3Com Corporation (Nasdaq: COMS) today reported financial results for its fiscal 2009 fourth quarter and full fiscal year 2009, which ended May 29, 2009. Revenue in the quarter was $295.1 million, compared to revenue of $321.3 million in the corresponding period in fiscal 2008, an 8.2 percent decrease.
Net income in the quarter was $20.2 million, or $0.05 per diluted share, compared with a net loss of $166.7 million, or $(0.41) per share, in the fourth quarter of fiscal year 2008. Fiscal year 2008 fourth quarter results included a $158.0 million goodwill impairment charge. On a non-GAAP basis, net income for the fourth quarter of fiscal year 2009 was $37.2 million, or $0.10 per diluted share, compared with net income of $35.6 million, or $0.09 per diluted share, for the fourth quarter of fiscal year 2008.
Revenue for the full fiscal year 2009 was $1,317.0 million, compared with $1,294.9 million in the prior year, a 1.7 percent increase. Fiscal year 2009 net income, on a GAAP basis, was $114.7 million, or $0.29 per diluted share, compared with a net loss of $228.8 million, or $(0.57) per share, for the prior fiscal year. On a non-GAAP basis, net income for fiscal year 2009 was $176.7 million, or $0.45 per diluted share, compared with net income of $94.9 million, or $0.23 per diluted share, for fiscal year 2008.
3Com generated $84.1 million in cash from operations in the fourth quarter and $280.5 million for the year. 3Com’s cash and short-term investment balance at May 29, 2009, was $644.2 million.
“I am very pleased with 3Com’s performance in the fourth quarter as well as the full fiscal year 2009,” said Bob Mao, 3Com’s chief executive officer. “We had a very good year, delivering on all three of our key goals: revenue growth, operating margin improvement and positive cash generation from operations. We have a clear, articulated strategy that we are successfully implementing.”
Management will host a conference call and Webcast at 8:30 a.m. EDT, Thursday, July 9, 2009, to discuss the company’s financial results and business outlook. To participate on the call, U.S. and international parties may dial (913) 312-1476. Alternatively, interested parties may listen to the live broadcast of the call over the Internet at 3Com’s Investor Relations Web site (www.3com.com/investor) in the Earnings Webcast section.
For those unable to participate on the live call, a replay will be available starting at 12:30 p.m. EDT on July 9, 2009, by dialing (719) 457-0820 or (888) 203-1112, Confirmation Code: 4556311. A replay will also be available over the Internet at 3Com’s Investor Relations Web site (www.3com.com/investor) in the Earnings Webcast section. The replay will be available for approximately three weeks after posting.
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