Hey Bro - time to move to Texas
From
The Register:
Brocade: California taxman took off with our profits
Storage networking and Ethernet supplier Brocade has grown its latest quarter's revenues but swung from profit to loss after changes to the state of California's tax code. It reckons it will soon be doing even better now on the back of its 16GBit/s Fibre Channel kit and added that software-defined networking has opened up a whole new raft of opportunities.
Revenues for the first fiscal 2013 quarter, ended 26 January 2013, were $588.7m - a record and a 5 per cent increase on the year-ago quarter. We would have expected net income of around $60m but instead there was a $21m loss due to the tax slurp.
I spent five years working at Microsoft as a lab manager and Brocade was one of the top-tier networking and storage companies. Excellent equipment and software.
They need to seriously look at relocating to Texas or some other tax-friendly state -- they are not doing their shareholders any good...
Posted by DaveH at February 18, 2013 10:23 PM