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Extreme Networks Reports Q2 in Line With Previous Guidance

SANTA CLARA, Calif. Jan. 31, 2011 December 26, 2010 $85.1 million $79.4 million $85-$88 million

Oscar Rodriguez North America North America

$1.0 million to $1.5 million $2 million $8 million

$5.3 million $4.2 million $4.6 million

$5.1 million $0.06 $4.8 million $0.05 $4.8 million $0.05

$9.1 million $2.0 million $4.2 million $4.1 million $2.5 million

$8.9 million $0.10 $4.2 $1.4 million $0.02 $4.1 million $2.7 million $0.03

North America $28.0 million $40.0 million $17.1 million $27.5 million North America $37.8 million $14.1 million

$6.0 million $141.7 million $3.8 million

2011 Fiscal Third Quarter non-GAAP Financial Guidance

March 27, 2011 $82-$85 million $0.05 to $0.08 $4.0 million to $4.5 million $0.04 to $0.05

Conference Call and Slide Presentation

5:00 p.m. Eastern Time 2:00 p.m. Pacific Time http://investor.extremenetworks.com www.extremenetworks.com

Non-GAAP Financial Measures

Extreme Networks provides all financial information required in accordance with generally accepted accounting principles (GAAP).  To supplement our consolidated financial statements presented in accordance with GAAP, we are also providing with this press release non-GAAP net income/(loss), non-GAAP operating income/(loss) and non-GAAP earnings/(loss) per diluted share.  In preparing our non-GAAP information, we have excluded, where applicable, the impact of restructuring charges, share-based compensation and litigation settlements.  We believe that excluding these items provides both management and investors with additional insight into our current operations, the trends affecting the Company and the Company’s marketplace performance.  In particular, management finds it useful to exclude these items in order to more readily correlate the Company’s operating activities with the Company’s ability to generate cash from operations.  Accordingly, management uses these non-GAAP measures, along with the comparable GAAP information, in evaluating our historical performance and in planning our future business activities.  Please note that our non-GAAP measures may be different than those used by other companies.  The additional non-GAAP financial information we present should be considered in conjunction with, and not as a substitute for, our financial information presented in accordance with GAAP.  We have provided a non-GAAP reconciliation of the Condensed Consolidated Statement of Operations for the periods presented in this release, which are adjusted to exclude restructuring charges, share-based compensation expense and litigation settlements for these periods.  These measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures for comparable financial information and understanding of the Company’s ongoing performance as a business.  Extreme Networks uses both GAAP and non-GAAP measures to evaluate and manage its operations.

Extreme Networks, Inc.

http://www.extremenetworks.com

the United States

the United States

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

December 26,

June 27,

2010

2010

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$                 46,878

51,944

Short-term investments

43,625

64,854

Accounts receivable, net

46,820

42,057

Inventories, net

24,218

21,842

Deferred income taxes

338

392

Prepaid expenses and other current assets, net

7,944

3,932

Total current assets

169,823

185,021

Property and equipment, net

42,722

43,572

Marketable securities

51,182

18,561

Other assets, net

15,572

15,731

Total assets

$               279,299

262,885

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                 16,109

18,543

Accrued compensation and benefits

17,751

16,305

Restructuring liabilities

1,693

3,097

Accrued warranty

2,811

3,169

Deferred revenue, net  

32,982

29,552

Deferred revenue, net of cost of sales to distributors

17,106

18,345

Other accrued liabilities

18,608

13,381

Total current liabilities

107,060

102,392

Restructuring liabilities, less current portion

273

Deferred revenue, less current portion

7,145

7,633

Deferred income taxes

108

731

Other long-term liabilities

56

2,661

Commitments and contingencies

Stockholders’ equity:

Convertible preferred stock, $.001 par value, issuable in series, 2,000,000 shares

 authorized; none issued

Common stock, $.001 par value, 750,000,000 shares authorized;

130,881,110 issued at December 26, 2010 and 129,827,715 at June 27, 2010

131

130

Treasury stock, 39,625,305 at December 26, 2010 and June 27, 2010

(149,666)

(149,666)

Additional paid-in-capital

959,530

956,792

Accumulated other comprehensive income

2,455

1,100

Accumulated deficit

(647,520)

(659,161)

Total stockholders’ equity

164,930

149,195

Total liabilities and stockholders’ equity

$               279,299

262,885

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

Three Months Ended

Six Months Ended

December 26,

December 27,

December 26,

December 27,

2010

2009

2010

2009

Net revenues:

Product

$                 70,334

$                 64,469

$               139,547

$       115,228

Service

14,797

14,928

29,421

30,478

Total net revenues

85,131

79,397

168,968

145,706

Cost of revenues:

Product

30,893

27,199

61,723

50,917

Service

6,257

6,435

12,428

12,266

Total cost of revenues

37,150

33,634

74,151

63,183

Gross profit:

Product

39,441

37,270

77,824

64,311

Service

8,540

8,493

16,993

18,212

Total gross profit

47,981

45,763

94,817

82,523

Operating expenses:

Sales and marketing

25,087

24,613

49,993

46,282

Research and development

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