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McData achieves strong first quarter results; Reports 60% year over year revenue growth.

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M2 PRESSWIRE-30 May 2003-MCDATA CORPORATION: McData achieves strong first quarter results; Reports 60% year over year revenue growth(C)1994-2003 M2 COMMUNICATIONS LTD

RDATE:05302003

BROOMFIELD/OTTOBRUNN/BASINGSTOKE. - McDATA Corporation (Nasdaq: MCDTA/MCDT), the expert provider of multi-capable storage networking solutions, today reported revenue results of $103.2 million for its first quarter ended April 30, 2003, reflecting a 60 percent year-over-year increase.

The Company reported GAAP net income of $5.3 million and diluted earnings per share (EPS) of $0.05 for the first quarter of 2003, compared to a loss of $17.1 million or ($0.15) per diluted share for the first quarter of 2002. On a non-GAAP basis, net income for the first quarter totaled $6.7 million, or $0.06 per diluted share.

McDATA`s first quarter 2003 non-GAAP results exclude non-cash charges related to amortisation of deferred compensation and the intangible SANavigator assets. Additionally, non-GAAP results for the first quarter of 2003 exclude the positive impact of approximately $460,000 of previously reserved 1 gigabit per second (Gb/s) inventory that was sold in the quarter. This compares with a non-GAAP first quarter 2002 net loss of $4.2 million, or ($0.04) per diluted share, which excludes non-cash charges related to deferred compensation and amortisation, one-time charges related to 1 Gb/s inventory and the termination of a synthetic lease.

The non-GAAP results are a supplement to financial statements based on generally accepted accounting principles (GAAP). McDATA believes this presentation provides investors with additional insight into its underlying operating results and business trends. A reconciliation of...

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