Investor Presentation Materials

Q4 FY2010

Financial Results Slides

Bob L. Corey -

SVP/CFO and Acting CEO

Mike Seaton –

VP WW Sales and Customer Support

August 2, 2010

Exhibit 99.2

Risk on Forward-Looking Statements

Page 2

This presentation contains forward-looking statements that involve risks and uncertainties,

including statements regarding the Company’s financial performance, acceptance of the

Company’s newer products in the market and its expectations regarding its products. 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: a challenging macro-economic

environment both in the United States and overseas; fluctuations in demand for the Company’s

products and services; a highly competitive business environment for network switching

equipment; its effectiveness in controlling expenses, the possibility that the Company

might experience delays in the development of new technology and products; customer

response to its new technology and products; the timing of any recovery in the global economy;

risks related to pending or future litigation, and a dependency on third parties for certain

components and for the manufacturing of the Company’s products. The Company undertakes

no obligation to update the forward-looking information in this release. More information about

potential factors that could affect the Company’s business and financial results is included in

its 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 are on file with the Securities and Exchange

Commission.”

Cautionary Statement on Pro Forma Results

With the exception of revenue and the number of

shares outstanding, all of the charts that follow refer

to non-GAAP operating results unless stated

otherwise. Non-GAAP operating results exclude the

effective restructuring charges, stock-based

compensation, and cost associated with litigation

settlement.

A GAAP to non-GAAP reconciliation is provided at the

end of this presentation.

Page 3

Our Vision

Page 4

A fully connected world enabled by

Ethernet everywhere.

Our Mission

Page 5

Deliver high performance, innovative

products and superior services to ensure

the success of our customers & partners.

Q4’09

Q1’10

Q2’10

Q3’10

Q4’10

Product

64.8

50.8

64.5

63.2

70.6

Service

16.5

15.6

14.9

15.0

14.8

Total Revenue ($M)

81.3

66.3

79.4

78.2

85.5

Gross Margin (%)

56.8%

55.7%

58.0%

58.3%

57.4%

Research & Development ($M)

13.3

13.2

11.8

10.9

11.7

Sales & Marketing ($M)

22.8

21.3

23.9

24.2

25.3

General & Administrative ($M)

7.0

6.9

6.1

5.7

6.4

Total Operating Expense ($M)

43.1

41.4

41.8

40.9

43.4

Operating Expense (%)

53.1%

62.5%

52.6%

52.3%

50.8%

Operating Margin (%)

3.8%

-6.8%

5.4%

6.2%

6.6%

Page 6

Pro Forma Financial Highlights

Q4FY10 Revenue Results

Total revenue up 9% sequentially and up

5% year over year

Product revenue up 12% sequentially and

up 9% year over year

Americas product revenue up 17%

sequentially due to strong sales in

education market and pickup in wireless

EMEA product revenue up 22% due to

stronger service provider business

Service revenue remained stable

Page 7

Supply Chain Management

Inventory investment decreased from $23.6 to

$21.8 million quarter over quarter

Turnover at 6X

Continued improvements to integrate sales

forecasting and materials requirements

planning

Continuous Supply Chain engagement

Page 8

Q4FY10 Sales by Geography

Total Americas revenue up 11% sequentially and 4%

year over year; product revenue increased 17%

sequentially and 11% year over year

EMEA total revenue increased 18% sequentially and

16.5% year over year; product revenue up 22% both

sequentially and year over year

Asia Pacific total revenue declined 15% sequentially

and 16% year over year; product revenue down 18%

sequentially and 21% year over year

Delayed large purchases from service providers in

India and Korea

Page 9

Q4FY10 Revenue Trends

Page 10

40.0

50.0

60.0

70.0

80.0

90.0

Q309

Q409

Q110

Q210

Q310

Q410

Fiscal Quarter

Total Revenue

Product

Service

Q4 FY10 Revenue Trends

Page 11

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

Q409

Q110

Q210

Q310

Q410

Fiscal Quarter

Asia

EMEA

Americas

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Service Revenue

Asia

EMEA

Americas

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Total Revenue

Asia

EMEA

Americas

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Product Revenue

Asia

EMEA

Americas

Revenue Breakdown by Geography

Page 12

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q3'07

Q4'07

Q1'08

Q2'08

Q3'08

Q4'08

Q1'09

Q2'09

Q3'09

Q4'09

Q1'10

Q2'10

Q3'10

Q4'10

Enterprise %

Service Provider %

Enterprise/Service Provider Bookings and

Stackable/Modular Revenue Trend

Page 13

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q108

Q208

Q308

Q408

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Modular

Stackable

Q4FY10 Margins

Page 14

Gross Margin Trends

Page 15

Q409

Q110

Q210

Q310

Q410

Product GM %

55.3%

53.4%

58.0%

57.4%

Service GM %

62.5%

63.0%

57.9%

59.8%

57.6%

Total GM%

56.8%

55.7%

58.0%

58.3%

57.4%

40.0%

50.0%

60.0%

70.0%

ProForma

Gross Margin Trends

Q4FY10 Operating Expenses

Page 16

Sales & Marketing up $1.2M from prior quarter

due to higher commissions

R&D up $700k from prior quarter driven by

timing of project development cost

G&A up $700k from prior quarter due to higher

fees related to litigation

Operating Expense Trend

Page 17

Q409

Q110

Q210

Q310

Q410

R&D Exp

13.3

13.2

11.8

10.9

11.7

S&M

22.8

21.3

23.9

24.2

25.3

G&A

7.0

6.9

6.1

5.7

6.4

% of Revenue

53.0%

62.4%

52.6%

52.2%

50.8%

40.0%

45.0%

50.0%

55.0%

60.0%

Q4’09

Q1’10

Q2’10

Q3’10

Q4’10

Cash & Investments ($M)

127.4

130.7

135.4

127.9

132.4

Cash Flow from Operations ($M)

8.7

4.1

6.1

(7.2)*

6.3

Accts Receivable ($M)

37.6

36.2

40.6

36.6

42.1

DSO

Inventory ($M)

12.4

16.2

16.6

23.6

21.8

EBITDA –

Pro-Forma

4.8

(2.9)

5.6

6.1

6.9

Headcount (Regular)

786

788

730

715

740

Page 18

Q4 FY10 Balance Sheet Metrics

* Reflected increased inventory investment for anticipated Q4 demand

Q1 FY11 Guidance

Page 19

Total Q1 revenue of $81-$84 million

Total

Gross

Margin

57%

59%

Pro-Forma Operating Income of $3.5M-$6.0M

EPS of $.04 to $.06

Financial Model

Page 20

Gross Margin of 57%-59%

Research & Development of 13%-14%

Sales & Marketing of 25%-26%

General & Administrative of 7%-8%

Operating Income of ~11%

GAAP to NON-GAAP Reconciliation

Page 21

June 27,

June 28,

June 27,

June 28,

2010

2009

2010

2009

Net income - GAAP Basis

3,412

883

227

2,815

Non-GAAP adjustments

Stock-based compensation expense

1,664

1,224

6,235

3,854

Restructuring charge

235

153

4,238

2,245

Litigation settlement

968

Total Non-GAAP adjustments

2,867

1,377

11,441

6,099

Net income - Non-GAAP Basis

6,279

2,260

11,668

8,914

Non-GAAP Adjustments

Cost of product revenue

285

628

205

Cost of service revenue

161

523

253

Sales and marketing

461

426

1,853

1,349

Research and development

372

392

1,695

1,240

General and administrative

524

229

1,675

807

Restructuring charge

235

153

4,238

2,245

Litigation settlement

829

Total Non-GAAP adjustments

2,867

1,377

11,441

6,099

Three Months Ended

Twelve Months Ended

Thank you