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F5 Networks Announces Results for First Quarter of Fiscal 2014
F5 Networks, Inc. 4:22PM EST
SEATTLE--(BUSINESS WIRE)--
For the first quarter of fiscal 2014, ended December 31, F5 Networks, Inc. ( FFIV) announced revenue of $406.5 million, up 3 percent from $395.3 million in the prior quarter and 11 percent from $365.5 million in the first quarter of fiscal 2013.
GAAP net income was $68.0 million ($0.87 per diluted share), compared to $76.2 million ($0.97 per diluted share) in the prior quarter and $69.5 million ($0.88 per diluted share) in the first quarter a year ago.
Excluding the impact of stock-based compensation and amortization of purchased intangible assets, non-GAAP net income was $94.8 million ($1.22 per diluted share), compared to $99.2 million ($1.26 per diluted share) in the prior quarter and $90.6 million ($1.14 per diluted share) in the first quarter of last year.
A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations.
“During the first quarter, increasing demand for the new hardware and software products we introduced in fiscal 2013 continued to drive product revenue, which increased 3 percent from the prior quarter and 7 percent year over year,” said John McAdam, F5 president and chief executive officer. “Strong sales across all geographic regions reflected both demand for the new products and positive customer response to our ‘Good, Better, Best’ pricing model we introduced in early November.
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