"The actions that we have taken help position Gadzoox Networks for long-term growth and success," stated Michael Parides, Gadzoox Networks' President and CEO.
"With this rapid adjustment to our cost structure, I believe that we are poised to capitalize on the strength of the entry-level SAN market segment and further our position as a leader in the transition to Open 2Gb Fibre Channel switching."
During the fiscal third quarter, the Company began volume shipments of the Slingshot platform products.Preliminary figures indicate that the Slingshot platform accounted for more than 25% of total revenue for the fiscal third quarter.The Company expects the Slingshot revenue mix to further increase in the fourth fiscal quarter.Further details will be discussed during the Company's fiscal third quarter earnings call on January 23, 2002.
"Although we continue to have limited visibility in the near term for overall SAN growth, we are seeing a strong market demand for entry-level SAN products,"continued Parides
."This is the ideal market for our Slingshot platform, and we are working with our OEM and channel partners to deliver value-leading solutions to this segment.Compaq's
successful MSA1000 product, which incorporates the Slingshot platform, is a clear example of our success in this segment."Gadzoox Networks
will release financial results for its third fiscal 2002 quarter on Wednesday, January 23, 2002, after the close of the market.The company will be holding a conference call at 2:30 p.m. PST on January 23 to discuss results and answer questions.