U.S. Federal budget issues and continued softness in the overall storage market.

Q4 2013 Storage Area Networking (SAN) business revenue, including products and services, dipped 4 percent to $380 million. The lower SAN business revenue was impacted by continued soft demand in the overall storage market.

Brocade Gen 5 (16 Gbps) Fibre Channel products represented 69 percent of director and switch revenue in the quarter, up from 34 percent in Q4 2012. Fiscal 2013 SAN business revenue decreased 2 percent to $1,540 million.

Lloyd Carney-Brocade

Q4 2013 IP Networking business revenue, including products and services, dipped 3 percent to   $179 million. Ethernet switch revenue decreased 8 percent, while routing revenue increased 1 percent. Both Service Provider and Enterprise revenues were up sequentially and year-over-year. Federal revenue was up sequentially, but down year-over-year in a challenging Federal spending environment. Fiscal 2013 IP Networking business revenue increased 3 percent to $682 million.

Q4 2013 net income increased to $64 million from $54 million in Q4 2012.

Fiscal 2013 net income increased to $209 million from $195 million in fiscal 2012.

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