Foundry Networks posted Q4 2007 revenue of $168.7 million, compared to $132.0 million in the fourth quarter of 2006 and compared to $159.5 million in the third quarter of 2007, an increase of 27.7% and 5.7% respectively. Net income was $28.9 million, or $0.18 per diluted share, compared to net income of $15.7 million, or $0.10 per diluted share, in the fourth quarter of 2006, and net income of $27.6 million, or $0.18 per diluted share, in the third quarter of 2007.
Included in Foundry’s results for the fourth quarter of 2007 were $13.2 million of non-cash stock-based compensation expense and $54,000 of expenses related to the stock option investigation and restatement of Foundry’s consolidated financial statements. Excluding these expenses and the related tax effect, non-GAAP net income in the fourth quarter of 2007 was $37.8 million and non-GAAP net income per diluted share was $0.24.
Foundry Networks said that in Q4, North American commercial (non Federal Government) revenue represented 48% of total revenue while sales to Europe, the Middle East and Africa (EMEA) represented 18% of total revenue. Business from Japan increased to 6% of total revenue, while sales from the rest of Asia increased to 9% of total revenue.
Sales to the U.S. Federal Government remained strong, representing 19% of total revenue.
Within the service provider market, router revenue grew to 20% of total revenue, a 26% increase from the third quarter of 2007. Overall, service provider revenue grew to represent 26% of total revenue in the quarter.
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