Foundry Networks warned that its net revenue for the first quarter ended March 31, 2005 is expected to be approximately $84 million, compared to the company’s previous forecast of $100-$110 million. The Company also expects earnings per diluted share for the first quarter to be in the range of $0.06 to $0.07, versus the Company’s previous forecast of $0.08 to $0.12.
“We believe the shortfall in our revenue as compared to our forecast was influenced primarily by two factors,” said Bobby Johnson, President and CEO of Foundry Networks. “First, we experienced a slowdown in our U.S. Federal Government orders. Second, our sales to North American enterprise customers were below our initial forecast for the period.”http://www.foundrynetworks.com
