Foundry Networks posted Q3 revenue of $107.1 million, up from $96.6 million in the second quarter of 2005, and $102.5 million in the third quarter of 2004. Net income was $16.3 million, or $0.11 per diluted share, in the third quarter of 2005, compared to net income of $9.6 million, or $0.07 per diluted share, in the second quarter of 2005, and a net loss of $3.6 million, or $0.03 loss per diluted share, in the third quarter of 2004. Included in the company’s results for the third quarter of 2005 was a $2.6 million expense related to a patent cross-license agreement with IBM Corporation.
Foundry’s U.S. Federal Government revenue was seasonally strong, representing 22% of the company’s total revenue in the third quarter compared to 15% in the second quarter.
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