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Foundry Networks Announces First Quarter Results

San Jose, CA - April 23, 2003 - Foundry Networks , Inc. (Nasdaq: FDRY), today reported financial results for its first quarter ended March 31, 2003.

Revenues for the first quarter of 2003 increased to $91.1 million, compared to $86.7 million in the previous quarter, and to $62.4 million in the same period last year. Foundry earned net income of $13.4 million, or $0.11 per diluted share, in the March 2003 quarter, compared with net income of $10.5 million, or $0.08 per diluted share, in the prior quarter, and net income of $1.0 million, or $0.01 per diluted share, for the same period in 2002.

"Our results demonstrate that Foundry's focus on profitable growth, supported by its ability to deliver innovative, differentiated and cost-effective solutions, is proving to be a strategic success," stated Bobby Johnson, President and CEO of Foundry. "Sales to the U.S. Federal Government were strong during the quarter and added unusual strength to what is typically a seasonally soft period."

During the first quarter of 2003, Foundry Networks introduced:

  • The FastIron Edge Switch 2402POE and 4802POE, two Power-over-Ethernet stackables specifically designed to enable Voice-over-IP
  • The EdgeIron 2402CF and 4802CF, two new Layer 2 stackables
  • The FastIron Edge Switch 12GCF, a new stackable with 12 ports of Gigabit Ethernet with unique media flexibility of both copper and fiber connectivity
  • The NetIron 4802, a new Internet-class Ipv6 enabled router
  • The FastIron F10Gx2 and BigIron B10Gx2, our second generation 10 Gigabit Ethernet line card
  • The JetCore BigIron J-B24FX and FastIron J-F24FX, two new line cards with 24 ports of 100 Megabit Ethernet over multi-mode or single-mode fiber

"We continue to profitably invest in the future of our business with increased levels of R&D investment," continued Johnson. "We believe maintaining a robust product development pipeline, which we consider the lifeblood of our Company, is key to emerging from the uncertain economic environment with a stronger competitive position."

Conference Call
Foundry Networks will host a conference call today to further discuss these results at 5:00 p.m. EST. The call can be accessed via a webcast at www.videonewswire.com. A Web replay will also be available for approximately 90 days at this same Web address.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by that section. These forward-looking statements include statements by Mr. Johnson relating to the Company's product development efforts and how such efforts will be key to a stronger competitive position for the Company. The forward-looking statements in this press release are subject to a number of risks and uncertainties, including the strength of the overall economy and the high-technology market in particular, competition, product development efforts, and acceptance of Foundry's current and future products. Actual results could differ materially from those projected in our forward-looking statements. Investors should review the risk factors described in more detail in our most recent Annual Report on Form 10-K available free of charge from Foundry at www.foundrynet.com or from the SEC at www.sec.gov. Foundry assumes no obligation to update the forward-looking statements contained in this press release.

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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