Earnings reports

Foundry Lowers Q1 Outlook

SAN JOSE, Calif. -- Foundry Networks®, Inc. (Nasdaq:FDRY - news), today announced that it expects net revenue for the first quarter ended March 31, 2001 to be approximately $78 million to $81 million. Based on these revenues, the Company expects to be cash flow positive for the first quarter and post its ninth consecutive profitable quarter.

The Company attributed the reduced revenue expectations to lower than anticipated customer orders due primarily to a greater than expected domestic economic slowdown and weaker than expected spending trends within the network infrastructure equipment industry. ``Despite the lower revenue expectations, we are nonetheless pleased that we expect to post a profit for the ninth consecutive quarter," said Bobby R. Johnson, Jr., president and CEO of Foundry Networks.

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