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Technology Stocks : Network Appliance

NTAP 109.82

-1.0%

3:59 PM EST

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From: pirate_200	11/17/2005 1:05:55 PM
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NTAP's Q2 Conference Call Pointer to NTAP's Q2 Conference Call transcript below along a few snipets from the transcript. See full transcript for lots of great information. Favorite quote during analyst Q&A from Dan Warmenhoven, CEO of NTAP in regard to last quarter's hiccup: "This is Dan, and thank you for the congratulations. I want you guys to remember that we are proof positive that there is such a thing in Wall Street as a one quarter problem." -------- investors.netapp.com -------- * Revenue up 29% over Q2 last year; increased almost 8% sequentially * Gross margins were 62.5% this quarter, highest level in over three years * Cash and investments totaled $1.1 billion * Stock repurchase of 6.3M shares this quarter; average price $23.56 * Days sales outstanding were 61 days compared to a low of 49 days last quarter. (Direct from transcript: "The increase was primarily due to the tremendous demand for the FAS 3000 products which strained our supply chain during the first two months of the quarter. Orders were not as back end loaded as our DSO might imply, but shipments were back end loaded, with FAS 3000 on allocations for the first two months of the quarter. We now have our contract manufacturer ramped appropriately, and have reached a more balanced relationship between supply and demand. DSOs should return to the mid-50s next quarter."). * Inventory turns 16.4 times compared with 17.2 times last quarter * Full year, revenue growth is expected to be in the range of 26% to 28% year-to-year * NetApp Board of Directors approved total of $650 million for stock repurchase program. (Direct from transcript: "We will be in the market periodically buying stock, depending on the stock price. As a result, we are not expecting that our total shares outstanding will change significantly over the remainder of the year."). --------

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