FDRY Foundry Networks (MM)

SAN JOSE, Calif., May 9 /PRNewswire-FirstCall/ -- Foundry Networks(TM), Inc. (NASDAQ:FDRY), today filed its Form 10-Q with the Securities and Exchange Commission. The Company's condensed consolidated statement of operations for the first quarter ended March 31, 2006 reported in the 10-Q reflects an increase of approximately $0.6 million to operating expenses, a decrease of $0.4 million to net income, and a $0.01 decrease in diluted earnings per share from the first quarter financial results previously announced on April 20, 2006. The changes in the Company's operating expenses and net income result from an adjustment to certain calculations in connection with the Company's application of SFAS 123R, Share-Based Payment. Please see the Company's quarterly report on Form 10-Q filed today with the Securities and Exchange Commission for complete financial results for the quarter ended March 31, 2006. About Foundry Networks Foundry Networks, Inc. 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, access routers and Metro routers. Foundry's 9,700 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 Foundry and its products, call 1-888-TURBOLAN or visit http://www.foundrynetworks.com/. DATASOURCE: Foundry Networks CONTACT: Tim Heffner, Chief Financial Officer, +1-408-207-1700, or , or Michael Iburg, Treasurer, +1-408-207-1305, or , both of Foundry Networks; or Jason Golz, Investor Relations of Financial Dynamics, +1-415-439-4532, or , for Foundry Networks Web site: http://www.foundrynetworks.com/

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