Foundry Networks reported Q1 revenue of $104.0 million, compared to $91.1 million in the first quarter of 2003. Foundry earned net income of $19.9 million, or $0.14 per diluted share in the first quarter, compared to net income of $13.4 million, or $0.11 per diluted share, in the first quarter of 2003.
“We saw several positive signs during the quarter. Our domestic business improved, sales to the Federal Government remained strong and continued to represent more than 30% of our revenues, and most regions performed to our expectations. However, our revenues in Japan, which reached record levels in 2003, were below our expectations in the first quarter. We believe this was due to the timing of several service provider follow-on orders through our largest customer/reseller in Japan, Mitsui,” said Bobby Johnson, President and CEO of Foundry Networks. http://www.foundrynetworks.com
