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News Article | May 4, 2017
Site: www.marketwired.com

SAN JOSE, CA--(Marketwired - May 4, 2017) - Brocade ( : BRCD) today announced plans to report its financial results for its second fiscal quarter of 2017 on Thursday, May 25, 2017 following the close of the market. The earnings announcement will be available shortly after 1:00 p.m. PDT (4:00 p.m. EDT) at www.brcd.com, and will be furnished to the SEC on Form 8-K. The earnings announcement will also be distributed by Marketwired. Brocade will not conduct an earnings conference call due to the proposed acquisition of Brocade by Broadcom Limited. Brocade ( : BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation. With solutions spanning public and private data centers to the wireless network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) Brocade, the B-wing symbol, and MyBrocade are registered trademarks of Brocade Communications Systems, Inc., in the United States and in other countries. Other brands, product names, or service names mentioned of Brocade Communications Systems, Inc. are listed at www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html. Other marks may belong to third parties.


News Article | May 18, 2017
Site: www.marketwired.com

SAN JOSE, CA--(Marketwired - May 18, 2017) - Brocade ( : BRCD) today announced that CRN®, a brand of The Channel Company, has named four Brocade employees to its prestigious Women of the Channel list. CRN editors selected the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel. Executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation. "I am honored to be recognized by CRN, along with three of my valued team members, for our dedication and commitment to helping our partners profitably grow their businesses," said Glaser Cheek. "Our strength as a team lies both in our individual contributions as well as the diversity of talent that propels us to a common goal of delivering such strong support for Brocade partners." Glaser Cheek, who was recently honored by CRN as one of the 50 Most Influential Channel Chiefs, was also named, along with Kritzer, to CRN's 2017 Power 100, an elite subset of its annual Women of the Channel award list. This list identifies an exclusive group of channel influencers drawn from the larger pool of CRN's 2017 Women of the Channel: the most powerful women leaders across IT channel organizations whose expertise and vision have positioned their companies for success. "These extraordinary executives support every aspect of the channel ecosystem, from technical innovation to marketing to business development, working tirelessly to keep the channel moving into the future," said Robert Faletra, chief executive officer of The Channel Company. "They are creating and elevating channel partner programs, developing fresh go-to-market strategies, strengthening the channel's network of partnerships and building creative new IT solutions, among many other contributions. We congratulate all the 2017 Women of the Channel on their stellar accomplishments and look forward to their future success." About Brocade Brocade® ( : BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation. With solutions spanning public and private data centers to the network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) Brocade, the B-wing symbol, and MyBrocade are registered trademarks of Brocade Communications Systems, Inc., in the United States and in other countries. Other brands, product names, or service names mentioned of Brocade Communications Systems, Inc. are listed at www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html. Other marks may belong to third parties.


News Article | August 3, 2017
Site: www.marketwired.com

SAN JOSE, CA--(Marketwired - Aug 3, 2017) - Brocade ( : BRCD) today announced plans to report its financial results for its third fiscal quarter of 2017 on Thursday, August 24, 2017 following the close of the market. The earnings announcement will be available shortly after 1:00 p.m. PDT (4:00 p.m. EDT) at www.brcd.com, and will be furnished to the SEC on Form 8-K. The earnings announcement will also be distributed by Marketwired. Brocade will not conduct an earnings conference call due to the proposed acquisition of Brocade by Broadcom Limited. About Brocade Brocade ( : BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation. With solutions spanning public and private data centers to the wireless network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) © 2017 Brocade Communications Systems, Inc. All Rights Reserved. Brocade, the B-wing symbol, and MyBrocade are registered trademarks of Brocade Communications Systems, Inc., in the United States and in other countries. Other brands, product names, or service names mentioned of Brocade Communications Systems, Inc. are listed at www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html. Other marks may belong to third parties.


News Article | June 27, 2017
Site: www.prnewswire.com

Ruckus offers an industry-leading portfolio of in-room, wall-mounted, all-in-one APs and switches. The addition of the H320 AP rounds out a complete suite of wall-mounted devices that fit into any hospitality environment. The H320 AP is a cost-effective alternative to the full-featured, IoT-ready H510 AP and the DOCSIS-enabled, wall-mounted C110 AP and switch for use in hotels where only coax is available. "In today's competitive hospitality environment, our guests depend on and demand fast and reliable Wi-Fi. Ruckus Wi-Fi has proved itself a guest favorite," said Jason Greene, information technology officer, Maine Course Hospitality Group. "Our properties equipped with Ruckus solutions are top performers in guest satisfaction, outperforming those that are using other solutions. Ruckus is our go-to Wi-Fi solution." The H320 AP and switch is based on the 802.11ac Wave 2 technology—the highest-performance Wi-Fi standard—to satisfy steadily increasing in-room bandwidth requirements. It includes two fast Ethernet ports to enable connectivity for any wired in-room IP device, including IPTV, VoIP phones and IP cameras. "Guest expectations and behaviors are continually changing and high-quality Wi-Fi is an investment with tremendous potential for hotels," said Jim Duffy, senior network analyst, 451 Research. "As the hospitality market begins implementing technologies such as IoT and robotics, Wi-Fi will become a hotel ecosystem requirement." Ruckus will be showcasing the new offering in booth 1829 at the Hospitality Industry Technology Exposition and Conference (HITEC) in Toronto, June 26-29, 2017. Visit Ruckus at HITEC to learn more. The Ruckus H320 AP is planned to be available in August at an MSRP of $285 (USD). About Ruckus Ruckus, a business unit of Brocade, delivers simply better connections, so you can deliver awesome customer experiences. Ruckus' high-performance network infrastructure provides secure, reliable access to applications and services no matter how tough the environment. Ruckus innovates across wireless and wired technology to meet industry-specific needs. When connectivity really matters, organizations turn to Ruckus. #simplybetterconnections About Brocade Brocade® (NASDAQ: BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation.  With solutions spanning public and private data centers to the network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) These products and features and their availability are subject to change at the sole discretion of Brocade, and Brocade shall have no liability for delay in the delivery or failure to deliver any of the products or features described herein. Ruckus, Ruckus Wireless and SP Cloud are trademarks of Ruckus Wireless, Inc. in the United States and other countries. Brocade, the B-wing symbol, and MyBrocade are registered trademarks of Brocade Communications Systems, Inc., in the United States and in other countries.  Other brands, product names, or service names mentioned of Brocade Communications Systems, Inc. are listed at www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html.  Other marks may belong to third parties. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ruckus-brings-affordable-high-performance-wi-fi-to-the-hospitality-market-300479843.html


News Article | May 25, 2017
Site: www.marketwired.com

SAN JOSE, CA--(Marketwired - May 25, 2017) -  Brocade® ( : BRCD) will report its financial results for the fiscal second quarter of 2017 shortly after 4:00 p.m. EDT today. The earnings announcement will be available on the Brocade Investor Relations website at www.brcd.com/results.cfm. The earnings announcement will be furnished to the SEC on Form 8-K and will also be distributed by Marketwired later this afternoon. On November 2, 2016, Brocade announced that it had entered into a definitive agreement under which Brocade would be acquired by Broadcom Limited. In light of the pending acquisition, Brocade will not provide fiscal Q3 2017 guidance and will not conduct an earnings conference call to discuss its financial results. About Brocade Brocade ( : BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation. With solutions spanning public and private data centers to the network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) Forward-Looking Statements This communication contains forward-looking statements. These statements are based on current expectations as of the date hereof and involve a number of risks, uncertainties and assumptions that may cause actual results to differ significantly. The risks, uncertainties and assumptions include, but are not limited to: the effect on Brocade of increasing market competition and changes in the industry; the impact on Brocade of conditions in the market for Storage Area Networking products; Brocade's ability to execute on its sales strategy and plans for future operations; the impact on Brocade of macroeconomic trends and events and changes in IT spending levels; Brocade's ability to introduce and achieve market acceptance of new products and support offerings on a timely basis; risks associated with Brocade's international operations; and integration and other risks associated with acquisitions, divestitures and strategic investments. The risks, uncertainties and assumptions also include, but are not limited to: the risk that the proposed acquisition by Broadcom may not be completed in a timely manner or at all, which may adversely affect Brocade's business and the price of the common stock of Brocade; the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain governmental and regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the proposed transaction on Brocade's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from Brocade's ongoing business operations; the outcome of legal proceedings that have been and may in the future be instituted against us related to the merger agreement or the proposed transaction; and unexpected costs, charges or expenses resulting from the proposed transaction. Certain of these and other risks are set forth in more detail in Brocade's Form 10-Q for the fiscal quarter ended January 28, 2017 and in Brocade's Annual Report on Form 10-K for the fiscal year ended October 29, 2016. Brocade does not assume any obligation to update or revise any such forward-looking statements whether as the result of new developments or otherwise. Brocade, the B-wing symbol, and MyBrocade are registered trademarks of Brocade Communications Systems, Inc., in the United States and in other countries. Other brands, product names, or service names mentioned of Brocade Communications Systems, Inc. are listed at www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html. Other marks may belong to third parties.


News Article | May 25, 2017
Site: www.marketwired.com

SAN JOSE, CA--(Marketwired - May 25, 2017) - Brocade® ( : BRCD) today reported financial results for its second fiscal quarter, ended April 29, 2017. Brocade reported second quarter revenue of $553 million, up 6% year-over-year and down 5% quarter-over-quarter. The Company reported a GAAP diluted loss per share of $0.03, down from diluted earnings per share (EPS) of $0.11 in Q2 2016 and down from a diluted loss per share of $0.01 in Q1 2017. Non-GAAP diluted EPS was $0.10 for Q2 2017, down from non-GAAP diluted EPS of $0.22 and $0.16 in Q2 2016 and Q1 2017, respectively. The year-over-year decline in both GAAP and non-GAAP diluted EPS is primarily due to lower SAN and wired IP Networking revenue and the incremental operating expenses associated with the Ruckus Wireless acquisition. In addition, the year-over-year decline in GAAP diluted EPS also reflects the inclusion of certain acquisition-related expenses that negatively impacted Q2 2017 results. The sequential decline in the GAAP diluted loss per share and non-GAAP diluted EPS is primarily due to seasonally lower SAN revenue. In light of the pending acquisition of Brocade by Broadcom Limited, Brocade will not provide fiscal Q3 2017 guidance and will not hold a conference call to discuss these financial results. Please see important note of explanation about the use of non-GAAP financial measures below, including a detailed reconciliation between GAAP and non-GAAP information in the tables included herein. Other Q2 2017 product, customer, and partner announcements are available at http://newsroom.brocade.com/. Financial Highlights and Additional Financial Information Please see important note of explanation about the use of non-GAAP financial measures below, including a detailed reconciliation between GAAP and non-GAAP information in the tables included herein. To supplement financial information presented on a GAAP basis, Brocade provides information presented on a non-GAAP basis. These non-GAAP financial measures include non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP operating income, non-GAAP tax rate, non-GAAP net income, and non-GAAP EPS. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, financial information presented on a GAAP basis. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. The most directly comparable GAAP information and a reconciliation between the GAAP and non-GAAP amounts is provided in the tables at the end of this press release. Management believes that the non-GAAP financial measures used in this press release allow management to gain a better understanding of Brocade's comparative operating performance, both from period to period and relative to its competitors. These non-GAAP financial measures also help with the determination of Brocade's baseline performance before gains, losses or charges that are considered by management to be outside of ongoing operating results. Accordingly, management uses these non-GAAP financial measures for planning and forecasting of future periods and in making decisions regarding operations and the allocation of resources. Management believes these non-GAAP financial measures, when read in conjunction with Brocade's GAAP financials, provide useful information to investors by offering: In determining non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP operating income, non-GAAP tax rate, non-GAAP net income and non-GAAP EPS, management excludes certain gains or losses and benefits or costs that are the result of events that arise outside the ordinary course of Brocade's continuing operations. Management believes that it is appropriate to evaluate Brocade's operating performance by excluding those items that are not indicative of ongoing operating results or limit comparability. Such items include, but are not limited to: (i) impact to cost of revenues from purchase accounting adjustments to inventory; and (ii) acquisition, divestiture, and integration costs. Management also excludes the following non-cash charges in determining these non-GAAP financial measures: (i) stock-based compensation expense; (ii) amortization of purchased intangible assets; and (iii) non-cash interest expense related to the convertible debt. Management believes that the exclusion of stock-based compensation allows for more accurate comparisons of Brocade's operating results to Brocade's peer companies. This is due to the varying use of valuation methodologies and subjective assumptions and the variety of award types. In addition, the exclusion of the expense associated with the amortization of acquisition-related intangible assets is appropriate because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have short lives, and the exclusion of amortization expense allows comparisons of operating results that are consistent over time for Brocade's newly acquired and long-held businesses. In connection with the convertible debt, under the relevant accounting guidance, a non-cash interest expense is recognized for the convertible debt as an imputed interest expense for the conversion feature. Management believes excluding the non-cash interest expense related to the convertible debt from its non-GAAP financial measures is useful for investors because the expense does not represent a cash outflow in the respective reporting periods and is not indicative of ongoing operating performance. Finally, management believes that it is appropriate to exclude the tax effects of the items noted above and (i) tax charges and benefits related to unusual or infrequent intercompany transactions; (ii) tax charges or benefits that are a result of the implementation of restructuring plans; and (iii) tax charges resulting from the integration of intellectual property assets from acquisitions. Management believes that the exclusion of these items from its non-GAAP tax provision provides a more meaningful measure of Brocade's operational performance of non-GAAP net income and non-GAAP EPS. Limitations: These non-GAAP financial measures have limitations because they do not include all items of income and expense that impact the company. In addition, these non-GAAP financial measures may not be comparable to similar measurements reported by other companies. Management compensates for these limitations by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. Management also provides robust and detailed reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure, and management encourages investors to review carefully those reconciliations. This press release contains forward-looking statements including, but not limited to, statements regarding Brocade's financial results, goals, plans, strategy, business outlook and prospects. These statements are based on current expectations as of the date of this press release and involve a number of risks, uncertainties and assumptions that may cause actual results to differ significantly. The risks, uncertainties and assumptions include, but are not limited to: the effect on Brocade of increasing market competition and changes in the industry; the impact on Brocade of conditions in the market for Storage Area Networking products; Brocade's ability to execute on its sales strategy and plans for future operations; the impact on Brocade of macroeconomic trends and events and changes in IT spending levels; Brocade's ability to introduce and achieve market acceptance of new products and support offerings on a timely basis; risks associated with Brocade's international operations; and integration and other risks associated with acquisitions, divestitures and strategic investments. The risks, uncertainties and assumptions also include, but are not limited to: the risk that the proposed acquisition by Broadcom may not be completed in a timely manner or at all, which may adversely affect Brocade's business and the price of the common stock of Brocade; the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain governmental and regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the proposed transaction on Brocade's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from Brocade's ongoing business operations; the outcome of legal proceedings that have been and may in the future be instituted against Brocade related to the merger agreement or the proposed transaction; and unexpected costs, charges or expenses resulting from the proposed transaction. Certain of these and other risks are set forth in more detail in Brocade's Form 10-Q for the fiscal quarter ended January 28, 2017, and in Brocade's Annual Report on Form 10-K for the fiscal year ended October 29, 2016. Brocade does not assume any obligation to update or revise any such forward-looking statements whether as the result of new developments or otherwise. Brocade ( : BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation. With solutions spanning public and private data centers to the network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) Brocade and the B-wing symbol are registered trademarks of Brocade Communications Systems, Inc., in the United States and many other countries. Other brands, products, or service names mentioned herein may be trademarks of Brocade or others. Additional information about Brocade's trademarks is available at: http://www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html.


Company's "On Second Thought" Campaign Recognized for Its Innovative Approach and Category-Leading Results SAN JOSE, CA--(Marketwired - May 24, 2017) - Brocade ( : BRCD) today announced that it has won "Marketing Campaign, Large Company" in the prestigious 2017 Marketers That Matter Awards. Brocade was also a finalist in the "Transformation Journey, Large Company" category. The Marketers That Matter® (MTM) Awards honor exceptional marketing teams for applying innovative strategies and execution that generate tangible business results. The awards are judged by an elite panel of chief executive officers and chief marketing officers from leading companies such as Clif Bar, Google Cloud, Old Navy, Sephora, Visa, and Zillow. Executives gathered on May 18 for the MTM Gala to honor the finalists and announce the winners. Marketing Campaign Award The MTM Marketing Campaign Award recognizes a marketing leader and team for a one-time campaign or initiative that demonstrates exceptional creativity and innovation while creating buzz to attract new customers, enhancing brand perception, and driving sales. The 2017 award finalists were Brocade, Cisco, Esurance, Kaiser Permanente, and The Clorox Company-Brita. Brocade won for its "On Second Thought" campaign, which made innovative use of cartoons and humor to better position the company in the market, alongside more established competitors with much stronger market presence. Poking fun at the absurdities of everyday life in networking endeared Brocade to new and old audiences, beating business-to-business (B2B) technology industry benchmarks for social media engagement by three to ten times. Moreover, LinkedIn recognized the campaign as its highest-performing B2B campaign ever, based on engagement rate. "To stand out in a crowded space with an extremely limited budget, we needed a fresh and bold approach to generate awareness among our customers and potential customers," said Vasu Jakkal, vice president, corporate marketing, Brocade. "Our 'On Second Thought' campaign engaged the market directly with authentic, smart, funny, and provocative messages using cartoons that people would immediately recognize as part of their daily life as networking professionals. We are deeply honored that the program, and the outstanding work of the talented Brocade team, has been recognized as the top marketing campaign by Marketers That Matter." "This year's Marketers that Matter Award Finalists embody what the program stands for: innovative marketers creating results," said Cara France, The Sage Group, CEO. "These 34 ground breaking marketing teams are blazing a trail other marketers can follow and learn from." The Brocade marketing team behind the campaign included Christine Heckart, Vasu Jakkal, Shelby Khan, Eric Gaither, Ed Graczyk, Jason McClellan, Maria Pavlick, Daria Storojev, Min Wang, Doug Wesolek, Brian Yoshida, and Olivia Zhou--along with creative and agency support from Ogilvy & Mather. About Brocade Brocade ( : BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation. With solutions spanning public and private data centers to the network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) These products and features and their availability are subject to change at the sole discretion of Brocade, and Brocade shall have no liability for delay in the delivery or failure to deliver any of the products or features described herein. Brocade, the B-wing symbol, and MyBrocade are registered trademarks of Brocade Communications Systems, Inc., in the United States and in other countries. Other brands, product names, or service names mentioned of Brocade Communications Systems, Inc. are listed at www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html. Other marks may belong to third parties.


News Article | February 23, 2017
Site: www.marketwired.com

SAN JOSE, CA--(Marketwired - Feb 23, 2017) -  Brocade® ( : BRCD) today reported financial results for its first fiscal quarter ended January 28, 2017. Brocade reported first quarter revenue of $581 million, up 1% year-over-year and down 12% quarter-over-quarter. The Company reported a GAAP loss per share of $0.01, down from diluted earnings per share (EPS) of $0.23 and $0.16 in Q1 2016 and Q4 2016, respectively. Non-GAAP diluted EPS was $0.16 for Q1 2017, down from non-GAAP diluted EPS of $0.29 and $0.33 in Q1 2016 and Q4 2016, respectively. The year-over-year decline in both GAAP and non-GAAP diluted EPS primarily reflects lower SAN revenue and lower IP Networking wired switch and router revenue, offset by the added revenue from the Ruckus Wireless acquisition. The sequential decline in both GAAP and non-GAAP diluted EPS is primarily due to lower IP Networking revenue, attributed in part to customer uncertainty surrounding the pending acquisition of Brocade by Broadcom Limited ("Broadcom") and Broadcom's publicly announced post-closing plan to divest Brocade's IP Networking business. In addition, both the year-over-year and sequential quarterly declines in GAAP diluted EPS reflect the inclusion of certain acquisition-related expenses that negatively impacted Q1 2017 results. In light of the pending Broadcom acquisition, Brocade will not provide fiscal Q2 2017 guidance and will not hold a conference call to discuss these financial results. In addition, on February 22, 2017, Broadcom and ARRIS International plc announced that they have reached an agreement for ARRIS to acquire Brocade's Ruckus Wireless and ICX campus switch businesses. This transaction is expected to be completed after the close of Broadcom's acquisition of Brocade. Please see important note of explanation about the use of non-GAAP financial measures below, including a detailed reconciliation between GAAP and non-GAAP information in the tables included herein. Other Q1 2017 product, customer, and partner announcements are available at http://newsroom.brocade.com/. Financial Highlights and Additional Financial Information Please see important note of explanation about the use of non-GAAP financial measures below, including a detailed reconciliation between GAAP and non-GAAP information in the tables included herein. Non-GAAP Financial Measures To supplement financial information presented on a GAAP basis, Brocade provides information presented on a non-GAAP basis. These non-GAAP financial measures include non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP operating income, non-GAAP tax rate, non-GAAP net income, and non-GAAP EPS. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, financial information presented on a GAAP basis. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. The most directly comparable GAAP information and a reconciliation between the GAAP and non-GAAP amounts is provided in the tables at the end of this press release. Management believes that the non-GAAP financial measures used in this press release allow management to gain a better understanding of Brocade's comparative operating performance, both from period to period and relative to its competitors. These non-GAAP financial measures also help with the determination of Brocade's baseline performance before gains, losses or charges that are considered by management to be outside of ongoing operating results. Accordingly, management uses these non-GAAP financial measures for planning and forecasting of future periods and in making decisions regarding operations and the allocation of resources. Management believes these non-GAAP financial measures, when read in conjunction with Brocade's GAAP financials, provide useful information to investors by offering: In determining non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP operating income, non-GAAP tax rate, non-GAAP net income and non-GAAP EPS, management excludes certain gains or losses and benefits or costs that are the result of events that arise outside the ordinary course of Brocade's continuing operations. Management believes that it is appropriate to evaluate Brocade's operating performance by excluding those items that are not indicative of ongoing operating results or limit comparability. Such items include, but are not limited to: (i) impact to cost of revenues from purchase accounting adjustments to inventory; (ii) acquisition and integration costs; and (iii) restructuring and other related benefits. Management also excludes the following non-cash charges in determining these non-GAAP financial measures: (i) stock-based compensation expense; (ii) amortization of purchased intangible assets; and (iii) non-cash interest expense related to the convertible debt. Management believes that the exclusion of stock-based compensation allows for more accurate comparisons of Brocade's operating results to Brocade's peer companies. This is due to the varying use of valuation methodologies and subjective assumptions and the variety of award types. In addition, the exclusion of the expense associated with the amortization of acquisition-related intangible assets is appropriate because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have short lives, and the exclusion of amortization expense allows comparisons of operating results that are consistent over time for Brocade's newly acquired and long-held businesses. In connection with the convertible debt, under the relevant accounting guidance, a non-cash interest expense is recognized for the convertible debt as an imputed interest expense for the conversion feature. Management believes excluding the non-cash interest expense related to the convertible debt from its non-GAAP financial measures is useful for investors because the expense does not represent a cash outflow in the respective reporting periods and is not indicative of ongoing operating performance. Finally, management believes that it is appropriate to exclude the tax effects of the items noted above and (i) tax charges and benefits related to unusual or infrequent intercompany transactions; (ii) tax charges or benefits that are a result of the implementation of restructuring plans; and (iii) tax charges resulting from the integration of intellectual property assets from acquisitions. Management believes that the exclusion of these items from its non-GAAP tax provision provides a more meaningful measure of Brocade's operational performance of non-GAAP net income and non-GAAP EPS. Limitations: These non-GAAP financial measures have limitations because they do not include all items of income and expense that impact the company. In addition, these non-GAAP financial measures may not be comparable to similar measurements reported by other companies. Management compensates for these limitations by relying primarily on its GAAP results and using non-GAAP financial measures only supplementally. Management also provides robust and detailed reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure, and management encourages investors to review carefully those reconciliations. Forward-Looking Statements This press release contains forward-looking statements including, but not limited to, statements regarding Brocade's financial results, goals, plans, strategy, business outlook and prospects. These statements are based on current expectations as of the date of this press release and involve a number of risks, uncertainties and assumptions that may cause actual results to differ significantly. The risks, uncertainties and assumptions include, but are not limited to: the effect on Brocade of increasing market competition and changes in the industry; the impact on Brocade of conditions in the market for Storage Area Networking products; Brocade's ability to execute on its sales strategy and plans for future operations; the impact on Brocade of macroeconomic trends and events and changes in IT spending levels; Brocade's ability to introduce and achieve market acceptance of new products and support offerings on a timely basis; risks associated with Brocade's international operations; and integration and other risks associated with acquisitions, divestitures and strategic investments. The risks, uncertainties and assumptions also include, but are not limited to: the risk that the proposed acquisition by Broadcom may not be completed in a timely manner or at all, which may adversely affect Brocade's business and the price of the common stock of Brocade; the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain governmental and regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the proposed transaction on Brocade's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from Brocade's ongoing business operations; the outcome of legal proceedings that have been and may in the future be instituted against us related to the merger agreement or the proposed transaction; and unexpected costs, charges or expenses resulting from the proposed transaction. Certain of these and other risks are set forth in more detail in Brocade's Annual Report on Form 10-K for the fiscal year ended October 29, 2016. Brocade does not assume any obligation to update or revise any such forward-looking statements whether as the result of new developments or otherwise. About Brocade Brocade ( : BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation. With solutions spanning public and private data centers to the network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) Brocade and the B-wing symbol are registered trademarks of Brocade Communications Systems, Inc., in the United States and many other countries. Other brands, products, or service names mentioned herein may be trademarks of Brocade or others. Additional information about Brocade's trademarks is available at: http://www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html.


News Article | February 23, 2017
Site: www.marketwired.com

SAN JOSE, CA--(Marketwired - Feb 23, 2017) - Brocade® ( : BRCD) will report its financial results for the fiscal first quarter of 2017 shortly after 4:00 p.m. EST today. The earnings announcement will be available on the Brocade Investor Relations website at www.brcd.com/results.cfm. The earnings announcement will be furnished to the SEC on Form 8-K and will also be distributed by Marketwired later this afternoon. On November 2, 2016, Brocade announced that it had entered into a definitive agreement under which Brocade would be acquired by Broadcom Limited. In light of the pending acquisition, Brocade will not provide fiscal Q2 2017 guidance and will not conduct an earnings conference call to discuss its financial results. About Brocade Brocade ( : BRCD) networking solutions help the world's leading organizations turn their networks into platforms for business innovation. With solutions spanning public and private data centers to the network edge, Brocade is leading the industry in its transition to the New IP network infrastructures required for today's era of digital business. (www.brocade.com) Forward-Looking Statements This communication contains forward-looking statements. These statements are based on current expectations as of the date hereof and involve a number of risks, uncertainties and assumptions that may cause actual results to differ significantly. The risks, uncertainties and assumptions include, but are not limited to: the effect on Brocade of increasing market competition and changes in the industry; the impact on Brocade of conditions in the market for Storage Area Networking products; Brocade's ability to execute on its sales strategy and plans for future operations; the impact on Brocade of macroeconomic trends and events and changes in IT spending levels; Brocade's ability to introduce and achieve market acceptance of new products and support offerings on a timely basis; risks associated with Brocade's international operations; and integration and other risks associated with acquisitions, divestitures and strategic investments. The risks, uncertainties and assumptions also include, but are not limited to: the risk that the proposed acquisition by Broadcom may not be completed in a timely manner or at all, which may adversely affect Brocade's business and the price of the common stock of Brocade; the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain governmental and regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the proposed transaction on Brocade's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from Brocade's ongoing business operations; the outcome of legal proceedings that have been and may in the future be instituted against us related to the merger agreement or the proposed transaction; and unexpected costs, charges or expenses resulting from the proposed transaction. Certain of these and other risks are set forth in more detail in Brocade's Annual Report on Form 10-K for the fiscal year ended October 29, 2016. Brocade does not assume any obligation to update or revise any such forward-looking statements whether as the result of new developments or otherwise. Brocade, the B-wing symbol, and MyBrocade are registered trademarks of Brocade Communications Systems, Inc., in the United States and in other countries. Other brands, product names, or service names mentioned of Brocade Communications Systems, Inc. are listed at www.brocade.com/en/legal/brocade-Legal-intellectual-property/brocade-legal-trademarks.html. Other marks may belong to third parties.


BARCELONA, Spain, Feb. 27, 2017 /PRNewswire/ -- Mobile World Congress -- Ruckus Wireless, a part of Brocade, and Intersection, an urban experience company, today announced a partnership aimed at bringing free high-speed public Wi-Fi to city streets and transit hubs around the globe....

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