25 October 2002 -- Foundry Networks, San Jose, CA, has reported positive financial results for its third quarter ended September 30, 2002. Net revenue for the third quarter increased to USD76.6m, compared to USD75.0m for the second quarter of 2002, and USD74.7m for Q3 2001.
Foundry Networks earned net income of USD7.0m, or USD0.06 per diluted share in the third quarter of 2002, compared with net income of USD4.0m, or USD0.03 per share in the second quarter of 2002, and net income of USD1.9m or USD0.02 per share during the third quarter of 2001.
"The third quarter was a period of solid execution for Foundry," said Bobby Johnson, President & CEO of Foundry Networks. "Both gross margins and net margins reached their highest levels of 2002, and we improved our backlog and book-to-bill metrics."
Johnson added, "While we remain very optimistic about Foundry's longer-term prospects, navigating the current economic environment requires us to focus our day-to-day efforts on intelligently pursuing new customers, as well as creatively serving existing accounts. We continue to maintain a cost-efficient organization, all the while investing in product and corporate development designed to strengthen our market position."
- Verio deployed Foundry Networks' 10-Gigabit Ethernet solution to power the NTT/VERIO global IP network.
- Foundry participated in the world's first VPLS multi-vendor interoperability test.
- Foundry announced market share leadership in three market segments through significant market share gains.
- Amsterdam Internet Exchange upgraded its backbone with Foundry Networks' 10-Gigabit Ethernet solution to better serve over 130 Internet Service Providers.
- SP Telecommunications announced that they would utilize Foundry Networks' switches to provide broadband services in Asia.
- Foundry's BigIron 10-Gigabit Ethernet solution was named "Best of Show" At Networld + Interop 2002 Tokyo.