Extreme Announces Record Second Quarter Revenue

Revenue for the second quarter of fiscal 2001 increased to $144.7 million, compared to $55.0 million in the second quarter of fiscal 2000, and $119.3 million in the first quarter of fiscal 2001, increases of 163 per cent and 21 per cent, respectively. Pro forma net income, which excludes the effects of the amortisation of goodwill and intangibles, for the second quarter of fiscal 2001, was $12.6 million, or $0.11 per share, compared with second quarter of fiscal 2000 net income of $6.4 million, or $0.06 per share, and net income of $9.0 million, or $0.08 per share, in the first quarter of fiscal 2001. All per-share amounts are computed on a diluted basis. “Extreme Networks is one of a select group of networking companies that has consistently experienced solid growth,” said Gordon Stitt, president and CEO of Extreme Networks. “We have achieved this position by building a balanced business serving diverse customer segments and geographies and successfully executing on delivering high performance technology. We have built a strong international distribution channel that enables us to leverage leading distributors and resellers to extend our reach and deliver our best in class networking solutions around the world.” "In addition, our continued investment in R & D will continue to spur innovative technology and keep us at the forefront of broadband networking solutions to expand our vision of Ethernet Everywhere. The results of this quarter demonstrate that our products are reaching the edge and into the core of large enterprise and service provider networks, with some of the largest and most visible organisations in the world relying on Extreme Networks as a strategic partner,” added Stitt. Net income, including the impact of amortisation of goodwill and intangibles, for the second quarter of fiscal 2001, was $8.1 million, or $0.07 per share, compared with second quarter fiscal 2000 net income of $6.4 million, or $0.06 per share, and net income of $4.5 million, or $0.04 per share, in the first quarter of fiscal 2001. All per-share amounts are computed on a diluted basis.

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