Shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) ended Friday session in red amid volatile trading. The shares closed down -0.04 points or -0.44% at $9.02 with 3.38 million shares getting traded. Post opening the session at $9.08, the shares hit an intraday low of $8.96 and an intraday high of $9.12 and the price vacillated in this range throughout the day. The company has a market cap of $3.62 billion and the numbers of outstanding shares have been calculated to be 400.68 million shares.
Brocade Communications Systems, Inc. (BRCD) on Aug 25, 2016 reported financial results for its third fiscal quarter ended July 30, 2016. These results include approximately two months of financial results from Ruckus Wireless, which was acquired on May 27, 2016. Brocade reported third quarter revenue of $591 million, up 7% year-over-year and up 13% quarter-over-quarter. The Company reported GAAP diluted earnings per share (EPS) of $0.02, down from $0.21 in Q3 2015 and from $0.11 in Q2 2016. The year-over-year and sequential declines in GAAP EPS were primarily the result of acquisition-related items, including the lower gross margin associated with acquired inventory and deferred revenue, acquisition and integration costs, and increases in the amortization of intangible assets and stock-based compensation. These items were partially offset by the favorable resolution of a tax audit. Non-GAAP diluted EPS was $0.21 for Q3 2016, down 21% year-over-year and down 2% quarter-over-quarter. The year-over-year decline in non-GAAP EPS was primarily due to the acquisition-related purchase accounting adjustments, unfavorable revenue mix, and higher operating expenses.
“Against the backdrop of a mixed macro environment, we posted solid results, with total revenue at the high end of our outlook range,” said Lloyd Carney, CEO of Brocade. “During Q3, we also continued the momentum of new product innovations across our portfolio, building a solid foundation for business growth and expansion of our addressable markets. Furthermore, with the successful completion of our acquisition of Ruckus Wireless in the quarter, we are pleased to welcome this talented and committed team to the Brocade family. Our combined strengths open up new opportunities and distinguish Brocade as a pure-play networking company for the digital transformation era.”
Shares of MGT Capital Investments Inc. (NYSEMKT:MGT) ended Friday session in green amid volatile trading. The shares closed up +0.12 points or 3.74% at $3.33 with 3.94 million shares getting traded. Post opening the session at $3.38, the shares hit an intraday low of $3.26 and an intraday high of $3.57 and the price vacillated in this range throughout the day. The company has a market cap of $89.89 million and the numbers of outstanding shares have been calculated to be 25.86 million shares.
MGT Capital Investments Inc. (MGT) on Aug. 16, 2016 provided its unaudited financial results for the three-month period ended June 30, 2016.
Financial Highlights for the second quarter of 2016
Cash used in operations was $2.1 million in the second quarter of 2016, an increase of $1.7 million, as compared to the quarter ended March 31, 2016. The increase was primarily driven by legal and professional fees incurred in connection with the proposed D-Vasive acquisition. Such costs are expected to be materially lower in the current quarter as well as next quarter.
Cash and cash equivalents were $1.1 million as of June 30, 2016, compared with $0.3 million as of December 31, 2015. Post quarter-end, the Company completed an offering of unsecured promissory notes with net proceeds of $2.1 million. As of August 15, 2016, the Company has $2.9 million in cash plus $1.7 million in marketable securities.