INRANGE Announces Record Q2 Revenues

INRANGE Technologies Corporation , a subsidiary of SPX Corporation, this week reported revenues of $69.4 million and earnings per share of $0.04 for the quarter ended June 30, 2001, excluding the effects of the amortization of goodwill and other intangibles and restructuring and special charges.

The company reported record revenues for the second quarter of
$69.4 million; a 33% increase over the second quarter of 2000, and a 9%
sequential increase over the first quarter 2001. Revenues in the open storage
networking business, which include the FC9000 fibre channel director, totaled
$26.9 million, a 151% increase over the second quarter 2000 and a 28%
sequential increase compared to the first quarter 2001. This was the best
second quarter for revenues in the company’s 33-year history.

The company reported a net income of $3.1 million or $0.04 earnings per share, excluding the effects of
the amortization of goodwill and other intangibles as well as restructuring
and special charges relating to the exit of the telecommunications business.
Including these charges, the company reported a net loss of $5.4 million or
$0.06 per share for the quarter ended June 30, 2001.

For the six-month period ended June 30, 2001, the company reported revenue
of $133.3 million, a 35% increase over the same period of 2000. Revenues in
the open storage networking business for the six months period ended June 30,
2001 totaled $48.0 million, a 182% increase over the same period in 2000.