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Foundry Reports First Quarter Results

San Jose, CA - April 24, 2002 - Foundry Networks™, Inc. (Nasdaq: FDRY), today reported financial results for its first quarter ended March 31, 2002.

Net revenue for the first quarter of 2002 was $62.4 million, which compares to $82.6 million reported for the same period last year. Net income for the first quarter of 2002 was $1.0 million, or $0.01 per diluted share, which compares to $4.2 million, or $0.03 per diluted share, for the same period last year. Excluding non-cash charges for the amortization of deferred stock compensation, pro forma net income for the first quarter of 2002 was $1.4 million or $0.01 per diluted share, compared to pro forma net income of $5.3 million or $0.04 per diluted share in the first quarter of 2001.

"During the first quarter of 2002 we experienced moderate growth in our enterprise markets. We continued to execute on our product strategy with new enterprise and Metro Area Networking JetCore announcements and shipments while our industry leading 10-Gigabit Ethernet products helped us gain significant customer wins. Additionally, we continued to focus on achieving solid financial metrics leading to profitability and positive cash flow resulting in a stronger cash position," stated Bobby Johnson, President and CEO of Foundry Networks.

First Quarter Highlights

  • Foundry announced its 3rd generation JetCore ASIC-powered products including the new FastIron 400, 800 and 1500.
  • Foundry introduced its new JetCore-based modules for BigIron 4000, 8000 and 15000 systems which offer 10-Gigabit Ethernet and leading Layer 2/3 features.
  • Foundry announced the expansion of its strategy to target the Metro service provider market with new purpose-built Metro Routers for both MPLS and Layer 2 Metro networks.
  • Canada's largest academic health sciences hospital network built its metropolitan research backbone with Foundry's 10-Gigabit Ethernet solution.
  • The London Internet Exchange (LINX) became the first European organization to implement standards-based 10-Gigabit Ethernet technology using Foundry's switches.
  • The University of Southern California implemented Foundry's standards-based 10-Gigabit Ethernet solution for the "Globus" Grid Computing Project.

Conference Call
Foundry Networks will host a conference call today to further discuss these results at 2:00 p.m. PDT. The call can be accessed via a webcast at www.foundrynetworks.com. A Web replay will also be available for approximately 90 days at this same Web address.

About Foundry Networks

Foundry Networks, Inc. (NASDAQ: FDRY) is a leading provider of high-performance enterprise and service provider switching, routing, security and Web traffic management solutions, including Layer 2/3 LAN switches, Layer 3 Backbone switches, Layer 4-7 application switches, wireless LAN and access points, metro routers and core routers. Foundry's customers include the world's premier ISPs, metro service providers, and enterprises, including e-commerce sites, universities, entertainment, health and wellness, government, financial and manufacturing companies. For more information about the company and its products, call 1.888.TURBOLAN or visit www.foundrynet.com.

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