UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 2003
EXTREME NETWORKS, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 000-25711 | 77-0430270 | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
3585 Monroe Street
Santa Clara, California 95051
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (408) 579-2800
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events and Regulation FD Disclosure.
On December 16, 2003, Extreme Networks, Inc. (the “Company”) issued a press release announcing its preliminary results for the quarter ending December 28, 2003. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
During the Company’s Financial Analyst Day webcast on December 16, 2003, which webcast was previously announced to the public and is available on the Company’s website, the Company announced that it anticipated revenues for the quarter ending March 2004 to be in the range of $85 million to $90 million. In addition, the Company announced that it believed revenue growth of 15% to 25% from the December quarter of calendar 2003 to the December quarter of calendar 2004 was a reasonable expectation. The Company also stated its goal of achieving operating profitability of six percent to fourteen percent on a quarterly basis by the December quarter of calendar 2004.
The Company stated that it currently anticipates amortization charges of approximately $0.01 per share per quarter for the next twelve quarters in relation to the amortization of the value ascribed to the warrant that the Company recently issued to Avaya in connection with a recently announced strategic partnership. However, the final determination of the amount of and the period for amortization has not been made and therefore could vary from current expectations.
The foregoing includes forward looking statements regarding the Company’s expectations for its performance in future quarters. These statements are based upon current expectations and actual results could vary due to risks and uncertainties, including the effects of competition, marketplace conditions and the Company’s execution on its product introductions.
The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
| Exhibit No. |
Description | |
| 99.1 |
Press Release dated December 16, 2003 announcing Extreme Networks, Inc.’s preliminary second quarter results. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXTREME NETWORKS, INC. | ||
| Date: December 18, 2003 |
By: /S/ GORDON L. STITT | |
| Gordon L. Stitt President and Chief Executive Officer | ||
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EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 |
Press Release dated December 16, 2003 announcing Extreme Networks, Inc.’s preliminary second quarter results. |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
For more information, contact:
| Valerie Bellofatto |
||
| Public Relations |
Investor Relations | |
| 408/579-2963 |
408/579-3030 | |
| vbellofatto@extremenetworks.com |
investor-relations@extremenetworks.com |
EXTREME NETWORKS ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS
SANTA CLARA, Calif., Dec. 16, 2003—Extreme Networks, Inc. (Nasdaq: EXTR) today provided updated information regarding its financial expectations for the current quarter, ending Dec. 28, 2003.
The Company expects revenue for the quarter will be in the range of $80 to $85 million, a slight decrease as compared to $87.4 million in the previous quarter (Q1 FY’04). The Company attributed its lower than expected results, in part, to product constraints. Extreme Networks expects that new orders in the December quarter will increase from the previous quarter and that its book to bill ratio is expected to exceed 1:1.
Based on the increase in orders, and based in part on strong early customer response to its recently introduced BlackDiamond 10 Gigabit Ethernet modular switch products, the Company expects that revenues can increase sequentially in the March quarter.
In the quarter ending Dec. 28, the Company currently anticipates a loss after tax of $6.5 million to $3.5 million or $0.06 to $0.02 per share, before the effect of amortization of the warrants recently granted to Avaya, the final amount of which has not been finally determined.
Extreme Networks, Inc.
Extreme Networks delivers the most effective applications and services infrastructure by creating networks that are faster, simpler and more cost-effective. Headquartered in Santa Clara, Calif., Extreme Networks markets its network switching solutions in more than 50 countries. For more information, visit www.extremenetworks.com
A webcast of Extreme’s Financial Analyst Day, being held today, Tues., Dec. 16, 2003 can be accessed from the investor section of the Company’s website: http://www.extremenetworks.com/aboutus/investor.
Extreme Networks and BlackDiamond are registered trademarks of Extreme Networks, Inc., in the United States and other countries.
Forward Looking Statements: The information in this press release includes forward looking statements regarding the expectations for revenue, bookings and loss for the current quarter, as well as expectations for sales for the March quarter. These statements are based upon current expectations and actual results could vary due to risks and uncertainties, including in particular, that bookings and shipments for the remainder of the quarter do not meet expectations, and that future sales do not occur as currently anticipated due to competition, inability to ship products as expected or other reasons. In addition, the Company has not commenced or completed it’s quarterly review of results, and therefore actual results could differ from those expected due to unexpected differences in accounting treatment from those anticipated.