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Brocade sees EPS flat in Q1
Silkworm 12000 on track for shipment in Q1
By Barbara C. Costanza, CBS.MarketWatch.com
Last Update: 5:38 PM ET Nov. 28, 2001
SAN JOSE, Calif. (CBS.MW) -- After the market closed Wednesday, Brocade Communications reported fourth-quarter earnings that outpaced the consensus estimate but did say first-quarter earnings would be flat with the current consensus estimate.
The networking storage company reported fourth-quarter earnings of $10.9 million, or 5 cents a share. Analysts polled by Thomson Financial/First Call anticipated a profit of 4 cents a share. In the year-ago period, the networking storage company earned $27.2 million, or 11 cents a share. Including one-time items, the company lost $53.7 million, or 24 cents a share, for the latest quarter.
Sales for the fourth quarter totaled $116.5 million compared with the consensus estimate of about $110.9 million. In the year-ago period, the company posted sales of $132.1 million. In August, the networking storage company (BRCD: news, chart, profile) advised investors that revenue would be "moderately" higher than the third-quarter total of $116.3 million. Greg Reyes, chief executive officer of Brocade, said sales were helped in part to the great uptake in the company`s Silkworm 3800 product.
In the fourth quarter, accounts receivable day sales outstanding was 54, down from the 57 recorded in the third quarter. "I don`t see that number [54] increasing in the first quarter," said Reyes. As for the much-awaited Silkworm 12000, Reyes said the company is on track and anticipates the product being available after the first of year.
As for the first quarter, the company expects revenue to be between $116 million to $120 million, with earnings of about 5 cents a share. Currently analysts expect revenue $115.8 million and earnings of about 5 cents.
Shares closed down $3.02 to $28.82. In after-hours trading, the stock traded up at about $29.25.
Silkworm 12000 on track for shipment in Q1
By Barbara C. Costanza, CBS.MarketWatch.com
Last Update: 5:38 PM ET Nov. 28, 2001
SAN JOSE, Calif. (CBS.MW) -- After the market closed Wednesday, Brocade Communications reported fourth-quarter earnings that outpaced the consensus estimate but did say first-quarter earnings would be flat with the current consensus estimate.
The networking storage company reported fourth-quarter earnings of $10.9 million, or 5 cents a share. Analysts polled by Thomson Financial/First Call anticipated a profit of 4 cents a share. In the year-ago period, the networking storage company earned $27.2 million, or 11 cents a share. Including one-time items, the company lost $53.7 million, or 24 cents a share, for the latest quarter.
Sales for the fourth quarter totaled $116.5 million compared with the consensus estimate of about $110.9 million. In the year-ago period, the company posted sales of $132.1 million. In August, the networking storage company (BRCD: news, chart, profile) advised investors that revenue would be "moderately" higher than the third-quarter total of $116.3 million. Greg Reyes, chief executive officer of Brocade, said sales were helped in part to the great uptake in the company`s Silkworm 3800 product.
In the fourth quarter, accounts receivable day sales outstanding was 54, down from the 57 recorded in the third quarter. "I don`t see that number [54] increasing in the first quarter," said Reyes. As for the much-awaited Silkworm 12000, Reyes said the company is on track and anticipates the product being available after the first of year.
As for the first quarter, the company expects revenue to be between $116 million to $120 million, with earnings of about 5 cents a share. Currently analysts expect revenue $115.8 million and earnings of about 5 cents.
Shares closed down $3.02 to $28.82. In after-hours trading, the stock traded up at about $29.25.
Wednesday November 28, 8:45 pm Eastern Time
Brocade posts loss, forecasts steady quarter
By Peter Henderson
SAN FRANCISCO, Nov 28 (Reuters) - Data storage networker Brocade Communications Systems Inc. (NasdaqNM:BRCD - news) on Wednesday posted a net loss in the fourth quarter but reported results before charges that edged past expectations and forecast a steady or stronger showing in the current quarter.
Brocade`s forecast suggested a bottom to the recent slide, and executives said they were optimistic since a new product launch was on schedule and the current quarter had begun well.
Brocade, which dominates the market for midrange switches to tie together data storage networks and is moving into the high end market, posted a net loss of $53.7 million, or 24 cents per share, in the fourth quarter, compared to a profit of $27.2 million or 11 cents per diluted share a year earlier.
Stripping out charges including $45.5 million for real estate and lease write-downs and another $7.7 million of purchase commitments related a product change, Brocade made a pro forma net profit of $10.9 million, or 5 cents per diluted share, a penny above Wall Street`s consensus expectation.
Sales dropped to $116.5 million from $132.12 million a year earlier.
Wall Street profit estimates ranged from 2 cents to 5 cents per share among analysts polled by Thomson Financial/First Call. Analysts had seen sales of $110.84 million.
The news boosted Brocade shares in after-hours trade to $29.25 from a close of $28.82 on the Nasdaq, although the gain was not enough to offset the $3.02 fall during regular trade.
``I think they basically delivered the type of quarter that investors were looking for,`` and beat analysts` conservative expectations, said Wit SoundView analyst Glen Ingalls.
Brocade forecast first quarter earnings of 5 cents per share, $116 million to $120 million in revenue and a constant 60 percent gross profit margin, but Chief Executive Greg Reyes said in a telephone interview that the first 30 days of the current quarter were a better start than the previous one.
Orders were coming in faster than sales, demand was higher than in August, and some unexpected orders had popped up.
``When you get unforecasted upsides, and that is something we haven`t had for a couple of quarters, that is a positive thing,`` he said.
He said the inventory write-down was a ``nonissue`` and that launch of the SilkWorm 12,000 switch, which moves data at 2 gigabits per second, twice current speeds, and has 128 ports, enough to push into the high end or core switch market, would be ready in next year`s first quarter despite market ``chatter``.
``There is no 12,000 issue. We`ve got backlog for hundreds of units. We`ve said and we continue to say we are going to be in beta (testing) in the fall, and we are, we will be in volume production for general availability after the first of the year, and we will,`` he said.
Brocade is very likely to come out with 2 gigabit products before main competitor McData Corp. (NasdaqNM:MCDT - news), but a bigger window of opportunity will likely give it a better chance of aggressively taking high-end market share.
Ingalls said management seemed confident end users would start to get the product in the first calendar quarter. ``It looks like they are well on their way to getting a solid position in the core switch segment of the market,`` he said.
mfg siscoinvestor
Brocade posts loss, forecasts steady quarter
By Peter Henderson
SAN FRANCISCO, Nov 28 (Reuters) - Data storage networker Brocade Communications Systems Inc. (NasdaqNM:BRCD - news) on Wednesday posted a net loss in the fourth quarter but reported results before charges that edged past expectations and forecast a steady or stronger showing in the current quarter.
Brocade`s forecast suggested a bottom to the recent slide, and executives said they were optimistic since a new product launch was on schedule and the current quarter had begun well.
Brocade, which dominates the market for midrange switches to tie together data storage networks and is moving into the high end market, posted a net loss of $53.7 million, or 24 cents per share, in the fourth quarter, compared to a profit of $27.2 million or 11 cents per diluted share a year earlier.
Stripping out charges including $45.5 million for real estate and lease write-downs and another $7.7 million of purchase commitments related a product change, Brocade made a pro forma net profit of $10.9 million, or 5 cents per diluted share, a penny above Wall Street`s consensus expectation.
Sales dropped to $116.5 million from $132.12 million a year earlier.
Wall Street profit estimates ranged from 2 cents to 5 cents per share among analysts polled by Thomson Financial/First Call. Analysts had seen sales of $110.84 million.
The news boosted Brocade shares in after-hours trade to $29.25 from a close of $28.82 on the Nasdaq, although the gain was not enough to offset the $3.02 fall during regular trade.
``I think they basically delivered the type of quarter that investors were looking for,`` and beat analysts` conservative expectations, said Wit SoundView analyst Glen Ingalls.
Brocade forecast first quarter earnings of 5 cents per share, $116 million to $120 million in revenue and a constant 60 percent gross profit margin, but Chief Executive Greg Reyes said in a telephone interview that the first 30 days of the current quarter were a better start than the previous one.
Orders were coming in faster than sales, demand was higher than in August, and some unexpected orders had popped up.
``When you get unforecasted upsides, and that is something we haven`t had for a couple of quarters, that is a positive thing,`` he said.
He said the inventory write-down was a ``nonissue`` and that launch of the SilkWorm 12,000 switch, which moves data at 2 gigabits per second, twice current speeds, and has 128 ports, enough to push into the high end or core switch market, would be ready in next year`s first quarter despite market ``chatter``.
``There is no 12,000 issue. We`ve got backlog for hundreds of units. We`ve said and we continue to say we are going to be in beta (testing) in the fall, and we are, we will be in volume production for general availability after the first of the year, and we will,`` he said.
Brocade is very likely to come out with 2 gigabit products before main competitor McData Corp. (NasdaqNM:MCDT - news), but a bigger window of opportunity will likely give it a better chance of aggressively taking high-end market share.
Ingalls said management seemed confident end users would start to get the product in the first calendar quarter. ``It looks like they are well on their way to getting a solid position in the core switch segment of the market,`` he said.
mfg siscoinvestor
7:52AM Brocade Comms (BRCD) 28.82: -- Update -- Not everyone is positive on BRCD this morning. Reported upgrade by tier-1 firm somewhat offset by confirmed downgrade at CIBC World Markets to HOLD from Buy. Firm thinks the quality of earnings for the qtr was dubious, with management using aggressive accounting practices for the period. CIBC growing increasingly concerned that the rich multiple exceeds the near-term opportunity for upside to estimates.
7:57AM Brocade Comms (BRCD) 28.82: --Update-- Goldman Sachs upgrades to REC. LIST from Mkt Outperform following Q4 earnings report. Raises FY02 earnings est to $0.30 from $0.26 and rev to $560 mln from $510 mln. Would be buyers at current levels or lower and trimming positions in the $40 and higher range.
7:57AM Brocade Comms (BRCD) 28.82: --Update-- Goldman Sachs upgrades to REC. LIST from Mkt Outperform following Q4 earnings report. Raises FY02 earnings est to $0.30 from $0.26 and rev to $560 mln from $510 mln. Would be buyers at current levels or lower and trimming positions in the $40 and higher range.
Brocade ist überbewertet ohne Ende.
Die Umsätze sinken und das KGV ist dreistellig. Die Aktie schreit förmlich nach einer Korrektur.
Die Umsätze sinken und das KGV ist dreistellig. Die Aktie schreit förmlich nach einer Korrektur.
Analysts cut Brocade after Q4 results
Silkworm 12000 on track for shipment in Q1
By Barbara C. Costanza, CBS.MarketWatch.com
Last Update: 10:27 AM ET Nov. 29, 2001
SAN JOSE, Calif. (CBS.MW) - Shares of Brocade Communications shot up 6.2 percent Thursday morning after the company reported fourth-quarter earnings that outpaced the consensus estimate and said that first-quarter earnings would be flat with current estimates.
While some analysts held their "buy" ratings on company after the fourth-quarter report, CIBC World Markets` analyst Paul Mansky cut his rating to "hold" from "buy." Mansky`s concern is based on the fact that the company`s rich multiple exceeds the "near-term opportunity for upside revisions to estimates."
Mansky`s concern is similar to Glenn Hanus, analyst for Needham. Hanus changed his rating to "hold" prior to the company`s fourth-quarter report, citing rich valuations. Robertson Stephens` Dane E. Lewis also noted that the company is "nearly fully valued," prompting the analyst to keep his "market perform" rating.
Those who still consider the stock a "buy" include Deutsche Banc Alex. Brown and JPMorgan H&Q.
The latest quarter
The networking storage company reported fourth-quarter earnings of $10.9 million, or 5 cents a share. Analysts polled by Thomson Financial/First Call anticipated a profit of 4 cents a share. In the year-ago period, the networking storage company earned $27.2 million, or 11 cents a share. Including one-time items, the company lost $53.7 million, or 24 cents a share, for the latest quarter.
Sales for the fourth quarter totaled $116.5 million compared with the consensus estimate of about $110.9 million. In the year-ago period, the company posted sales of $132.1 million. In August, the networking storage company (BRCD: news, chart, profile) advised investors that revenue would be "moderately" higher than the third-quarter total of $116.3 million. Greg Reyes, chief executive officer of Brocade, said sales were helped in part to the great uptake in the company`s Silkworm 3800 product.
In the fourth quarter, accounts receivable day sales outstanding was 54, down from the 57 recorded in the third quarter. "I don`t see that number [54] increasing in the first quarter," said Reyes.
SilkWorm 12000 and Calendar 2002
As for the eagerly awaited Silkworm 12000, Reyes said the company anticipates the product being available after the first of year, with revenue beginning in the second fiscal quarter of 2002. Currently, the product is beta testing at four of Brocade`s top 6 OEM customers.
The company also said it expects revenue to be between $116 million and $120 million, with earnings of about 5 cents a share. Currently, analysts expect revenue $115.8 million and earnings of about 5 cents.
Management declined to provide an outlook for the remainder of the year, citing lack of visibility in the economic recovery and political stability. As a result, Lehman Brothers` analyst Harry Blount revised his fiscal 2002-revenue estimate to about $512 million from $502 million and his earnings estimate to 25 cents from 27 cents.
Shares traded up $1.94 at $30.80.
@Veron
Aber sicher ist BRCD teuer. Aber es wird billiger. Die Wettbewerber MCDT und NTAP sind ebenfalls bei SAN ( DEM Zukunftsmarkt bei Storage - neben Software ) tätig und nicht billig.
Gute Geschäfte noch
siscoinvestor
Silkworm 12000 on track for shipment in Q1
By Barbara C. Costanza, CBS.MarketWatch.com
Last Update: 10:27 AM ET Nov. 29, 2001
SAN JOSE, Calif. (CBS.MW) - Shares of Brocade Communications shot up 6.2 percent Thursday morning after the company reported fourth-quarter earnings that outpaced the consensus estimate and said that first-quarter earnings would be flat with current estimates.
While some analysts held their "buy" ratings on company after the fourth-quarter report, CIBC World Markets` analyst Paul Mansky cut his rating to "hold" from "buy." Mansky`s concern is based on the fact that the company`s rich multiple exceeds the "near-term opportunity for upside revisions to estimates."
Mansky`s concern is similar to Glenn Hanus, analyst for Needham. Hanus changed his rating to "hold" prior to the company`s fourth-quarter report, citing rich valuations. Robertson Stephens` Dane E. Lewis also noted that the company is "nearly fully valued," prompting the analyst to keep his "market perform" rating.
Those who still consider the stock a "buy" include Deutsche Banc Alex. Brown and JPMorgan H&Q.
The latest quarter
The networking storage company reported fourth-quarter earnings of $10.9 million, or 5 cents a share. Analysts polled by Thomson Financial/First Call anticipated a profit of 4 cents a share. In the year-ago period, the networking storage company earned $27.2 million, or 11 cents a share. Including one-time items, the company lost $53.7 million, or 24 cents a share, for the latest quarter.
Sales for the fourth quarter totaled $116.5 million compared with the consensus estimate of about $110.9 million. In the year-ago period, the company posted sales of $132.1 million. In August, the networking storage company (BRCD: news, chart, profile) advised investors that revenue would be "moderately" higher than the third-quarter total of $116.3 million. Greg Reyes, chief executive officer of Brocade, said sales were helped in part to the great uptake in the company`s Silkworm 3800 product.
In the fourth quarter, accounts receivable day sales outstanding was 54, down from the 57 recorded in the third quarter. "I don`t see that number [54] increasing in the first quarter," said Reyes.
SilkWorm 12000 and Calendar 2002
As for the eagerly awaited Silkworm 12000, Reyes said the company anticipates the product being available after the first of year, with revenue beginning in the second fiscal quarter of 2002. Currently, the product is beta testing at four of Brocade`s top 6 OEM customers.
The company also said it expects revenue to be between $116 million and $120 million, with earnings of about 5 cents a share. Currently, analysts expect revenue $115.8 million and earnings of about 5 cents.
Management declined to provide an outlook for the remainder of the year, citing lack of visibility in the economic recovery and political stability. As a result, Lehman Brothers` analyst Harry Blount revised his fiscal 2002-revenue estimate to about $512 million from $502 million and his earnings estimate to 25 cents from 27 cents.
Shares traded up $1.94 at $30.80.
@Veron
Aber sicher ist BRCD teuer. Aber es wird billiger. Die Wettbewerber MCDT und NTAP sind ebenfalls bei SAN ( DEM Zukunftsmarkt bei Storage - neben Software ) tätig und nicht billig.
Gute Geschäfte noch
siscoinvestor
Trading Spotlight
7:26AM Brocade Comms initiated as Attractive by Bear Stearns (BRCD) 29.99: Bear Stearn`s Andy Neff initiates BRCD with an ATTRACTIVE rating and $40 price target; while the co is positioned to hold its dominant share of the fibre channel SAN mkt, competition is heating up in the mid-mktwith MCDT and QLGC; CSCO has highlighted storage as a priority and may enter the mkt; and new technologies such as iSCSI and Infiniband may eventually make inroads against fibre channel in the enterprise segment.
In play by briefing.com
In play by briefing.com
Tuesday February 19, 12:00 pm Eastern Time
RESEARCH ALERT-Bear Stearns starts Brocade as ``attractive``
NEW YORK, Feb 19 (Reuters) - Bear Stearns on Tuesday began investment coverage of Brocade Communications Systems Inc. (NasdaqNM:BRCD - news) with an ``attractive`` rating, citing the storage networking company`s leading market share in fibre channel switch technology
The firm said Brocade is positioned to benefit from a perception that the fibre channel switch platform is stable as well as from chief information officers` increased interest in storage networking.
Bear Stearns said that while there are several risks, such as increasing competition from McData Corp. (NasdaqNM:MCDT - news) and QLogic Corp. (NasdaqNM:QLGC - news) and potential new entrants, Brocade is well positioned to respond to the challenges.
The firm pointed to Brocade`s broad product line, software advantage, extensive customer list, strong balance sheet and seasoned management. ``To us,`` it said, ``the primary risk, given the recent industry slowdown, would be that the interest on the part of the enterprise doesn`t accelerate as we expect.``
Brocade shares closed in Friday Nasdaq trade at $29.99. In the past 52 weeks, they have ranged from $12.60 to $55.25.
RESEARCH ALERT-Bear Stearns starts Brocade as ``attractive``
NEW YORK, Feb 19 (Reuters) - Bear Stearns on Tuesday began investment coverage of Brocade Communications Systems Inc. (NasdaqNM:BRCD - news) with an ``attractive`` rating, citing the storage networking company`s leading market share in fibre channel switch technology
The firm said Brocade is positioned to benefit from a perception that the fibre channel switch platform is stable as well as from chief information officers` increased interest in storage networking.
Bear Stearns said that while there are several risks, such as increasing competition from McData Corp. (NasdaqNM:MCDT - news) and QLogic Corp. (NasdaqNM:QLGC - news) and potential new entrants, Brocade is well positioned to respond to the challenges.
The firm pointed to Brocade`s broad product line, software advantage, extensive customer list, strong balance sheet and seasoned management. ``To us,`` it said, ``the primary risk, given the recent industry slowdown, would be that the interest on the part of the enterprise doesn`t accelerate as we expect.``
Brocade shares closed in Friday Nasdaq trade at $29.99. In the past 52 weeks, they have ranged from $12.60 to $55.25.
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