BROCADE ANNOUNCES THE COMPLETION OF AUDIT COMMITTEE INTERNAL REVIEW
All adjustments are non cash and relate to Stock-based compensation and associated tax adjustments
Company affirms no adjustments to historical revenues; previously announced restatement of financial statements to record stock-based compensation and associated tax adjustments to increase net income by approximately $66 million in fiscal 2002 and decrease net income by approximately $11 million in 2003 and $30 million in 2004
Brocade Communications Systems, Inc. (Nasdaq: BRCD), the world's leading provider of infrastructure solutions for Storage Area Networks (SANs), announced today that its Audit Committee has completed its previously announced internal review. As a result of the findings of the review, the Company expects to record additional stock-based compensation charges, which are non-cash. In addition the Company expects to record a valuation allowance associated with deferred tax assets related to previously recorded stock option tax benefits.
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