Brocade® (NASDAQ: BRCD) today reported financial results for its second fiscal quarter ended April 28, 2012. Brocade reported second quarter revenue of $543.4 million, representing a decrease of 1% year-over-year and 3% quarter-over-quarter and resulting in diluted earnings per share of $0.08 on a GAAP basis and diluted e....." />
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Brocade Reports Fiscal Q2 2012 Results

GAAP EPS Increased 58% Yr./Yr.; Non-GAAP EPS Increased 24% Yr./Yr.Driven by Margin Expansion, Debt Reduction and Share RepurchasesAnnounces $500 Million Additional Stock Repurchase Authorization (May 17, 2012)

SAN JOSE, CA -- (Marketwire) -- 05/17/12 -- Brocade® (NASDAQ: BRCD) today reported financial results for its second fiscal quarter ended April 28, 2012. Brocade reported second quarter revenue of $543.4 million, representing a decrease of 1% year-over-year and 3% quarter-over-quarter and resulting in diluted earnings per share of $0.08 on a GAAP basis and diluted earnings per share of $0.15 on a non-GAAP basis, up 58% and 24% year-over-year, respectively.

"We ended the quarter with revenue of $543 million, which came in at the high-end of our guidance, and exceeded our expectations for non-GAAP EPS, which was up 24% year-over-year. Our focus remains on driving profitability in the near-term as we invest in the business and position Brocade for long-term success. We will continue to drive innovation, leverage our investments and maintain spending discipline through the remainder of fiscal year 2012. We are committed to growing revenues with the goal of increasing profits faster than revenue this year and to driving shareholder value by continuing to execute our strategy," said Michael Klayko, CEO of Brocade.

Summary of Q2 2012 results:

  • Storage business revenue, including products and services, was $400.1 million, up 3% year-over-year and down 2% sequentially. Storage product revenue increased 4% year-over-year and decreased 3% sequentially, slightly better than expected in a seasonally soft quarter for our OEM partners. Brocade's industry-leading 16 Gbps Fibre Channel portfolio, which includes the Brocade 6505 entry-level switch launched during Q2 2012, represented 23% of total Director and Switch revenue in the quarter. Excluding $5.1 million of revenue from the divested SBS business unit in Q2 2011, storage business revenue was up 4% year-over-year.
  • Ethernet business revenue, including products and services, was $143.4 million, down 10% year-over-year and down 7% quarter-over-quarter. Revenue performance for the Ethernet business was impacted by continued softness in Federal sales which was down 12% year-over-year and 20% quarter-over-quarter. Enterprise business revenue was down 22% year-over-year due in part to the transition to a two-tier distribution channel model that impacted sales and average selling prices. While Enterprise revenue did improve from the prior quarter, the Company remains focused on driving higher revenue and profitability in this segment going forward. Service Provider business revenue was up 18% year-over-year driven by growth in the number of customers, but was down quarter-over-quarter as these customers made fewer large purchases.
  • GAAP gross margin was 62.0% and non-GAAP gross margin was 64.8% in Q2 2012, compared to 59.9% and 63.4% in Q2 2011, respectively. The improvement in gross margin was driven by a favorable mix to higher margin Storage products and margin expansion in Global Services primarily from the sale of the SBS business unit that was completed in September 2011.
  • GAAP operating margin was 9.5% and non-GAAP operating margin was 18.6% in Q2 2012, compared to 8.4% and 18.0% in Q2 2011, respectively. The improvement in operating margin was driven by the higher gross margin partially offset by higher operating expenses in Q2 2012.
  • Operating cash flow was $140.3 million, in Q2 2012. During the quarter, the Company reduced its term loan by $50.0 million resulting in the term loan balance of $70.0 million exiting the quarter. Interest expense was $12.7 million in Q2 2012, down 39% year-over-year, due to a reduction of the term loan principal by $182.3 million over the last 12 months and the refinancing of the loan in June 2011 which lowered the interest rate.
  • Non-GAAP EPS of $0.15 in Q2 2012 was up 24% year-over-year, which marks the third consecutive quarter of non-GAAP EPS year-over-year growth of nearly 20% or more.
  • Non-GAAP EPS included a tax benefit of approximately $8.3 million from the closure of various tax audits in the United States during Q2 2012.
  • Average diluted shares outstanding exiting Q2 2012 were down 24.7 million shares from Q2 2011, principally from share repurchases during the past year including 4.4 million shares ($25 million) repurchased during Q2 2012. Brocade has already repurchased more than $30 million of shares during Q3 2012.
  • The Brocade Board of Directors recently approved an increase of $500 million to the authorized stock repurchase program which brings the remaining balance to approximately $624 million as of yesterday. With this action from the Board, Brocade plans to be more active with the Company's share repurchases.

"The Company is always looking for ways to further enhance shareholder value. With the Company's improving debt position and strong cash flow, I am pleased with the Board's decision to increase the authorization for Brocade's stock repurchase program. The Company remains diligent in its efforts to refine and enhance its strategies to appropriately evolve the business while driving growth and consistent profitability," said Mr. Klayko.


Brocade management will host a conference call to discuss fiscal second quarter results and fiscal third quarter outlook today at 2:30 p.m. PT (5:30 p.m. ET). To access the webcast please go to www.brcd.com/events.cfm. A replay of the conference call, as well as corresponding slides and a written transcript, will be available at www.brcd.com.

Other Q2 2012 product, customer and partner announcements are available at http://newsroom.brocade.com/.

Brocade
130 Holger Way, San Jose, CA. 95134
T. 408.333.8000 F. 408.333.8101
www.brocade.com

Financial Highlights and Additional Financial Information

Q2 2012 Q1 2012 Q2 2011 --------- --------- --------- Revenue $ 543M $ 561M $ 548M GAAP net income $ 39M $ 59M $ 26M Non-GAAP net income $ 72M $ 93M $ 61M GAAP EPS - diluted $ 0.08 $ 0.12 $ 0.05 Non-GAAP EPS - diluted $ 0.15 $ 0.20 $ 0.12 GAAP gross margin 62.0% 61.5% 59.9% Non-GAAP gross margin 64.8% 64.8% 63.4% GAAP operating income $ 52M $ 69M $ 46M Non-GAAP operating income $ 101M $ 120M $ 98M GAAP operating margin 9.5% 12.4% 8.4% Non-GAAP operating margin 18.6% 21.5% 18.0% Adjusted EBITDA (1) $ 123M $ 140M $ 121M Cash provided by operations $ 140M $ 127M $ 114M

  • Q2 2012 effective GAAP tax benefit was 1.8% and effective non-GAAP effective tax rate was 17.8%.
  • Q2 2012 total Storage Area Networking (SAN) port shipments were approximately 1.1 million.

Please see important note of explanation on Non-GAAP measures below, including a detailed reconciliation between GAAP and Non-GAAP information in the tables included herein.

Q2 2012 Q1 2012 Q2 2011 -------- -------- -------- As a % of total revenues OEM revenues 70% 69% 64% Channel/Direct revenues 30% 31% 36% 10% or greater customer revenues 58% 48% 53% Domestic revenues 65% 61% 62% International revenues 35% 39% 38% Data Storage Products Revenues 63% 63% 60% Ethernet Products Revenues 21% 22% 23% Global Services Revenue 16% 15% 17% Ethernet Business Revenues (2) 26% 28% 29% As a % of Ethernet Business Revenues: Enterprise, excluding Federal 54% 45% 61% Federal 11% 13% 12% Service Provider 35% 42% 27% Q2 2012 Q1 2012 Q2 2011 --------- --------- --------- Cash, cash equivalents and short-term investments $ 545M $ 485M $ 466M Deferred revenues $ 278M $ 278M $ 272M Capital expenditures $ 21M $ 18M $ 27M Total debt, net of discount $ 670M $ 720M $ 836M Days sales outstanding 36 days 36 days 48 days Employees at end of period 4,600 4,542 4,762

1) Adjusted EBITDA is as defined in the Term Debt Credit Agreement.
2) Ethernet Business revenues include product and global services revenues.

Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. In evaluating Brocade's performance, management uses certain non-GAAP financial measures to supplement consolidated financial statements prepared under GAAP.

Management believes that non-GAAP financial measures used in this press release allow management to gain a better understanding of Brocade's comparative operating performance both from period to period, and to its competitors' operating results. Management also believes these non-GAAP financial measures help indicate Brocade's baseline performance before gains, losses or charges that are considered by management to be outside ongoing operating results. Accordingly, management uses these non-GAAP financial measures for planning and forecasting of future periods and in making decisions regarding operations performance and the allocation of resources. Management believes these non-GAAP financial measures, when read in conjunction with Brocade's GAAP financials, provide useful information to investors by offering:

  • the ability to make more meaningful period-to-period comparisons of Brocade's ongoing operating results;
  • the ability to make more meaningful comparisons of Brocade's operating performance against industry and competitor companies;
  • the ability to better identify trends in Brocade's underlying business and to perform related trend analysis;
  • a better understanding of how management plans and measures Brocade's underlying business; and
  • an easier way to compare Brocade's most recent results of operations against investor and analyst financial models.

Management excludes certain gains or losses and benefits or costs in determining non-GAAP net income that are the result of infrequent events or arise outside the ordinary course of Brocade's continuing operations. Management believes that it is appropriate to evaluate Brocade's operating performance by excluding those items that are not indicative of ongoing operating results or limit comparability. Such items include: (i) provision or benefit from certain pre-acquisition litigation (ii) legal fees associated with certain pre-acquisition litigation, (iii) legal fees associated with indemnification obligations and other related costs, net, (iv) acquisition and integration costs, (v) loss on sale of property, (vi) interest expense related to the adoption of new standards relating to convertible debt instruments, (vii) original issue discount and debt issuance costs of debt related to lenders that did not participate in refinancing, and (viii) loss on sale of a subsidiary.

Management also excludes the following non-cash charges in determining non-GAAP net income (i) stock-based compensation expense and (ii) amortization of purchased intangible assets. Because of varying available valuation methodologies, subjective assumptions and the variety of award types, management believes that the exclusion of stock-based compensation allows for more accurate comparisons of our operating results to our peer companies. Management believes that the expense associated with the amortization of acquisition-related intangible assets is appropriate to be excluded because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have short lives and exclusion of the amortization expense allows comparisons of operating results that are consistent over time for Brocade's newly acquired and long-held businesses.

Finally, management believes that it is appropriate to exclude the tax effects of the items noted above in order to present a more meaningful measure of non-GAAP net income.

Limitations These non-GAAP financial measures have limitations, however, because they do not include all items of income and expense that impact the Company. Management compensates for these limitations by also considering Brocade's GAAP results. The non-GAAP financial measures that Brocade uses are not prepared in accordance with, and should not be considered an alternative to measurements required by GAAP, such as operating income, net income and net income per share, and should not be considered measurements of Brocade's liquidity. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. In addition, these non-GAAP financial measures may not be comparable to similar measurements reported by other companies.

Cautionary Statement
This press release contains statements that are forward-looking in nature, including statements regarding Brocade's strategy and its routes to market. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, changes in IT spending levels in one or more of our target markets including the government sector, Brocade's ability to capitalize on new Brocade sales and marketing initiatives, including expanded go-to-market activities in our Ethernet business, customer acceptance of Brocade's Ethernet fabric solutions, Brocade's ability to continue to successfully innovate new products and services on a timely basis and achieve widespread market acceptance, and the effect of increasing market competition and changes in the industry. Certain of these and other risks are set forth in more detail in our Form 10-Q for the fiscal quarter ended January 28, 2012 and in "Item 1A. Risk Factors" in Brocade's Annual Report on Form 10-K for the fiscal year ended October 29, 2011. Brocade does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

About Brocade
Brocade (NASDAQ: BRCD) networking solutions help the world's leading organizations transition smoothly to a world where applications and information reside anywhere. (www.brocade.com)

Brocade, the B-wing symbol, DCX, Fabric OS, and SAN Health are registered trademarks, and Brocade Assurance, Brocade NET Health, Brocade One, CloudPlex, MLX, VCS, VDX, and When the Mission Is Critical, the Network Is Brocade are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. Other brands, products, or service names mentioned are or may be trademarks or service marks of their respective owners.

©2012 Brocade Communications Systems, Inc. All Rights Reserved.

BROCADE COMMUNICATIONS SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended Six Months Ended ------------------------ ------------------------ April 28, April 30, April 28, April 30, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- (In thousands, except per share amounts) Net revenues Product $ 456,104 $ 457,495 $ 932,406 $ 914,524 Service 87,335 90,869 171,675 179,596 ----------- ----------- ----------- ----------- Total net revenues 543,439 548,364 1,104,081 1,094,120 ----------- ----------- ----------- ----------- Cost of revenues Product 164,177 171,075 339,584 348,691 Service 42,180 48,680 82,646 95,937 ----------- ----------- ----------- ----------- Total cost of revenues 206,357 219,755 422,230 444,628 ----------- ----------- ----------- ----------- Gross margin 337,082 328,609 681,851 649,492 Operating expenses: Research and development 92,931 91,941 182,250 183,349 Sales and marketing 158,855 156,979 311,543 309,646 General and administrative 18,790 18,469 37,140 36,559 Legal fees associated with indemnification obligations and other related costs, net -- -- -- 124 Amortization of intangible assets 14,737 15,023 29,730 31,213 ----------- ----------- ----------- ----------- Total operating expenses 285,313 282,412 560,663 560,891 ----------- ----------- ----------- ----------- Income from operations 51,769 46,197 121,188 88,601 Interest expense (12,729) (20,745) (25,775) (42,291) Interest and other income (loss), net (452) 16 (1,448) 359 ----------- ----------- ----------- ----------- Income before income tax benefit 38,588 25,468 93,965 46,669 Income tax benefit (708) (611) (3,915) (6,328) ----------- ----------- ----------- ----------- Net income $ 39,296 $ 26,079 $ 97,880 $ 52,997 =========== =========== =========== =========== Net income per share -- basic $ 0.09 $ 0.06 $ 0.22 $ 0.11 =========== =========== =========== =========== Net income per share -- diluted $ 0.08 $ 0.05 $ 0.21 $ 0.11 =========== =========== =========== =========== Shares used in per share calculation -- basic 457,541 473,209 455,017 469,158 =========== =========== =========== =========== Shares used in per share calculation -- diluted 476,848 501,511 472,793 496,338 =========== =========== =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) April 28, October 29, 2012 2011 ----------- ----------- (In thousands) Assets Current assets: Cash and cash equivalents $ 544,339 $ 414,202 Short-term investments 797 774 ----------- ----------- Total cash, cash equivalents and short-term investments 545,136 414,976 Accounts receivable, net of allowances for doubtful accounts of $1,144 and $1,388 at April 28, 2012 and October 29, 2011, respectively 217,837 249,141 Inventories 81,551 74,172 Deferred tax assets 62,014 53,604 Prepaid expenses and other current assets 52,277 52,308 ----------- ----------- Total current assets 958,815 844,201 Property and equipment, net 527,226 532,384 Goodwill 1,625,931 1,630,967 Intangible assets, net 160,164 214,697 Non-current deferred tax assets 200,535 210,028 Other assets 40,341 42,031 ----------- ----------- Total assets $ 3,513,012 $ 3,474,308 =========== =========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 102,699 $ 109,471 Accrued employee compensation 129,901 118,298 Deferred revenue 207,084 201,421 Current liabilities associated with facilities lease losses 875 1,456 Current portion of long-term debt 17,330 40,539 Other accrued liabilities 95,245 94,802 ----------- ----------- Total current liabilities 553,134 565,987 Long-term debt, net of current portion 652,365 748,904 Non-current liabilities associated with facilities lease losses 2,122 2,496 Non-current deferred revenue 71,018 69,024 Non-current income tax liability 48,772 63,593 Other non-current liabilities 10,175 10,166 ----------- ----------- Total liabilities 1,337,586 1,460,170 ----------- ----------- Stockholders' equity: Common stock 458 448 Additional paid-in capital 2,051,063 1,984,830 Accumulated other comprehensive loss (14,831) (11,996) Retained earnings 138,736 40,856 ----------- ----------- Total stockholders' equity 2,175,426 2,014,138 ----------- ----------- Total liabilities and stockholders' equity $ 3,513,012 $ 3,474,308 =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended ------------------------ April 28, April 30, 2012 2011 ----------- ----------- (In thousands) Cash flows from operating activities: Net income $ 39,296 $ 26,079 Adjustments to reconcile net income to net cash provided by operating activities: Excess tax (benefits) detriments from stock- based compensation (185) 877 Depreciation and amortization 47,419 51,711 Loss on disposal of property and equipment 40 1,734 Amortization of debt issuance costs and original issue discount 1,392 4,466 Net (gains) losses on investments (12) 6 Provision for doubtful accounts receivable and sales allowances 3,164 2,643 Non-cash compensation expense 23,858 22,530 Changes in assets and liabilities: Accounts receivable (1,638) (26,042) Inventories (553) (7,345) Prepaid expenses and other assets (1,311) (3,889) Deferred tax assets 170 (24) Accounts payable 2,867 8,329 Accrued employee compensation 21,656 29,131 Deferred revenue (353) 6,552 Other accrued liabilities 4,658 (1,900) Liabilities associated with facilities lease losses (200) (1,153) ----------- ----------- Net cash provided by operating activities 140,268 113,705 ----------- ----------- Cash flows from investing activities: Purchases of short-term investments -- (13) Proceeds from maturities and sale of short-term investments -- 1 Proceeds from sale of subsidiary 250 -- Purchases of property and equipment (20,713) (27,180) ----------- ----------- Net cash used in investing activities (20,463) (27,192) ----------- ----------- Cash flows from financing activities: Payment of principal related to the term loan (50,000) (58,892) Payment of principal related to capital leases (464) (437) Common stock repurchases (25,066) -- Proceeds from issuance of common stock 15,320 21,911 Excess tax benefits (detriments) from stock- based compensation 185 (877) ----------- ----------- Net cash used in financing activities (60,025) (38,295) ----------- ----------- Effect of exchange rate fluctuations on cash and cash equivalents 320 1,161 ----------- ----------- Net increase in cash and cash equivalents 60,100 49,379 Cash and cash equivalents, beginning of period 484,239 414,183 ----------- ----------- Cash and cash equivalents, end of period $ 544,339 $ 463,562 =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended ------------------------ April 28, April 30, 2012 2011 ----------- ----------- (In thousands) Cash flows from operating activities: Net income $ 97,880 $ 52,997 Adjustments to reconcile net income to net cash provided by operating activities: Excess tax (benefits) detriments from stock- based compensation (1,332) 877 Depreciation and amortization 97,524 104,233 Loss on disposal of property and equipment 296 1,910 Amortization of debt issuance costs and original issue discount 2,626 9,195 Net gains on investments (24) (10) Provision for doubtful accounts receivable and sales allowances 5,864 5,071 Non-cash compensation expense 45,677 42,436 Changes in assets and liabilities: Accounts receivable 25,440 24,031 Inventories (7,379) (17,664) Prepaid expenses and other assets 300 (6,907) Deferred tax assets 192 (30) Accounts payable (6,689) (10,253) Accrued employee compensation 8,643 19,715 Deferred revenue 7,657 21,169 Other accrued liabilities (8,401) (11,976) Liabilities associated with facilities lease losses (955) (2,853) ----------- ----------- Net cash provided by operating activities 267,319 231,941 ----------- ----------- Cash flows from investing activities: Purchases of short-term investments -- (38) Proceeds from maturities and sale of short-term investments -- 20 Proceeds from sale of subsidiary 35 -- Purchases of property and equipment (38,269) (50,575) ----------- ----------- Net cash used in investing activities (38,234) (50,593) ----------- ----------- Cash flows from financing activities: Payment of principal related to the term loan (120,000) (98,640) Payment of principal related to capital leases (920) (868) Common stock repurchases (25,066) -- Proceeds from issuance of common stock 47,261 47,388 Excess tax benefits (detriments) from stock- based compensation 1,332 (877) ----------- ----------- Net cash used in financing activities (97,393) (52,997) ----------- ----------- Effect of exchange rate fluctuations on cash and cash equivalents (1,555) 1,227 ----------- ----------- Net increase in cash and cash equivalents 130,137 129,578 Cash and cash equivalents, beginning of period 414,202 333,984 ----------- ----------- Cash and cash equivalents, end of period $ 544,339 $ 463,562 =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME (Unaudited) Three Months Ended ------------------------ April 28, April 30, 2012 2011 ----------- ----------- (In thousands, except per share amounts) Net income on a GAAP basis $ 39,296 $ 26,079 Adjustments: Stock-based compensation expense included in cost of revenues 4,596 4,167 Amortization of intangible assets expense included in cost of revenues 10,713 14,466 Legal fees associated with certain pre- acquisition litigation -- 216 ----------- ----------- Total gross margin adjustments 15,309 18,849 ----------- ----------- Legal fees associated with indemnification obligations and other related costs, net -- -- Stock-based compensation expense included in research and development 5,603 5,111 Stock-based compensation expense included in sales and marketing 10,687 9,619 Stock-based compensation expense included in general and administrative 2,972 3,633 Amortization of intangible assets expense included in operating expenses 14,737 15,023 ----------- ----------- Total operating expense adjustments 33,999 33,386 ----------- ----------- Total operating income adjustments 49,308 52,235 Income tax effect of adjustments (16,380) (17,046) ----------- ----------- Non-GAAP net income $ 72,224 $ 61,268 =========== =========== Non-GAAP net income per share -- basic $ 0.16 $ 0.13 =========== =========== Non-GAAP net income per share -- diluted $ 0.15 $ 0.12 =========== =========== Shares used in non-GAAP per share calculation -- basic 457,541 473,209 =========== =========== Shares used in non-GAAP per share calculation -- diluted 476,848 501,511 =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME (Unaudited) Six Months Ended ------------------------ April 28, April 30, 2012 2011 ----------- ----------- (In thousands, except per share amounts) Net income on a GAAP basis $ 97,880 $ 52,997 Adjustments: Stock-based compensation expense included in cost of revenues 8,971 7,027 Amortization of intangible assets expense included in cost of revenues 24,803 28,933 Legal fees associated with certain pre- acquisition litigation (51) 293 ----------- ----------- Total gross margin adjustments 33,723 36,253 ----------- ----------- Legal fees associated with indemnification obligations and other related costs, net -- 124 Stock-based compensation expense included in research and development 10,631 9,394 Stock-based compensation expense included in sales and marketing 20,463 18,411 Stock-based compensation expense included in general and administrative 5,612 7,604 Amortization of intangible assets expense included in operating expenses 29,730 31,213 ----------- ----------- Total operating expense adjustments 66,436 66,746 ----------- ----------- Total operating income adjustments 100,159 102,999 Income tax effect of adjustments (33,003) (34,249) ----------- ----------- Non-GAAP net income $ 165,036 $ 121,747 =========== =========== Non-GAAP net income per share -- basic $ 0.36 $ 0.26 =========== =========== Non-GAAP net income per share -- diluted $ 0.35 $ 0.25 =========== =========== Shares used in non-GAAP per share calculation -- basic 455,017 469,158 =========== =========== Shares used in non-GAAP per share calculation -- diluted 472,793 496,338 =========== ===========

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BROCADE CONTACTS
Public Relations
John Noh
Tel: 408-333-5108
jnoh@brocade.com

Investor Relations
Robert Eggers
Tel: 408-333-8797
reggers@brocade.com


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