Foundry Networks Sees Rise in Quarterly Revenue

Foundry Networks reported quarterly revenue of $101.7 million, compared to $95.7 million in the previous quarter, and $76.6 million in the same period last year. Foundry earned net income of $20.8 million, or $0.15 per diluted share in the third quarter, compared to net income of $16.8 million, or $0.13 per diluted share, in the prior quarter, and net income of $7.0 million, or $0.06 per diluted share, for the same period in 2002. Gross margins were at a record 67%.


Bobby Johnson, President and CEO of Foundry Networks, said "revenue strength was balanced across diverse verticals and geographies during the period." About 30% of the company's revenue comes from the federal government.
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