EXHIBIT 99.1

FOR IMMEDIATE RELEASE

For more information, contact:
Extreme Networks
Investor Relations	Public Relations
408/579-3030	408/579-2963
investor_relations@extremenetworks.com	vbellofatto@extremenetworks.com

EXTREME NETWORKS REPORTS THIRD QUARTER RESULTS

SANTA CLARA, Calif., April 14, 2004– Extreme Networks, Inc. (Nasdaq: EXTR), a leader in Ethernet broadband networking solutions, today announced financial results for its fiscal third quarter of 2004, ended March 28, 2004.

Net revenue for the third quarter was $88.9 million, up 7 percent sequentially from $83.4 million in the second fiscal quarter and up from $85.2 million in the third fiscal quarter a year ago. On a GAAP reporting basis the Company recorded a net loss for the third quarter of 2004 of $1.1 million or $0.01 per share. This is improved from a net loss of $5.6 million or $0.05 per share in the second fiscal quarter, and reduced from a loss of $7.1 million, or $0.06 per share recorded in the third quarter of fiscal 2003.

“We increased revenue, expanded gross margins, and tightly controlled our operating expenses,” said Gordon L. Stitt, president and CEO of Extreme Networks. “We are pleased with our results for the quarter.”

“During the quarter, we continued our strategy of being the innovation leader — enabling customers to build integrated wired and wireless networks for voice, video and data applications, that are fast and secure. We introduced the second phase of our Unified Access architecture by adding support for our modular Alpine^® platform. We now provide Enterprises with a comprehensive solution that integrates wired and wireless along with VoIP support in both modular and stackable systems. We also completed the next phase of our 10 Gigabit Ethernet rollout with the introduction of the Summit^® 400-48, the first edge switch that brings together high-density gigabit ports with 10 Gigabit

uplinks. Combined with our BlackDiamond^® 10K and BlackDiamond 6800 we deliver high performance 10 gigabit Ethernet support for demanding applications across several product lines,” added Stitt.

Quarterly Financial Highlights

Revenue in the U.S. was $38.8 million or 44 percent of total consolidated revenue, up $9.6 million from the previous quarter, representing a solid improvement from the previous quarter. International revenues were $50.1 million, down $4.1 million from the second quarter of fiscal 2004, due to weakness in the Company’s business in Asia.

Gross margins were 51.2 percent of sales in the third quarter, an increase from 48.5 percent of sales in the second quarter, and up from a 39.8 percent of sales in the year-ago period. The gross margin improvement stems primarily from reduced manufacturing costs and favorable geographic mix.

The company managed operating expenses tightly during the third quarter at $46.6 million or 52.4 percent of sales on a GAAP basis. With increased revenues, operating expenses declined as a percentage of sales from 55.4 percent in the preceding quarter and from 54.0 percent in the fiscal third quarter of 2003.

Cash, cash equivalents and investments increased to $416.9 million during the third quarter, up from $412.6 million from the second quarter of fiscal 2004 and from $407.3 million from the third quarter ended March 30, 2003.

Management Expectations

Going forward, the Company anticipates a gradually improving business environment for networking vendors.

For the quarter ending June 27, 2004, the Company currently anticipates that revenues will be flat to up 5 percent as compared to the March quarter. The company anticipates that gross margins will be flat to down slightly depending on the mix of product and regional sales, and that operating expenses will be flat to up slightly on a dollar basis.

Sales Management Change

Extreme Networks also today announced that Chris Todd, senior vice president of Worldwide Sales, has resigned and will be leaving the Company following a brief transition in order to pursue other interests. A search for a successor to Todd will begin immediately.

Quarterly Business Highlights

• Extreme Extends Unified Access to Enterprise Edge

With its innovative Unified Access architecture, Extreme enables customers to deploy wired, wireless and telephony services at the network edge by offering PoE, real-world security with flexible authentication and Extreme RF Manager, a sophisticated tool for site prediction and deployment. Extreme Networks further broadens its edge strategy by delivering UA capabilities on its high-density Alpine switch, making it the industry’s first modular switch with native wireless support and PoE.

• Extreme’s Altitude 300 achieves an Industry-First Certification from Wi-Fi Alliance

Extreme’s Altitude 300 wireless port becomes the first Wi-Fi certified dual-radio Access Point capable of concurrently supporting 802.11b/g and 802.11a connectivity with Wi-Fi Protected Access security. Such certification will give customers the confidence that Extreme’s Wi-Fi certified Altitude 300 AP will interoperate with the broadest spectrum of other hardware compliant with this standard.

• Extreme Continues to Add New Healthcare and Education Customers:

• Lowell General Hospital, a not-for-profit community hospital, chose to unify its scalable wired and wireless network with Extreme’s leading edge, new Unified Access for seamless wired and wireless connectivity. This powerful and highly manageable network includes integrated bandwidth management and security functions to help support Lowell’s emerging PACS imaging applications, streamline patient care and improve the speed of diagnosis.

• Nation’s Sixth Largest School District Selects Extreme Networks

The nation’s sixth largest school district, Clark County, NV, selected Extreme Networks for its expansive network upgrade encompassing 289 schools. The 250,000-port network will leverage Extreme’s wire-speed performance and advanced bandwidth management to enhance the classroom experience with converged communications and high-speed network connections for more than 290,000 combined students and staff. Clark County School District, which expects to grow at an average rate of one new school per month, is performing this extensive, multi-year LAN backbone and network edge upgrade with the goal to deliver flawless network performance backed by scalable and reliable Gigabit Ethernet.

• Extreme Networks’ Technology Wins Awards:

• Extreme’s New BlackDiamond 10K Core Switch Named “Product of the Month”

Further extending its record of recognition in the industry for the most innovative switching solutions, Extreme’s new BlackDiamond 10K core switch was named “Product of the Month” for February by Telecommunications Magazine. The new BlackDiamond 10K switch was noted in the profile for its adaptable, non-stop packet switching at wire-speed 10 gigabit Ethernet. The magazine article highlighted carrier class elements of the switch that promote increased levels of resiliency, security and extensibility from ExtremeWare^® XOS modular software operating system and Extreme’s new Fourth Generation Networking Silicon System ASICs.

• Extreme’s New BlackDiamond 10K Switch Named “Product of the Year” Extreme’s new BlackDiamond 10K core switch was named ‘Technology Product of the Year’ by InfoWorld Magazine. The new BlackDiamond 10K received an “excellent” rating from the experienced review staff, based on a “hands-on” test, featured in the January 16, 2004 issue.

Conference Call

Extreme Networks will host a conference call to discuss these results today at 5:00 p.m. EDT (2:00 p.m. PDT), for more information visit http://www.extremenetworks.com/aboutus/investor/

Extreme Networks, Inc.

Extreme Networks delivers an effective applications and services infrastructure by creating networks that are faster, simpler and more cost-effective. Headquartered in Santa Clara, Calif., Extreme Networks markets its network switching solutions in more than 50 countries. For more information, visit www.extremenetworks.com

# # #

Extreme Networks, ExtremeWare, BlackDiamond, Summit and Alpine are registered trademarks of Extreme Networks, Inc., in the United States and other countries.

This announcement contains forward-looking statements that involve risks and uncertainties, including statements about regarding future operating results. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: our effectiveness in controlling expenses, fluctuations in demand for our products and services; a highly competitive business environment for network switching equipment; the possibility that we might experience delays in the development of new technology and products; customer response to our new technology and product; and a dependency on third parties for certain components and for the manufacturing of our products. We undertake no obligation to update the forward-looking information in this release. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including, without limitation, under the captions: “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Risk Factors,” which is on file with the Securities and Exchange Commission (http://www.sec.gov).

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per-share amounts)

(Unaudited)

	Three Months Ended						Nine Months Ended
	March 28, 2004			March 30, 2003			March 28, 2004			March 30, 2003
Net revenue:
Product	$	76,059		$	76,356		$	224,315		$	248,076
Services		12,815			8,857			35,375			27,922
Total net revenue		88,874			85,213			259,690			275,998
Cost of revenue:
Product		34,422			41,315			101,959			129,810
Services		8,979			9,978			26,913			28,509
Total cost of revenue		43,401			51,293			128,872			158,319
Gross margin:
Product		41,637			35,041			122,356			118,266
Services		3,836			(1,121	)		8,462			(587	)
Total gross margin		45,473			33,920			130,818			117,679
Operating expenses:
Sales and marketing		23,343			25,006			68,779			78,055
Research and development		15,001			13,749			42,867			41,676
General and administrative		8,043			6,328			22,934			19,992
Amortization of deferred stock compensation		198			994			931			3,336
Restructuring charges		—			—			962			14,187
Property and equipment write-off		—			—			—			12,678
Total operating expenses		46,585			46,077			136,473			169,924
Operating loss		(1,112	)		(12,157	)		(5,655	)		(52,245	)
Other income, net		345			990			2,707			2,860
Loss before income taxes		(767	)		(11,167	)		(2,948	)		(49,385	)
Provision (benefit) for income taxes		339			(4,105	)		1,149			(19,295	)
Net loss	$	(1,106	)	$	(7,062	)	$	(4,097	)	$	(30,090	)
Net loss per share - basic and diluted	$	(0.01	)	$	(0.06	)	$	(0.03	)	$	(0.26	)
Shares used in per share calculation – basic and diluted		118,832			115,501			117,706			114,913

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	March 28, 2004		June 29, 2003
Assets
Current assets:
Cash and cash equivalents	$	64,395	$	44,340
Short-term investments		115,922		119,277
Accounts receivable, net		36,464		26,794
Inventories, net		24,226		18,710
Prepaid expenses and other current assets		13,014		16,878
Total current assets		254,021		225,999
Property and equipment, net		63,736		73,767
Marketable securities		236,561		238,540
Other assets		28,804		11,951
Total assets	$	583,122	$	550,257
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	22,560	$	19,020
Deferred revenue		54,693		48,298
Accrued warranty		8,936		10,200
Other accrued liabilities		49,511		51,190
Total current liabilities		135,700		128,708
Other long-term liabilities		18,355		22,313
Convertible subordinated notes		200,000		200,000
Total stockholders’ equity		229,067		199,236
Total liabilities and stockholders’ equity	$	583,122	$	550,257

EXTREME NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine Months Ended
	March 28, 2004			March 30, 2003
Cash flows from operating activities:
Net loss	$	(4,097	)	$	(30,090	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		15,550			20,227
Provision for doubtful accounts		(200	)		—
Deferred income taxes		—			(19,385	)
Amortization of deferred stock compensation		931			3,336
Amortization of warrant		3,153			—
Restructuring charges		962			26,865
Changes in operating assets and liabilities:
Accounts receivable		(9,470	)		32,694
Inventories		(5,516	)		633
Prepaid expenses and other current assets and other assets		6,557			(6,785	)
Accounts payable		3,540			(5,983	)
Deferred revenue		6,395			6,723
Accrued warranty		(1,264	)		1,118
Other accrued liabilities		(6,477	)		(14,390	)
Net cash provided by operating activities		10,064			14,963
Cash flows from investing activities:
Capital expenditures		(5,641	)		(13,638	)
Purchases and maturities of investments, net		4,487			(37,803	)
Net cash used in investing activities		(1,154	)		(51,441	)
Cash flows from financing activities:
Proceeds from issuance of common stock		11,145			4,365
Net cash provided by financing activities		11,145			4,365
Net increase (decrease) in cash and cash equivalents		20,055			(32,113	)
Cash and cash equivalents at beginning of period		44,340			71,830
Cash and cash equivalents at end of period	$	64,395		$	39,717