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3Com Corp (738076) SEC Filing 10-K Annual report for the fiscal year ending Friday, May 29, 2009

3Com Corp

CIK: 738076
Exhibit 99.1
(3COM LOGO)
FOR IMMEDIATE RELEASE
For more information contact:
     
Investor Relations
   Media Relations
Gene Skayne
   Kevin Flanagan
508.323.1080
   508.323.1101
gene_skayne@3com.com
   kevin_flanagan@3com.com
3Com Reports Fourth-Quarter and Full-Year Results for Fiscal 2009
MARLBOROUGH, MASS.—July 9, 2009
—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.”
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The following information was filed by 3Com Corp on Thursday, July 9, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 738076
Form Type: 10-K Annual Report
Accession Number: 0000950123-09-025431
Submitted to the SEC: Fri Jul 24 2009 6:00:20 PM EST
Accepted by the SEC: Mon Jul 27 2009
Period: Friday, May 29, 2009
Industry: Computer Communications Equipment

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