Extreme Announces Q3 Results
Net income, including the impact of amortization of goodwill and intangibles, for the third quarter of fiscal 2001, was $(70.1) million, or $(0.64) per share, compared with third quarter fiscal 2000 net income of $9.1 million, or $0.08 per share, and net income of $8.1 million, or $0.07 per share, in the second quarter of fiscal 2001. All per-share amounts are computed on a diluted basis.
Consistent with its April 5, 2001 pre-announcement, Extreme Networks' pro forma net income, which excludes the effects of the amortization of goodwill and intangibles, restructuring charges, one-time charges associated with inventory write-offs, and asset impairments for the third quarter of fiscal 2001, was $(7.1) million, or $(0.07) per share, compared with third quarter of fiscal 2000 net income of $9.0 million, or $0.08 per share. All per-share amounts are computed on a diluted basis.
"The continuation of this current economic slowdown has forced companies to re-evaluate their short-term purchase decisions," said Gordon Stitt, CEO, Extreme Networks, Inc. "During this period, Extreme Networks will continue to emphasize its long-term strategy and build upon its core values. Extreme Networks' strength is that our solutions simplify corporate networks and help companies achieve greater ROI. Rarely have these two concepts been more important in the global marketplace than today. By this standard, we remain optimistic long-term and believe that key decisions made during the last quarter such as our successful acquisitions of Optranet and Webstacks and our customer wins with Telia of Sweden and Wind Aziende of Italy will help further entrench Extreme Networks into broadband networking."