Juniper Networks, Inc. Reports Q2'02 Financial Results; Net Revenue $117.0M; Pro
Forma EPS $0.00
Business Editors
SUNNYVALE, Calif.--(BUSINESS WIRE)--July 11, 2002--Juniper
Networks, Inc. (Nasdaq:JNPR), a leading provider of trusted IP
infrastructures for the New Public Network, today reported its second
quarter results for the period ending June 30, 2002.
Net revenues for the second quarter were $117.0 million, compared
with $202.2 million for the same period last year, a decrease of 42%.
Pro forma net income was $421,000 or $0.00 per share, compared with
pro forma net income of $29.3 million or $0.09 per share for the
second quarter of 2001.
Actual net income for the second quarter, which includes
amortization of purchased intangibles of $1.6 million and a deferred
compensation credit of $8.0 million, was $6.2 million or $0.02 per
share, compared with a net loss of $37.1 million or $0.12 per share in
the second quarter of 2001.
Net revenues for the first six months of 2002 were $239.3 million,
compared with $534.3 million for the same six-month period in 2001.
Pro forma net income for the first six months of 2002 was $844,000 or
$0.00 per share, compared with pro forma net income of $121.5 million
or $0.35 per share during the same six-month period in 2001. Actual
net loss for the first six months of 2002 was $39.8 million or $0.12
per share, compared with actual net income of $21.4 million or $0.06
per share during the same six-month period in 2001.
As announced on July 2, 2002, Juniper Networks completed the
acquisition of Unisphere Networks and has begun integration of the new
organization, which will be completed within two weeks and will result
in cost savings of approximately $7 million per quarter, including
headcount reductions of approximately 10% of the combined company.
"We enjoyed a healthy balance of revenue contribution last
quarter, across both new and existing products, in many different
sectors of the networking market," said Scott Kriens, Chairman and CEO
of Juniper Networks. "We have continued to execute on our plan to
build a portfolio of comprehensive solutions to reach many different
types of service providers and carriers around the world, while
maintaining our focus on financial fundamentals." |
