DownSouth, Here are the numbers!!! They are GREAT!!!!
Network Appliance Announces Revenues Up 80%; Net Income Up 90% in First Fiscal Quarter
Sunnyvale, CA - August 18, 1999 -- Network Appliance, Inc. (NASDAQ: NTAP), the leading provider of network-attached data access and management solutions, today reported revenues of $103.3 million for the first fiscal quarter ended July 30, 1999, an increase of 80% compared to revenues of $57.4 million for the same period a year ago.
Net income for the quarter increased 90% to $13.5 million, or $0.16 per share, compared to net income of $7.1 million, or $0.10 per share, for the same period a year ago.
Revenues increased on a sequential basis by 14% over the $90.8 million reported in the fourth quarter of fiscal 1999 and net income was up 25% from the $10.7 million reported in the fourth quarter of fiscal 1999.
Commenting on the quarter, President and Chief Executive Officer Dan Warmenhoven said, "During the quarter, Internet and enterprise companies accelerated their deployment of data infrastructures incorporating Network Appliance™ products. The explosion of data has generated strong demand for storage architectures that can solve the business problems of managing network accessible data. As the market leader in network attached storage, Network Appliance is focused on providing products that deliver on our reliable, fast and simple appliance philosophy."
All earnings-per-share amounts represent diluted earnings per share as defined within Statement of Financial Accounting Standards No. 128. Earnings per share and the number of shares used in the per-share calculation of all periods presented reflect the two-for-one stock split that was effective December 21, 1998.
Can you say TORNADO?
Thanks again for the support and enthusiasm!
Best,
Duncan
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