Brocade (BRCD) swung to a net loss for the quarter ended Apr. 29, 2017. The company has made a net loss of $10.97 million, or $ 0.03 a share in the quarter, against a net profit of $43.08 million, or $0.11 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $43.19 million, or $0.10 a share compared with $88.89 million or $0.22 a share, a year ago. Revenue during the quarter grew 5.63 percent to $552.75 million from $523.31 million in the previous year period. Gross margin for the quarter contracted 493 basis points over the previous year period to 62.01 percent. Operating margin for the quarter stood at negative 1.07 percent as compared to a positive 15.80 percent for the previous year period.
Operating loss for the quarter was $5.93 million, compared with an operating income of $82.66 million in the previous year period.
However, the adjusted operating income for the quarter stood at $61.24 million compared to $117.31 million in the prior year period. At the same time, adjusted operating margin contracted 1134 basis points in the quarter to 11.08 percent from 22.42 percent in the last year period.
Operating cash flow drops significantlyBrocade has generated cash of $105.24 million from operating activities during the first half, down 53.15 percent or $119.39 million, when compared with the last year period. The company has spent $19.60 million cash to meet investing activities during the first six months as against cash outgo of $52.24 million in the last year period.
The company has spent $42.87 million cash to carry out financing activities during the first six months as against cash outgo of $185.99 million in the last year period.
Cash and cash equivalents stood at stood at $1,299.66 million as at Apr. 29, 2017.
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