SAN JOSE, CA–(Marketwired – May 22, 2014) – Brocade^® (NASDAQ: BRCD) today reported financial results for its second fiscal quarter ended May 3, 2014. Brocade reported second quarter revenue of $537 million, flat year-over-year and down 5% quarter-over-quarter. The company reported a GAAP loss per share of $(0.03), compared with a profit of $0.10 per share in Q2 2013. The GAAP loss was due to an $83 million non-cash goodwill impairment charge associated with the strategic repositioning of the ADX product family. More information on this subject is provided in the highlights section below. Non-GAAP diluted EPS was $0.19, up from $0.17 in Q2 2013, principally due to higher gross margins and lower operating expenses.

“This was a solid quarter for Brocade in which our Storage Area Networking (SAN) revenue grew year-over-year and our refocused IP Networking business made good progress in the quarter,” said Lloyd Carney, CEO of Brocade. “We see increasing customer interest in our software networking and Ethernet fabric technology as we drive innovation and disruption in data center networking. We are also pleased to report that our Board has approved the initiation of a quarterly cash dividend of $0.035 per share to be paid in Q3 2014.”



Key Financial Metrics:
	Q2 2014			Q1 2014			Q2 2013			Q2 2014 vs. Q1 2014		Q2 2014 vs. Q2 2013
Revenue	$	537 M		$	565 M		$	539 M		(5	%)	—	%
GAAP EPS–diluted	$	(0.03	)	$	0.18		$	0.10		(118	%)	(131	%)
Non-GAAP EPS–diluted	$	0.19		$	0.24		$	0.17		(19	%)	16	%
GAAP gross margin		66.0	%		66.0	%		62.0	%	— pts		4.0 pts
Non-GAAP gross margin		66.7	%		67.7	%		65.1	%	(1.0) pts		1.6 pts
GAAP operating margin		3.8	%		21.5	%		10.6	%	(17.7) pts		(6.8) pts
Non-GAAP operating margin		23.2	%		27.9	%		19.0	%	(4.7) pts		4.2 pts
Cash provided by operations	$	168 M		$	109 M		$	120 M		54	%	41	%
Share Repurchases	$	50 M		$	140 M		$	39 M		(64	%)	30	%

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

Highlights:

SAN business revenue, including products and services, was $379 million, up 1% year-over-year and down 8% sequentially. The year-over-year growth was primarily due to higher sales within the switch and embedded products as well as increased support revenue. The sequential decline was slightly better than expected in a seasonally soft quarter for many OEM partners of Brocade.
IP Networking business revenue, including products and services, was $157 million, down 4% year-over-year and up 3% sequentially. The year-over-year decline was due to lower sales to the U.S. Federal government, the divestiture of the network adapter business, and the change in the Company’s wireless business strategy. The sequential increase was principally due to higher sales of Ethernet switching products as well as increased support revenue. During Q2 2014, an estimated 57% of IP Networking product revenue came from data center customers, up 7 pts year-over-year and down 2 pts sequentially. The estimated percentage of revenue coming from data center IP Networking customers may fluctuate quarter-to-quarter due to the timing of large data center customer transactions.
As part of the Company’s previously communicated strategy to focus on the data center and other key technology segments, the Company made a strategic shift during Q2 2014 to reduce investment in the hardware-based ADX products and to increase investment in the software-based ADX products for the Layer 4-7 market. As a result of this change in strategy, the Company expects hardware-based ADX and related support revenue to be negatively impacted by $20 million to $40 million on an annualized basis compared with fiscal 2013 results. The Company recognized a related $83 million non-cash goodwill impairment charge in Q2 2014.
The $83 million goodwill impairment charge is non-deductible for tax purposes resulting in the Company’s effective GAAP tax provision rate being significantly higher in Q2 2014. In addition, the effective GAAP and non-GAAP tax provision rates for Q2 2014 were higher than Q2 2013 due to the R&D tax credit that expired on December 31, 2013 and has not been extended by Congress.
The Brocade Board of Directors has initiated a quarterly cash dividend of $0.035 per share of the Company’s common stock. The first dividend payment will be made on July 2, 2014 to stockholders of record as of the close of market on June 10, 2014. Future dividend payments are subject to review and approval by the Board of Directors.

Brocade management will host a conference call to discuss the fiscal second quarter results and the 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, prepared comments and slides, as well as a written transcript, will be available at www.brcd.com.

Other Q2 2014 product, customer, and partner announcements are available at http://newsroom.brocade.com/.

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



Financial Highlights and Additional Financial Information
		Q2 2014		Q1 2014		Q2 2013
Routes to market as a % of total net revenues:
	OEM revenues	68	%	70	%	66	%
	Channel/Direct revenues	32	%	30	%	34	%
	10% or greater customer revenues	56	%	57	%	45	%
Geographic split as a % of total net revenues ⁽¹⁾:
	Domestic revenues	59	%	57	%	58	%
	International revenues	41	%	43	%	42	%
Segment split as a % of total net revenues:
	SAN product revenues	60	%	63	%	59	%
	IP Networking product revenues	22	%	21	%	25	%
	Global Services revenues	18	%	16	%	16	%
	SAN business revenues ⁽²⁾	71	%	73	%	69	%
	IP Networking business revenues ⁽²⁾	29	%	27	%	31	%
IP Networking Business Revenue by Use Category ⁽³⁾:
	Data Center ⁽⁴⁾	57	%	59	%	50	%
	Enterprise Campus	37	%	34	%	36	%
	Carrier Network (MAN/WAN)	6	%	7	%	14	%

Additional information:		Q2 2014			Q1 2014			Q2 2013
	GAAP net income (loss)	$	(14 M	)	$	81 M		$	47 M
	Non-GAAP net income	$	87 M		$	109 M		$	78 M
	GAAP operating income	$	20 M		$	121 M		$	57 M
	Non-GAAP operating income	$	124 M		$	158 M		$	103 M
	Adjusted EBITDA ⁽⁵⁾	$	146 M		$	184 M		$	120 M
	Effective GAAP tax provision (benefit) rate		225.1	%		27.1	%		(0.4	%)
	Effective Non-GAAP tax provision rate		24.6	%		26.1	%		15.9	%
	Cash and cash equivalents	$	1,138 M		$	999 M		$	764 M
	Deferred revenues	$	304 M		$	298 M		$	302 M
	Capital expenditures	$	14 M		$	13 M		$	13 M
	Total debt, net of discount	$	598 M		$	599 M		$	599 M
	Cash, net of senior debt and capitalized leases	$	535 M		$	395 M		$	159 M
	Days sales outstanding		35 days			35 days			40 days
	Employees at end of period		4,061			4,077			4,648
	SAN port shipments		1.1 M			1.2 M			1.0 M

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

1)		Revenues are attributed to geographic areas based on product delivery location. Since some OEM partners take delivery of Brocade products domestically and then ship internationally to their end-users, the percentage of international revenues based on end-user location would likely be higher.

2)		SAN and IP Networking business revenues include product, support, and services revenues.

3)		Business revenue by use category split is estimated based on the analysis of the information the Company collects in its sales management system.

4)		Data Center includes enterprise, service provider, and government data center revenues.

5)		Adjusted EBITDA is as defined in the Company’s Credit Agreement.

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, but are not limited to: (i) legal provision or recovery associated with certain pre-acquisition litigation, (ii) call premium cost and write-off of original issue discount and debt issuance costs related to lenders that did not participate in refinancing, (iii) settlement gain associated with certain pre-acquisition-related litigation, (iv) restructuring, goodwill impairment, and other related costs, net, (v) gain on sale of network adapter business and (vi) specific non-cash and non-recurring tax benefits or detriments.

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 also believes that the exclusion of expense associated with the amortization of acquisition-related intangible assets is appropriate 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, operational performance and capital allocation. 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, Brocade’s ability to execute on its sale strategy, 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 “Item 1A. Risk Factors” in Brocade’s Annual Report on Form 10-K for the fiscal year ended October 26, 2013. 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)

ADX, Brocade, Brocade Assurance, the B-wing symbol, DCX, Fabric OS, ICX, MLX, MyBrocade, OpenScript, VCS, VDX, and Vyatta are registered trademarks, and HyperEdge, The Effortless Network, and The On-Demand Data Center are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. Other brands, products, or service names mentioned may be trademarks of their respective owners.



BROCADE COMMUNICATIONS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

			Three Months Ended						Six Months Ended
			May 3, 2014			April 27, 2013			May 3, 2014			April 27, 2013
			(In thousands, except per-share amounts)
Net revenues
	Product		$	442,280		$	451,746		$	917,485		$	953,993
	Service			94,630			87,038			183,960			173,520
		Total net revenues		536,910			538,784			1,101,445			1,127,513
Cost of revenues
	Product			142,271			164,599			295,898			338,974
	Service			40,347			40,073			78,585			80,502
		Total cost of revenues		182,618			204,672			374,483			419,476
Gross margin				354,292			334,112			726,962			708,037
Operating expenses:
	Research and development			90,554			98,429			177,710			196,119
	Sales and marketing			139,597			145,316			272,262			294,327
	General and administrative			21,112			20,037			41,255			39,114
	Amortization of intangible assets			131			13,151			10,014			28,007
	Restructuring, goodwill impairment, and other related costs			82,703			—			88,920			—
	Gain on sale of network adapter business			—			—			(4,884	)		—
		Total operating expenses		334,097			276,933			585,277			557,567
Income from operations				20,195			57,179			141,685			150,470
Interest expense				(9,234	)		(10,432	)		(18,430	)		(36,800	)
Interest and other income (loss), net				(20	)		31			(1,356	)		97
Income before income tax				10,941			46,778			121,899			113,767
Income tax expense (benefit)				24,625			(171	)		54,699			88,073
Net income (loss)			$	(13,684	)	$	46,949		$	67,200		$	25,694
Net income (loss) per share–basic			$	(0.03	)	$	0.10		$	0.15		$	0.06
Net income (loss) per share–diluted			$	(0.03	)	$	0.10		$	0.15		$	0.06
Shares used in per-share calculation–basic				436,167			453,133			438,370			453,988
Shares used in per-share calculation–diluted				436,167			466,919			451,999			466,620


BROCADE COMMUNICATIONS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

			Three Months Ended						Six Months Ended
			May 3, 2014			April 27, 2013			May 3, 2014		April 27, 2013
			(In thousands)
Net income (loss)			$	(13,684	)	$	46,949		$	67,200	$	25,694
Other comprehensive income and loss, net of tax:
	Unrealized gains (losses) on cash flow hedges:
		Change in unrealized gains and losses		1,094			(1,915	)		170		(1,992	)
		Net gains and losses reclassified into earnings		32			(32	)		1		(210	)
	Net unrealized gains (losses) on cash flow hedges			1,126			(1,947	)		171		(2,202	)
	Foreign currency translation adjustments			1,298			(1,762	)		475		(2,142	)
Total other comprehensive income (loss)			$	2,424		$	(3,709	)		646		(4,344	)
Total comprehensive income (loss)			$	(11,260	)	$	43,240		$	67,846	$	21,350




BROCADE COMMUNICATIONS SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

			May 3, 2014			October 26, 2013
			(In thousands, except par value)
ASSETS
Current assets:
	Cash and cash equivalents		$	1,137,613		$	986,997
	Accounts receivable, net of allowances for doubtful accounts of $531 and $575 at May 3, 2014, and October 26, 2013, respectively			193,804			249,598
	Inventories			40,773			45,344
	Deferred tax assets			116,557			98,018
	Prepaid expenses and other current assets			47,687			42,846
		Total current assets		1,536,434			1,422,803
Property and equipment, net				452,722			472,940
Goodwill				1,556,733			1,645,437
Intangible assets, net				23,386			40,258
Non-current deferred tax assets				788			1,585
Other assets				38,846			38,368
		Total assets	$	3,608,909		$	3,621,391
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Accounts payable		$	79,952		$	88,218
	Accrued employee compensation			141,482			145,996
	Deferred revenue			230,704			226,696
	Current restructuring liabilities			2,876			16,418
	Current portion of long-term debt			2,277			2,996
	Other accrued liabilities			64,898			80,339
		Total current liabilities		522,189			560,663
Long-term debt, net of current portion				595,452			596,208
Non-current restructuring liabilities				3,587			1,008
Non-current deferred revenue				72,956			76,426
Non-current income tax liability				46,271			38,680
Non-current deferred tax liabilities				31,124			–
Other non-current liabilities				1,583			1,593
		Total liabilities		1,273,162			1,274,578
Commitments and contingencies
Stockholders’ equity:
	Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued and outstanding			—			—
	Common stock, $0.001 par value, 800,000 shares authorized:
		Issued and outstanding: 435,452 and 445,285 shares at May 3, 2014, and October 26, 2013, respectively		436			445
Additional paid-in capital				1,836,249			1,915,152
Accumulated other comprehensive loss				(12,798	)		(13,444	)
Retained earnings				511,860			444,660
		Total stockholders’ equity		2,335,747			2,346,813
		Total liabilities and stockholders’ equity	$	3,608,909		$	3,621,391




BROCADE COMMUNICATIONS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

				Three Months Ended
				May 3, 2014			April 27, 2013
				(In thousands)
Cash flows from operating activities:
	Net income (loss)			$	(13,684	)	$	46,949
	Adjustments to reconcile net income to net cash provided by operating activities:
		Excess tax benefits from stock-based compensation			(13,080	)		(3,248	)
		Depreciation and amortization			21,173			43,964
		Loss on disposal of property and equipment			830			1,057
		Amortization of debt issuance costs and original issue discount			285			268
		Call premium cost related to lenders that did not participate in refinancing			—			(9,939	)
		Provision for doubtful accounts receivable and sales allowances			1,961			2,206
		Non-cash compensation expense			21,052			19,172
		Goodwill impairment charge			83,382			—
	Changes in assets and liabilities:
		Restricted cash			—			11,926
		Accounts receivable			22,495			(24,811	)
		Inventories			2,473			6,980
		Prepaid expenses and other assets			(11,857	)		(12	)
		Deferred tax assets			(38	)		157
		Accounts payable			951			268
		Accrued employee compensation			27,470			18,407
		Deferred revenue			5,987			6,405
		Other accrued liabilities			22,869			93
		Restructuring liabilities			(4,025	)		(227	)
			Net cash provided by operating activities		168,244			119,615
Cash flows from investing activities:
	Purchases of non-marketable minority equity investments				(223	)		—
	Purchases of property and equipment				(14,429	)		(13,082	)
			Net cash used in investing activities		(14,652	)		(13,082	)
Cash flows from financing activities:
	Payment of principal related to senior secured notes				—			(300,000	)
	Payment of debt issuance costs related to senior unsecured notes				—			(549	)
	Payment of principal related to capital leases				(1,141	)		(491	)
	Common stock repurchases				(50,052	)		(38,649	)
	Proceeds from issuance of common stock				22,120			12,087
	Excess tax benefits from stock-based compensation				13,080			3,248
	Decrease in restricted cash				—			300,000
			Net cash used in financing activities		(15,993	)		(24,354	)
Effect of exchange rate fluctuations on cash and cash equivalents					1,327			(1,497	)
Net increase in cash and cash equivalents					138,926			80,682
Cash and cash equivalents, beginning of period					998,687			683,616
Cash and cash equivalents, end of period				$	1,137,613		$	764,298




BROCADE COMMUNICATIONS SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

				Six Months Ended
				May 3, 2014			April 27, 2013
				(In thousands)
Cash flows from operating activities:
	Net income			$	67,200		$	25,694
	Adjustments to reconcile net income to net cash provided by operating activities:
		Excess tax benefits from stock-based compensation			(27,415	)		(5,440	)
		Non-cash tax charges			—			78,206
		Depreciation and amortization			59,927			93,358
		Loss on disposal of property and equipment			3,178			3,046
		Gain on sale of network adapter business			(4,884	)		—
		Amortization of debt issuance costs and original issue discount			566			665
		Call premium cost and write-off of original issue discount and debt issuance costs related to lenders that did not participate in refinancing			—			5,360
		Provision for doubtful accounts receivable and sales allowances			3,528			4,560
		Non-cash compensation expense			39,640			38,322
		Goodwill impairment charge			83,382			—
	Changes in assets and liabilities:
		Accounts receivable			52,266			(10,561	)
		Inventories			4,570			16,605
		Prepaid expenses and other assets			(8,371	)		(1,714	)
		Deferred tax assets			57			322
		Accounts payable			(7,126	)		(14,692	)
		Accrued employee compensation			(11,738	)		(54,163	)
		Deferred revenue			573			7,924
		Other accrued liabilities			33,324			(7,969	)
		Restructuring liabilities			(10,964	)		(418	)
			Net cash provided by operating activities		277,713			179,105
Cash flows from investing activities:
	Purchases of non-marketable minority equity investments				(223	)		—
	Purchases of property and equipment				(27,395	)		(31,568	)
	Net cash paid in connection with acquisition				—			(44,629	)
	Proceeds from collection of note receivable				250			—
	Proceeds from sale of network adapter business				9,995			—
			Net cash used in investing activities		(17,373	)		(76,197	)
Cash flows from financing activities:
	Proceeds from senior unsecured notes				—			296,250
	Payment of principal related to senior secured notes				—			(300,000	)
	Payment of debt issuance costs related to senior unsecured notes				—			(549	)
	Payment of principal related to capital leases				(1,749	)		(975	)
	Common stock repurchases				(190,432	)		(86,179	)
	Proceeds from issuance of common stock				54,530			35,899
	Excess tax benefits from stock-based compensation				27,415			5,440
		Net cash used in financing activities			(110,236	)		(50,114	)
Effect of exchange rate fluctuations on cash and cash equivalents					512			(1,722	)
Net increase in cash and cash equivalents					150,616			51,072
Cash and cash equivalents, beginning of period					986,997			713,226
Cash and cash equivalents, end of period				$	1,137,613		$	764,298




BROCADE COMMUNICATIONS SYSTEMS, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES
(Unaudited)

		Three Months Ended
		May 3, 2014			January 25, 2014			April 27, 2013
		(In thousands, except per share amounts)
Non-GAAP adjustments
	Stock-based compensation expense included in cost of revenues	$	3,474		$	3,142		$	3,541
	Amortization of intangible assets expense included in cost of revenues		396			6,462			9,651
	Provision associated with certain pre-acquisition litigation		—			—			3,460
Total gross margin impact from non-GAAP adjustments			3,870			9,604			16,652

	Stock-based compensation expense included in research and development		4,422			4,336			4,500
	Stock-based compensation expense included in sales and marketing		8,462			6,765			8,012
	Stock-based compensation expense included in general and administrative		4,694			4,345			3,119
	Amortization of intangible assets expense included in operating expenses		131			9,883			13,151
	Restructuring, goodwill impairment, and other related costs		82,703			6,217			—
	Gain on sale of network adapter business		—			(4,884	)		—
Total operating income impact from non-GAAP adjustments			104,282			36,266			45,434

	Income tax effect of non-tax adjustments		(3,685	)		(8,366	)		(14,814	)
Total net income impact from non-GAAP adjustments		$	100,597		$	27,900		$	30,620

Gross margin reconciliation
GAAP gross margin		$	354,292		$	372,670		$	334,112
	Total gross margin impact from non-GAAP adjustments		3,870			9,604			16,652
Non-GAAP gross margin		$	358,162		$	382,274		$	350,764
GAAP gross margin, as a percent of Net revenues			66.0	%		66.0	%		62.0	%
Non-GAAP gross margin, as a percent of Net revenues			66.7	%		67.7	%		65.1	%

Operating income reconciliation
GAAP operating income		$	20,195		$	121,490		$	57,179
	Total operating income impact from non-GAAP adjustments		104,282			36,266			45,434
Non-GAAP operating income		$	124,477		$	157,756		$	102,613
GAAP operating income, as a percent of Net revenues			3.8	%		21.5	%		10.6	%
Non-GAAP operating income, as a percent of Net revenues			23.2	%		27.9	%		19.0	%

Net income (loss) and net income (loss) per share reconciliation
Net income (loss) on a GAAP basis		$	(13,684	)	$	80,884		$	46,949
	Total net income impact from non-GAAP adjustments		100,597			27,900			30,620
Non-GAAP net income		$	86,913		$	108,784		$	77,569
Non-GAAP net income per share — basic		$	0.20		$	0.25		$	0.17
Non-GAAP net income per share — diluted		$	0.19		$	0.24		$	0.17
Shares used in non-GAAP per share calculation — basic			436,167			440,573			453,133
Shares used in non-GAAP per share calculation — diluted			450,449			453,549			466,919

BROCADE CONTACTS

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

Investor Relations
Ben Jones
Tel: 408-333-6601
bjones@brocade.com

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