NETWORK APPLIANCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
July 27, April 30,
2001 2001
---- ----
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 239,287 $ 271,931
Short-term investments 129,378 92,094
Accounts receivable, net 155,166 186,956
Inventories 23,764 22,504
Prepaid expenses and other 28,096 25,745
Deferred income taxes 35,737 36,287
------------ ------------
Total current assets 611,428 635,517
RESTRICTED CASH 199,983 193,747
PROPERTY AND EQUIPMENT, net 100,789 103,238
INTANGIBLE ASSETS, net 74,284 79,510
OTHER ASSETS 23,675 24,240
------------ ------------
$1,010,159 $1,036,252
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 48,208 $ 64,892
Income taxes payable 16,050 21,844
Accrued compensation
and related benefits 26,217 50,523
Other accrued liabilities 29,682 23,198
Deferred revenue 54,284 58,316
------------ ------------
Total current liabilities 174,441 218,773
LONG TERM DEFERRED REVENUE 16,772 12,882
LONG TERM OBLIGATIONS 137 149
------------ ------------
191,350 231,804
SHAREHOLDERS' EQUITY 818,809 804,448
------------ ------------
$1,010,159 $1,036,252
============ ============
NETWORK APPLIANCE, INC.
PRO FORMA (1) CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share data)
(Unaudited)
Quarter Ended
-------------
July 27, July 28,
2001 2000
---- ----
NET SALES $200,426 $231,159
COST OF SALES 88,077 89,457
------------ ------------
GROSS MARGIN 112,349 141,702
------------ ------------
OPERATING EXPENSES:
Sales and marketing 71,642 63,818
Research and development 29,083 23,623
General and administrative 10,262 8,879
------------ ------------
Total operating expenses 110,987 96,320
------------ ------------
INCOME FROM OPERATIONS 1,362 45,382
OTHER INCOME, net 5,494 4,380
------------ ------------
INCOME BEFORE INCOME TAXES 6,856 49,762
PROVISION FOR INCOME TAXES 2,125 17,168
------------ ------------
NET INCOME $ 4,731 $ 32,594
============ ============
NET INCOME PER SHARE (1):
BASIC $ 0.01 $ 0.10
============ ============
DILUTED $ 0.01 $ 0.09
============ ============
SHARES USED IN PER SHARE CALCULATION:
BASIC 329,336 313,559
============ ============
DILUTED 349,667 359,778
============ ============
(1) Net income excludes in-process research and development,
amortization of intangible assets, stock compensation expense and
the related income tax effect.
NETWORK APPLIANCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
Quarter Ended
-------------
July 27, July 28,
2001 2000
---- ----
NET SALES $200,426 $231,159
COST OF SALES 88,077 89,457
------------ ------------
GROSS MARGIN 112,349 141,702
------------ ------------
OPERATING EXPENSES:
Sales and marketing 71,642 63,818
Research and development 29,083 23,623
General and administrative 10,262 8,879
Amortization of intangible assets 5,226 666
In-process research and development -- 26,688
Stock compensation 2,699 429
------------ ------------
Total operating expenses 118,912 124,103
------------ ------------
INCOME (LOSS) FROM OPERATIONS (6,563) 17,599
OTHER INCOME, net 5,494 4,380
------------ ------------
INCOME (LOSS) BEFORE INCOME TAXES (1,069) 21,979
PROVISION (BENEFIT) FOR INCOME TAXES (556) 17,003
------------ ------------
NET INCOME (LOSS) $ (513) $ 4,976
============ ============
NET INCOME (LOSS) PER SHARE:
BASIC $ (0.00) $ 0.02
============ ============
DILUTED $ (0.00) $ 0.01
============ ============
SHARES USED IN PER SHARE CALCULATION:
BASIC 329,336 313,559
============ ============
DILUTED 329,336 359,778
============ ============ |
