Juniper Networks, Inc. Reports Q3'00 Financial Results Net Revenue $201.2M
Pro forma EPS $0.17
SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 12, 2000--Juniper Networks, Inc. (Nasdaq:JNPR - news), a leading provider of next-generation IP infrastructure systems, today reported its third quarter results for the period ending September 30, 2000.
Net revenues for the third quarter were $201.2 million, compared with $113.0 million for the second quarter, an increase of 78%. Pro forma net income, which excludes the amortization of goodwill of $1.9 million and the deferred compensation charge of $415,000, was $60.3 million or $0.17 per share, compared with a pro forma net income of $28.6 million or $0.08 per share in the second quarter of 2000.
Actual net income for the third quarter, including the above-mentioned amortization of goodwill and deferred compensation charges, was $58.1 million or $0.17 per share, compared with $19.6 million or $0.06 per share in the second quarter of 2000.
Net revenues for the first nine months of 2000 were $378.1 million, compared with $57.2 million for the same nine month period in 1999. Pro forma net income for the first nine months of 2000 was $99.4 million or $0.29 per share, compared with pro forma net loss of $9.5 million or $(0.06) per share during the same nine month period in 1999. Actual net income for the first nine months of 2000 was $85.8 million or $0.25 per share, compared with actual net loss of $12.1 million or $(0.08) per share during the same nine month period in 1999.
``Our performance during the third quarter reflects the return on our commitment and focus on continued execution,'' said Scott Kriens, Chairman and CEO of Juniper Networks. ``The expansion of our product portfolio and our customer base throughout the world further solidify our opportunities in the IP infrastructure market,'' Kriens said.
About Juniper Networks®
Juniper Networks, Inc. is a leading provider of purpose-built systems that meet the scalability, performance, density, and compatibility requirements of rapidly evolving, optically enabled IP networks. The company's systems provide new IP infrastructure solutions for the world's leading service providers. Juniper Networks service, manufacturing teams, and IP engineers work closely with customers to build and support customer networks. The company is headquartered in Sunnyvale, California. For more information, please visit the Web site at juniper.net.
Juniper Networks is a registered trademark of Juniper Networks, Inc. Internet Processor II, JUNOS, M5, M10, M20, M40, and M160 are trademarks of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks may be the property of their respective owners.
Actual results could differ materially from those anticipated in forward-looking statements in this release as a result of certain factors, including those set forth in the risk factors described in the Company's SEC filings, including its recent Form 10K.
JUNIPER NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, December 31,
2000 1999
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Assets (unaudited) (1)
Current assets:
Cash and cash equivalents $ 571,201 $ 158,043
Short-term investments 567,731 187,915
Accounts receivable, net 116,319 23,950
Prepaid expenses
and other current assets 20,775 7,925
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Total current assets 1,276,026 377,833
Property and equipment, net 33,039 12,416
Long-term investments 508,630 97,201
Other long-term assets 127,730 25,928
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Total Assets $ 1,945,425 $ 513,378
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 48,431 $ 15,368
Other accrued liabilities 108,105 21,025
Deferred revenue 34,770 19,270
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Total current liabilities 191,306 55,663
Convertible subordinated notes
and other long-term liabilities 1,161,080 -
Common stock and
additional paid-in capital 540,315 513,698
Deferred stock compensation (1,595) (3,001)
Accumulated other
comprehensive income (loss) 20,727 (815)
Retained earnings/(Accumulated deficit) 33,592 (52,167)
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Total Liabilities
and Stockholders' Equity $ 1,945,425 $ 513,378
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