NetApp Announces Results for First Quarter of Fiscal Year 2009
biz.yahoo.com
Wednesday August 13, 4:04 pm ET
Q1 Revenues $869 Million, Up 26% Year over Year
SUNNYVALE, Calif.--(BUSINESS WIRE)--NetApp (NASDAQ:NTAP) today reported results for the first quarter of fiscal year 2009. Revenues for the first fiscal quarter of 2009 were $869 million, an increase of 26% compared to revenues of $689 million for the same period a year ago.
For the first fiscal quarter of 2009, GAAP net income was $38 million, or $0.11 per share1 compared to GAAP net income of $34 million, or $0.09 per share for the same period in the prior year. Non-GAAP2 net income for the first fiscal quarter of 2009 was $76 million, or $0.22 per share, compared to non-GAAP net income of $76 million, or $0.20 per share for the same period a year ago.
“Our new fiscal year got off to a good start, and our efforts to increase awareness and sales capacity in order to secure new customers are delivering results,” said Dan Warmenhoven, chairman and CEO. “Despite economic uncertainty, customers have continued to expand and evolve their storage infrastructure and are looking to NetApp to help them reduce costs and enable new capabilities.”
Outlook
* NetApp estimates revenue for the second quarter of fiscal year 2009 to be between $910 million and $940 million.
* NetApp estimates that the second quarter of fiscal year 2009 GAAP earnings per share will be approximately $0.16 to $0.19 per share. NetApp estimates second quarter fiscal year 2009 non-GAAP earnings per share to be approximately $0.27 to $0.30 per share.
Quarterly Highlights
In the first quarter of fiscal year 2009, NetApp launched new solutions that continue to help customers transform their data center architectures through higher efficiencies and asset utilization, greater power and space savings, innovative data management techniques, and the ability to reduce redundant data on primary storage with deduplication technology. Recognized by many industry awards, NetApp® solutions continue to be a leader in the storage market in quality and innovation. Industry analyst reports during the quarter confirmed that NetApp continues to grow much faster than the overall storage market.
During the first quarter, NetApp announced the new FAS3100 and V3100 storage system series, Storage Acceleration Appliance, and Performance Acceleration Module which enable customers to achieve such benefits as accelerated time to market, improved engineering productivity, and maximized return on their storage infrastructure.
NetApp also announced that the NetApp V-Series now allows customers who have EMC, Hitachi Data Systems, Hewlett Packard, or other storage systems to deploy NetApp deduplication technology to reduce redundant copies of data on these systems. NetApp deduplication has quickly become one of the fastest growing technologies in the company’s history.
Also during the quarter, NetApp expanded its portfolio of storage and data management solutions for virtualized IT environments that include Microsoft® Windows® Server 2008, Microsoft SQL Server™ 2008, Exchange Server 2007, and Microsoft Hyper-V. NetApp also added the availability of the SANscreen® product suite, which was acquired in the acquisition of Onaro, to its global sales and channel partner programs.
NetApp continues to focus on expanding its worldwide channel strategy, programs, and best practices by rolling out the fiscal year 2009 VIP Program worldwide. This partner program demonstrates NetApp’s commitment to building upon its strong relationships with partners by enhancing key initiatives such as services and technology specialization programs.
NetApp products and solutions continue to be rated highly by third parties. During the quarter, NetApp received the following awards: Diogenes Labs–Storage Magazine Quality Awards III (Storage), 2008 “Products of the Year” (eWeek Channel Insider), 2008 ServerWatch Product Excellence Awards (ServerWatch), 2008 Tomorrow’s Technology Today Award (Info Security Products Guide), and 2008 Service and Support Professionals Association (SSPA) STAR Award.
NetApp continued to gain momentum in the storage software market. According to IDC's Worldwide Quarterly Storage Software Tracker Q1 2008,3 NetApp grew more than twice as fast as the storage software market year over year. Also according to IDC, NetApp maintained the number-two market share position in the storage replication software market and continued to close the gap on the market leader. NetApp gained share in the storage replication market and grew fastest among the top five vendors year over year.
NetApp gained share in the networked storage market (which includes FC SAN, NAS, and iSCSI) in first quarter of calendar year 2008 in both revenue and capacity shipped, as reported in IDC's Worldwide Quarterly Disk Storage Systems Tracker Q1 2008.4 According to IDC, NetApp share gains moved the company from the fourth position in the networked storage market to tying for the number-two slot, growing to a 12.0% share in the first quarter of calendar year 2008, up from a 10.1% share in fourth quarter of calendar year 2007. |
