F5 Networks Announces Preliminary Results for Fourth Quarter of Fiscal 2008
biz.yahoo.com
Tuesday October 7, 3:00 am ET
SEATTLE--(BUSINESS WIRE)--F5 Networks, Inc. (NASDAQ: FFIV) today announced preliminary results for the fourth quarter of fiscal 2008, ended September 30. Revenue for the quarter is expected to be $171.3 million, below the company’s guidance of $172 million – $174 million. The company expects to meet or exceed its GAAP and non-GAAP EPS targets for the quarter.
John McAdam, F5 president and chief executive officer, said results for the fourth quarter reflect further weakening in the financial vertical and a sharp slowdown in Europe during the last week of September, partially offset by a slight rebound in Japan and US Federal revenues and by strong demand for the company’s new entry-level products.
“Despite weakness in the global economy, demand for the BIG-IP 3600 in particular was much stronger than we initially anticipated,” McAdam said. “During the month of September alone BIG-IP 3600 sales exceeded our initial forecast for the entire quarter, resulting in more orders than we could ship during the quarter.”
McAdam also said the company saw continued strong demand for VIPRION, the high-end of its BIG-IP product family, among large enterprises and internet content and service providers.
During the quarter, the company’s balance sheet continued to strengthen. Cash flow from operations exceeded $50 million. After purchasing an additional $50 million of F5 stock, the company ended the quarter with cash and investments in excess of $450 million. |
