On Friday, Shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD), gained 8.95% to $10.59.
Brocade, stated financial results for its third fiscal quarter ended August 1, 2015. Brocade stated third quarter revenue of $552 million, up 1% year over year and up 1% sequentially. The Company stated GAAP diluted earnings per share (EPS) of $0.21, up from $0.20 in Q3 2014, and up from $0.18 in Q2 2015. Non-GAAP diluted EPS was $0.27 for Q3 2015, up from $0.23 in Q3 2014 and up from $0.22 in Q2 2015. Tax benefits recognized in Q3 2015 raised both GAAP and non-GAAP diluted EPS by about $0.02 in the quarter.
Highlights:
- SAN product revenue was $309 million, down 5% year over year. The decline was primarily the result of softer demand for embedded and fixed-configuration Fibre Channel switches, partially offset by growth in director revenue. The sequential revenue decline of 1% was consistent with normal fiscal Q3 seasonality.
- IP Networking product revenue was $154 million, up 16% year over year. The growth was across each product category with router sales up 35%, switch sales up 6%, and higher software networking revenue. The raised revenue year over year was primarily from service providers, up 43%, and U.S. federal, up 32%, partially offset by a decline in enterprise revenue of 3%. Sequentially, IP Networking revenue raised 6% due to higher switch revenue, which was up 26%, in addition to higher software networking revenue, partially offset by lower routing revenue, which was down 23% primarily due to the timing of large service provider orders. Q3 2015 comprised of a full quarter of revenue from the virtual application delivery software attained in Q2 2015.
- On June 17, 2015, Brocade hosted the fourth annual Federal Forum in Washington, D.C. The multi-vendor sponsored event has become the showcase for New IP technologies that can assist transform government networks to significantly lower cost, improve service agility, and enhance security. The event has continued to grow in size and influence, with about 1,000 attendees this year across a wide variety of federal agencies, and has become an important component in building brand preference to support Brocade’s revenue growth strategy.
Brocade Communications Systems, Inc. provides storage area networking (SAN) and Internet protocol networking solutions for businesses and organizations worldwide. It operates through SAN Products, IP Networking Products, and Global Services segments.
Shares of Dominion Resources, Inc. (NYSE:D), closed at $75.40, during its last trading session.
Dominion Voltage Inc., declared it was selected by Pedernales Electric Cooperative (PEC), the largest electric distribution cooperative in the United States, to take part in an innovative Volt/VAR optimization pilot program in response to continued load growth in central Texas.
“Pedernales Electric Cooperative, serving one of the fastest-growing regions in the nation, is meeting the planned objectives of smart growth by implementing technologies that provide further savings and better value for our membership,” said John Hewa, CEO of Pedernales. “For example, we expect DVI’s EDGE AMI-based VVO platform to generate energy savings for our members and lower PEC’s wholesale charges by reducing demand during the Four Coincident Peak summer season.”
Dominion Resources, Inc. produces and transports energy in the United States. The company operates through three segments: Dominion Virginia Power (DVP), Dominion Generation, and Dominion Energy. The DVP segment engages in regulated electric transmission and distribution operations that serve residential, commercial, industrial, and governmental customers in Virginia and North Carolina.
Finally, SEI Investments Company (NASDAQ:SEIC), ended its last trade with -2.98% loss, and closed at $51.41.
SEI Investments Company, declared the conversion of two new clients to the SEI Wealth Platform (the Platform). The company’s next generation wealth administration technology solution now supports nine private bank and trust clients across the United States and has another three in various stages of implementation. Pennsylvania Trust Company and First Interstate Wealth Administration are the most recent additions to the growing roster of clients utilizing the Platform. The Platform is an integrated solution designed to support client relationship administration counting front-, middle-, and back-office fiduciary investment and account administration processing services.
“In a single weekend, we were able to convert both Pennsylvania Trust and First Interstate Wealth Administration. Not only does this result in growing market adoption and nine U.S. clients live on the SEI Wealth Platform, but it demonstrates our ability to scale and bring our clients live faster than ever,” said Al Chiaradonna, Senior Vice President, SEI Wealth Platform, North America Private Banking. “Both of these organizations have a deep commitment to providing their clients with the best possible service. By selecting the SEI Wealth Platform, they gain a comprehensive, modern infrastructure that will allow them to put significantly greater focus on their clients.”
Pennsylvania Trust converted more than $2 billion in assets from SEI’s TRUST 3000 technology to the Platform in addition to $1 billion in assets from outside custodians. A total of more than 2,500 accounts were converted. Pennsylvania Trust is leveraging the Platform’s integrated Portfolio Aggregation Service, which gives them a holistic view of their clients’ total assets, allowing for more in depth client relationship administration. They will also be the first clients to benefit from the Platform’s expanded portfolio administration capabilities.
SEI Investments Co. is a publicly owned investment manager. The firm provides wealth administration and investment advisory services to its clients through its auxiliaries. Through its auxiliaries, it provides its services to corporations, financial institutions, financial advisors, high net worth families, banks and trust institutions, investment advisors, financial planners, not-for-profit organizations, and pension plans. The firm manages separate client-focused portfolios through its auxiliaries.
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